GlobeNewswire by notified

Hexagon to acquire stake in an advanced liquid gas storage technology company, enhancing its portfolio of clean fuel solutions

Share

April 21, 2022: Hexagon Composites, a world leading designer and manufacturer of clean fuel solutions for commercial vehicles, 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) and liquid hydrogen (LH2).

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 solutions.  Liquid storage of renewable natural gas (LNG) and hydrogen (LH2) will add a new dimension to its existing offering, complementing its portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively.

“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.”


Information on transaction

Hexagon Composites ASA will make an initial investment of EUR 2.5 million to acquire 40% of Cryoshelter’s liquid (renewable) natural gas (LNG) business, with options to buy remaining interests over the next 3-10 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 of EUR 3.5 million to acquire 40% of Cryoshelter’s liquid hydrogen (LH2) business, with options to buy remaining interests over the next 5-10 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 (renewable) natural 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

In contrast with North America, where compressed (renewable) natural gas (RNG/CNG) is the primary natural gas technology for long-haul trucking, 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 biomethane (RNG).

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.


For more information:

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

Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.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.

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