Hexagon Composites and Hexagon Purus have successfully completed the acquisition of stakes in Cryoshelter GmbH, an Austria-based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG/RLNG) and liquid hydrogen (LH2).
Hexagon Composites now owns 40% of Cryoshelter’s LNG/RLNG business, with options to buy remaining interests over the next 3-10 years.
Hexagon Purus has also completed the acquisition of its previously announced 40% stake in Cryoshelter’s LH2 business.
The Hexagon and Cryoshelter partnership will accelerate Cryoshelter’s existing LNG/RLNG technology and production capability and use the LNG technology platform to further develop LH2 solutions for the heavy-duty transportation sector.
“Cryoshelter’s disruptive technology will further strengthen our efforts to drive decarbonization of heavy-duty vehicles, with a special emphasis on the European market where clean, energy efficient cryogenic LNG/RLNG fuels are needed due to limited space on trucks,” says Seung Baik, president of Hexagon Agility. “We are excited to be working together with Cryoshelter to further develop the technology and scale up the business over the coming years.”
“The investment into Cryoshelter’s early phase LH2 tank technology brings expertise in LH2 tank technology for zero emission mobility applications and could potentially result in a future complementary offering to Hexagon Purus’ leading compressed hydrogen cylinder technology,” states Morten Holum, CEO of Hexagon Purus.
“We are excited to team up with Hexagon as they bring industrial expertise, a global presence and customer potential to escalate the scale up of our operations,” comments Dr. Matthias Rebernik, CEO and founder of Cryoshelter. “Hexagon’s investment into our company is proof of confidence in our state-of-the-art technology.”
Cryoshelter is split into separate legal entities for the LNG/RLNG and LH2 businesses. Hexagon Agility and Hexagon Purus will take two seats each on the respective boards of Cryoshelter’s two businesses.