Costa Mesa, CA, Aug. 01, 2022 (GLOBE NEWSWIRE) -- On 21 April 2022 Hexagon Composites (“Hexagon”) and Hexagon Purus announced that it signed an agreement to acquire a 40% stake 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 is pleased to announce that the transaction has been successfully completed, and 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 (reference Hexagon Purus announcement, 21 April 2022).
The Hexagon Group today provides compressed natural gas (CNG), including renewable natural gas (RNG), compressed hydrogen and battery-electric systems as part of its portfolio of clean fuel vehicle solutions. Liquid storage of (renewable) natural 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
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 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,” says Morten Holum, CEO 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,” says 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.
Expanding clean fuel options for commercial trucks
In contrast with North America, where compressed (renewable) natural gas (RNG/CNG) is the primary natural gas technology for long-haul trucking, LNG/RLNG 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 several years, the number of new LNG truck registrations and fueling 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 biomethane (or RNG). In liquid form, natural gas has a higher energy density. Cryoshelter’s technology will leverage this energy density to better utilize vehicle frame rail space and provide a driving range that is comparable to diesel.
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.
Liquid hydrogen, a compelling future alternative
Hydrogen is gathering strong momentum as a key energy transition pillar towards zero emission, and is underpinned by a global shift of regulators, investors, and consumers increasingly focused on decarbonization. It has become clear that hydrogen will play a key role in decarbonizing “hard to abate” sectors.
Liquid hydrogen storage technology can offer higher energy density compared to compressed hydrogen storage, and in space and/or payload-constrained applications, such as certain heavy-duty trucking applications, shipping, commercial aviation, and aerospace, it could be a compelling future alternative.
For more information:
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Jelena Rowe, Sr. Manager Marketing & Communication, Hexagon Agility
Telephone: +1 310-872-0535 | jelena.rowe@hexagonagility.com
Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242| mathias.meidell@hexagonpurus.com
About Cryoshelter
Cryoshelter is an Austrian cryogenic storage technology company founded in 2008 by Dr. Matthias Rebernik (currently holds approximately 80% of the shares in the Company) whose PhD thesis was part of the LH2-tank project for the BMW Hydrogen 7. The Company has developed and secured patented technology for heavy-duty trucks and buses using liquid storage solutions for natural gas and hydrogen based on the same technology platform. Using proprietary designs, Cryoshelter’s commercialized liquid natural gas tanks allow for maximum utilization of frame rail space to give industry leading performance (e.g., 20-50% better fuel storage and 2-4x improved hold time versus competitors).
About Hexagon Agility
Hexagon Agility, a business of Hexagon Composites, is a leading global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Its product offerings include (renewable) natural gas storage and delivery systems, Type 4 composite natural gas cylinders, propane, and (renewable) natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to achieve carbon negative emissions while saving operating costs.
Learn more at hexagonagility.com and follow @HexagonAgility on Twitter and LinkedIn.
About Hexagon Purus
Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus’ products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace.
Learn more at hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.
Attachments
