Saga Pure takes ownerships in IC Technologies
Saga will buy 33% stakes in the technology company for US$ 3.5 million
Saga Pure Asa (a Norwegian investment company operating in areas such as renewable energy and hydrogen) has said today (25th March) to invest NOK 30 million (US$ 3.5 million) in IC Technologies AS (ICT) through private placement subscription. The investment will give Saga a 33% ownership in ICT.
IC Technologies AS (ICT), which is based in Trondheim, Norway, is developing cryogenic distribution and storage solutions for liquid hydrogen and LNG.
Saga sees the storage, distribution and transportation segment as a vital part of the hydrogen value chain. However, the current storage solutions for liquid hydrogen are not ideal as hydrogen slowly evaporates over time.
Bjorn Simonsen, CEO of Saga Pure, said, “ICT has developed and patented a new storage solution which involves active cooling, potentially eliminating these losses as well as enabling a more flexible tank design.”
The Saga CEO further added, “We see hydrogen as one of the next, big megatrends, and believe the technology being developed by ICT can play an important role in transport and storage of hydrogen on a global scale.”
ICT patented design storage tank solution is scalable and can work with both small and large volumes. It has also patented a retrofit for conventional hydrogen tanks. The company liquid hydrogen solutions can also work for LNG.
Last year, Saga invested NOK 55 million (US$ 5.9 million) in Everfuel, a Danish green hydrogen producer, following a private placement and subsequent listing of Everfuel on Merkur Market.