Hexagon to acquire stakes in Cryoshelter
Cryoshelter has a potentially disruptive technology with a competitive edge compared to existing technology alternatives in the market.
Hexagon Composites will acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialised in the development of cryogenic tank technology for liquid natural (renewable) gas (LNG) and liquid hydrogen (LH2).
In liquid form, natural (renewable) gas has a high energy density. Cryoshelter’s technology leverages this energy density by providing best in class utilisation of vehicle frame rail space. This results in a driving range that is comparable to diesel and a total cost of ownership that is significantly lower for the fleet owner.
Together, Hexagon and Cryoshelter will industrialise Cryoshelter’s existing LNG technology and production capability and use the LNG technology platform to develop further liquid hydrogen (LH2) solutions for heavy-duty transport.
Hexagon Composites Asa will make an initial investment to acquire 40% of Cryoshelter’s liquid natural (renewable) gas (LNG) business, with options to buy the remaining interests over the next 3 to 10 years. Together with Cryoshelter, Hexagon will further develop the technology and scale up the business over the coming years.
Hexagon Purus Asa (owned 73.3% by Hexagon Composites) will make an initial investment to acquire 40% of Cryoshelter’s liquid hydrogen (LH2) business, with options to buy the remaining interests over the next 5 to 10 years. Together with Cryoshelter, Hexagon Purus will further develop the technology and business over the coming years.
The Transaction’s closing is expected to take place by the third quarter of 2022, subject to fulfilment of certain closing conditions and customary regulatory approvals.