Long Beach, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Hexagon Composites, a world leading designer and manufacturer of clean fuel solutions for commercial vehicles, signed an agreement on April 22, 2022, to acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural (renewable) gas (LNG) and liquid hydrogen (LH2).
Today, the Hexagon Group provides compressed natural gas (CNG), including renewable natural gas (RNG), compressed hydrogen and battery-electric systems as part of its portfolio of clean fuel solutions. Liquid storage of natural (renewable) gas and hydrogen will add a new dimension to its existing offering, complementing its portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively.
Commercializing and Industrializing Cryoshelter Tanks
"Cryoshelter has a potentially disruptive technology with competitive edge compared to existing technology alternatives in the market. Our goal is to aid the commercialization and industrialization of this technology,” says Jon Erik Engeset, CEO of Hexagon Composites. “The addition of Cryoshelter’s technology extends our product portfolio to include leading liquid gas solutions. This will further strengthen our efforts to drive decarbonization in the heavy-duty transport sector, support Europe and other key geographies in securing energy independence and reinforce our position as a global leader in clean energy solutions.”
“Our people possess extensive education, knowledge and experience in the engineering and design of cryogenic tanks. 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,” says Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s investment into our company is proof of confidence in our technology.”
Best in Class Cryogenic Storage Technology on Display at Hexagon Booth #1237 at the 2022 ACT Expo in Long Beach, CA
Renewable natural gas, in liquid or gaseous form, is the only readily available, cost competitive fuel with immediate potential to reduce heavy-duty trucking emissions. As fleet owners seek alternative fuels to meet ever ambitious sustainability targets, RNG can play a key role in their efforts to decarbonize the commercial transportation sector.
In liquid form, natural (renewable) gas has a high energy density. Cryoshelter’s technology leverages this energy density by providing best in class utilization 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 industrialize Cryoshelter’s existing LNG technology and production capability, and use the LNG technology platform to further develop liquid hydrogen (LH2) solutions for heavy duty transport.
Further Develop and Scale Up
Hexagon Composites ASA will make an initial investment to acquire 40% of Cryoshelter’s liquid natural (renewable) gas (LNG) business, with options to buy 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 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. (Reference Hexagon Purus announcement, April 21, 2022).
The separation of Cryoshelter’s liquid natural (renewable) gas 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 at a pre-commercial stage, while the market and products for liquid hydrogen storage are in the early stage of development with longer timeframe to commercialization.
Closing of the Transaction is expected to take place by the third quarter of 2022, subject to fulfilment of certain closing conditions and customary regulatory approvals.
Decarbonization will Require Compressed and Cryogenic Solutions
LNG has emerged as the leading natural gas alternative in Europe due to a significant infrastructure network, favorable cost position and preferred truck configuration. Over the last year, the number of new LNG truck registrations and filling stations have increased significantly, and higher growth is expected over the next decade as fleet operators are opting for readily available, cost competitive fuels with immediate emission saving potential such as RNG (biomethane).
Supported by European legislation, it is expected that renewable natural gas, alongside battery-electric and fuel cell-electric technologies will play a key role in the efforts to decarbonize the commercial transportation sector in Europe.
Interviews:
Eric Bippus, SVP Global Sales and Marketing at Hexagon Agility, Todd Sloan, EVP Systems at Hexagon Purus and Matthias Rebernik, CEO Cryoshelter will be available on site at the exhibition. To schedule a meeting:
For more information, or to arrange one-to-one interviews please contact Jelena Rowe (Hexagon Agility) or Ina Jünemann (Hexagon Purus).
Jelena Rowe, Marketing & Communications, Hexagon Agility
Telephone: +1 310-872-0535 | jelena.rowe@hexagonagility.com
Ina Jünemann, Marketing & Communications, Hexagon Purus
Telephone: +49 561 58549-265 | ina.juenemann@hexagonpurus.com
About Cryoshelter 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 heavy duty trucks and buses using cryogenic storage solutions for liquid natural gas and liquid hydrogen gas based on same technology platform. Cryoshelter’s commercialized liquid natural gas tanks allow for maximum utilization of space to give industry leading performance. The company is headquartered in Graz, Austria. Learn more at www.cryoshelter.com
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Hexagon’s solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
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