Cryoshelter’s LH2 tank technology is in the early stage of development and builds on superior and differentiated LNG technology that provides more fuel capacity and higher hold times (a critical requirement for cryogenic storage) than competing offerings.
Zero emission mobility
“We remain strong believers in our market leading compressed hydrogen cylinder technology and that it will continue to play a key role in decarbonizing the global mobility sector”, said Morten Holum, CEO of Hexagon Purus. “The investment into Cryoshelter’s early phase liquid hydrogen tank technology can potentially strengthen and complement our future hydrogen capabilities to drive zero emission mobility.”
Validation of technology
“We are very proud to team up with Hexagon Purus to develop market leading technology for storage of liquid hydrogen,”, said Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is currently in a very early stage and Hexagon Purus’ investment into our company is a validation of our technology.”
Separation LH2 and LNG businesses
The transaction contemplates a split of Cryoshelter into separate legal entities for the liquid hydrogen and liquid natural (renewable) gas businesses, enabling Hexagon Purus’s direct investment in early-stage LH2 tank technology. The separation of Cryoshelter’s LH2 and LNG businesses recognizes the different phases of market and product development – there is an established market for LNG mobility solutions and Cryoshelter’s technology is already at a pre-commercial stage, while the market and products for LH2 storage are in the early stage of development with longer runway to commercialization.
Further development in next few years
Synergies between the separated business entities are expected to be maintained in key functional areas, sharing resources where possible. Hexagon Purus and Cryoshelter will further develop the technology and business over the next few years. Closing of the transaction is expected to take place in the third quarter of 2022, subject to fulfilment of certain closing conditions and customary regulatory approvals.
