Hexagon Composites announced that the transaction has been successfully completed and now owns 40% of Cryoshelter’s bio-LNG business, with options to buy remaining interests over the next 3-10 years. The initial investment of EUR 2.5 million extends Hexagon’s product portfolio to include leading liquid gas solutions.
Hexagon Purus ASA (owned 73.3% by Hexagon Composites) has also completed its previously announced 40% stake in Cryoshelter’s cryogenic tank technology for liquid hydrogen (LH2).
“Liquid storage of renewable natural gas (LNG) and hydrogen (LH2) will add a new dimension to our existing offering, complementing our portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively,” said Jon Erik Engeset, CEO Hexagon Composites. “We are excited to be working together with Cryoshelter to further develop the technology and scale up the business over the coming years.”
Cryoshelter GmbH is an Austria based company specialized in the development of cryogenic tank technology for bio-LNG and liquid hydrogen (LH2).
Source: Hexagon Composites
