GlobeNewswire by notified

Hexagon Purus acquires stake in cryogenic hydrogen storage technology company, adding future complementary capabilities to its portfolio

Share

(Oslo, 21 April 2022) Hexagon Purus, a world leading supplier of zero emission mobility solutions, has entered into an agreement to acquire 40% of Cryoshelter GmbH’s (“Cryoshelter”) liquid hydrogen business. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid natural gas (LNG) business.

Cryoshelter’s liquid hydrogen 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. The transaction brings early-stage expertise in liquid hydrogen tank technology for zero emission mobility applications and could potentially result in a future complementary offering to Hexagon Purus’ market leading compressed hydrogen cylinder technology.

Key terms and structure of the transaction

  • Initial investment of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen business.
  • The transaction contemplates a split of Cryoshelter into separate legal entities for the liquid hydrogen and liquid natural (renewable) gas businesses, enabling Hexagon Purus’ direct investment in early-stage liquid hydrogen tank technology.  
  • The separation of Cryoshelter’s liquid hydrogen and liquid natural gas 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 runway to commercialization.
  • 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.  
  • Hexagon Purus has options to buy remaining interests in Cryoshelter over the next 5 -10 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.

See Hexagon Composites announcement on 21 April 2022 for more details on their acquisition of Cryoshelter’s liquid natural gas tank technology business.

About Cryoshelter

  • Cryoshelter is a cryogenic storage technology company founded in 2008 in Austria 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)
  • The company is headquartered in Graz, Austria

Future potential complementary offering to existing portfolio

The transaction represents an attractive investment for Hexagon Purus and confirms the continuous focus to develop and support future potential complementary hydrogen storage technology solutions enabling zero emission mobility. Combining compressed and liquid hydrogen storage capabilities will further broaden and strengthen Hexagon Purus’ position as a leading provider of zero emission mobility technologies and solutions.

“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”, says 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”.

“We are very proud to team up with Hexagon Purus to develop market leading technology for storage of liquid hydrogen,”, says 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”.  

About the market

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:

Mathias Meidell, Investor Relations Director, Hexagon Purus 
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com 

Karen Romer, SVP Communications, Hexagon Composites 
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

About Hexagon Purus

Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. Hexagon Purus is a world leading provider of hydrogen Type 4 high-pressure cylinders, complete vehicle systems and battery packs for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, marine, rail, and aerospace applications. 

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Mandalay Resources Corporation Announces the Results of Its Annual General Meeting of Shareholders25.5.2022 23:32:49 CEST | Press release

TORONTO, May 25, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce the results of its Annual General Meeting of Shareholders (the “Meeting”) held today virtually. All the resolutions presented at the Meeting were approved by the shareholders, with the votes cast by proxy representing 67.63% of the total shares outstanding as of the record date. Election of Directors The number of directors was fixed at seven members and each of the seven nominees listed in the Company’s Management Information Circular dated April 14, 2022, were re-elected to the Company’s Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as Chair. Results of the votes cast by proxy are set out below. ResolutionVotes Cast by Proxy For% ForVotes Cast by Proxy Withheld% WithheldBradford A. Mills61,552,12099.95329,1930.047Abraham Jonker61,551,31399.95130,0000.049Amy Freedman61,547,53899.94

Galapagos to showcase commitment to rheumatoid arthritis care at the upcoming European League Against Rheumatism congress25.5.2022 22:01:00 CEST | Press release

Celebrating EULAR’s 75thanniversary with focus on a new era of rheumatoid arthritis care Mechelen, Belgium;25 May 2022, 22.01CET;Galapagos NV (Euronext & Nasdaq: GLPG) will present 11 abstracts at the European League Against Rheumatism (EULAR) congress 2022, 01-04 June, taking place in Copenhagen, Denmark. The broad range of abstracts include trial data analyses supporting the efficacy and safety profile of filgotinib andreal-world clinical data around alignment of prescribing between physicians and rheumatoid arthritis (RA) patients. Galapagos is also hosting a hybrid symposium: “Evolving patient care in RA: Can JAK inhibitors meet patient and physician expectations for RA treatment?”, which will include a discussion focused on aligning physician and patient treatment goals, looking at what is meant by ‘comprehensive care’ and how to ensure that people living with RA are part of treatment and care goal setting. A meet-the-expert session, “Patient-centred care in RA: cutting through th

trivago N.V. Announces Annual General Meeting of Shareholders25.5.2022 21:39:06 CEST | Press release

trivago N.V. (NASDAQ: TRVG) announced today that its annual general meeting of shareholders will be held on June 30, 2022 at the offices of NautaDutilh N.V., Beethovenstraat 400, 1082 PR Amsterdam, the Netherlands. The meeting will start at 3:00 p.m. CEST. The convening notice and explanatory notes for the general meeting are available free of charge in the Investor Relations section of trivago N.V.'s corporate website at ir.trivago.com. About trivago N.V. trivago is a leading global hotel search platform focused on reshaping the way travelers search for and compare hotels and alternative accommodations. Incorporated in 2005 in Düsseldorf, Germany, the platform allows travelers to make informed decisions by personalizing their hotel search and providing them access to a deep supply of hotel information and prices. trivago enables its advertisers to grow their businesses by providing access to a broad audience of travelers via its websites and apps. As of March 31, 2022, trivago has est

Correction: Changes in Nokia Corporation's own shares25.5.2022 19:20:00 CEST | Press release

Nokia Corporation Stock Exchange Release 25 May 2022 at 20:20 EEST Correction: Changes in Nokia Corporation's own shares Espoo, Finland – This is a correction to "Changes in Nokia Corporation's own shares" stock exchange release that was published today at 19:30 EEST. A total of 183 965 Nokia shares (NOKIA) held by the company were today transferred without consideration to participants of Nokia's equity-based incentive plans in accordance with the rules of the plans. The transfer is based on the resolution of the Board of Directors to issue shares held by the company to settle its commitments to participants of the plans as announced on 3 February 2022. The number of own shares held by Nokia Corporation following the transfer is 61 262 561. This version is otherwise identical but now includes an updated total number of Nokia shares transferred (incorrect number was 188 636). About Nokia At Nokia, we create technology that helps the world act together. As a trusted partner for critical

Ultimovacs’ Clinical Data in Journal for ImmunoTherapy of Cancer Show Long-term Dynamic T Cell Responses with UV1 and Checkpoint Inhibitor Synergy25.5.2022 18:45:00 CEST | Press release

Data from three trials of UV1 show dynamic T cell responses, lasting up to 7.5 years UV1-specific immune responses associated with longer clinical survivalSynergy between UV1 vaccination and checkpoint inhibition Oslo, 25 May2022: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, announced the publication of long-term follow-up data on UV1 in the Journal for ImmunoTherapy of Cancer (JITC). The data show that dynamic UV1 specific immune responses last up to 7.5 years, are associated with longer survival and are enhanced when UV1 is used in combinations with checkpoint inhibitors. “It is important to be able to share this validating data with our research and clinical colleagues through JITC. The data demonstrate highly durable UV1-induced immune responses that are associated with substantially longer overall survival and boosted by checkpoint inhibitors. This is strong support for Ultimovacs’ broad Phase II program combining UV1