April 21, 2022: Hexagon Composites, a leading global designer and manufacturer of clean fuel solutions for commercial vehicles, has signed an agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria-based company specializing in the development cryogenic tank technology for liquids (renewable) natural gas (LNG) and liquid hydrogen (LH2).
The Hexagon Group today provides Compressed Natural Gas (CNG), including Renewable Natural Gas (RNG), Compressed Hydrogen and Battery Electric Systems as part of its clean fuel solutions portfolio. Liquid storage of renewable natural gas (LNG) and hydrogen (LH2) will add a new dimension to its existing offering, complementing its portfolio and opening up new opportunities for Hexagon Agility and Hexagon Purus, respectively.
“Cryoshelter has potentially disruptive technology with a competitive advantage over existing technology alternatives in the market. Our goal is to help commercialize and industrialize this technology,” says Jon Erik Engeset, CEO of Cryoshelter. Hexagon Composites “The addition of Cryoshelter’s technology expands our product portfolio to include advanced liquid gas solutions. This will further strengthen our efforts to drive decarbonization in the heavy transport sector, helping Europe and other key geographies to ensure energy independence and strengthen our position as a global leader in clean energy solutions.
“Our employees have extensive training, knowledge and experience in the engineering and design of cryogenic tanks. We are excited to partner with Hexagon as they bring industry expertise, global presence and customer potential to accelerate the scale of our operations,” said Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s investment in our company demonstrates confidence in our technology.
Hexagon Composites ASA will make an initial investment of €2.5 million to acquire 40% of Cryoshelter’s (renewable) liquid natural gas (LNG) business, with options to purchase the remaining interests over the next 3 to next 10 years. Together with Cryoshelter, Hexagon will further develop the technology and expand its business over the next few years.
Hexagon Purus ASA (73.3% owned by Hexagon Composites) will make an initial investment of €3.5 million to acquire 40% of Cryoshelter’s liquid hydrogen (LH2) business, with options to purchase interests remaining over the next 5 to 10 years. Together with Cryoshelter, Hexagon Purus will further develop the technology and business over the next few years. (Reference Hexagon Purus announcement, April 21, 2022).
The separation of Cryoshelter’s liquid natural gas (renewable) and liquid hydrogen businesses recognizes the different phases of market and product development. There is an established market for liquid natural gas mobility solutions and Cryoshelter’s technology is already in a pre-commercial stage, while the liquid hydrogen storage market and products are in an early stage of development with a lead time. longer marketing.
Closing of the transaction is expected to occur by the third quarter of 2022, subject to satisfaction of certain closing conditions and customary regulatory approvals.
Decarbonization will require compressed and cryogenic solutions
Unlike North America, where compressed (renewable) natural gas (RNG/CNG) is the main natural gas technology for long-haul trucking, LNG has become the main alternative to natural gas in Europe due to a large infrastructure network, a favorable cost position and the preferred configuration of the truck. Over the past year, the number of new LNG truck and service station registrations has increased significantly, and higher growth is expected over the next decade as fleet operators switch to readily available and fuel-efficient fuels. competitive with immediate potential for emissions savings such as biomethane (RNG).
Supported by European legislation, it is expected that renewable natural gas, alongside battery electric and fuel cell technologies, will play a key role in efforts to decarbonise the commercial transport sector in Europe.
For more information:
Karen Romer, Senior Vice President of Communications, Hexagon Composites
Telephone: +47 950 74 950 | [email protected]
Ingrid Aarsnes, Vice President of Investor Relations and ESG, Hexagon Composites
Telephone: +47 950 38 364 | [email protected]
About Cryohelter GmbH
Cryoshelter is an advanced liquid natural gas tank technology company founded in 2008 in Austria. The company has developed and secured patented technology for trucks and buses using cryogenic storage solutions for liquid natural gas and hydrogen gas based on the same technology platform. The liquid natural gas tanks marketed by Cryoshelter allow maximum utilization of space to deliver industry leading performance. The company is headquartered in Graz, Austria. Learn more about www.cryoshelter.com
About Hexagon Composites ASA
Hexagon offers safe and innovative solutions for a cleaner energy future. Hexagon’s solutions enable storage, transport and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more about www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.