Hexagon Composites Acquires Stake in Cryogenic Tanks Company
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Hexagon Composites, a designer and manufacturer of clean fuel solutions for commercial vehicles, announced it signed an agreement to acquire a 40% stake in Cryoshelter, an Austria-based company specializing in the development of cryogenic tank technology for liquid renewable natural gas and liquid hydrogen.
The transaction is expected to close by the third quarter of 2022.
In liquid form, renewable natural gas has a high energy density, according to Oslo, Norway-based Hexagon. Cryoshelter’s technology leverages this energy density by providing best-in-class utilization of vehicle frame rail space. This results in a driving range that is comparable to diesel and a total cost of ownership that is significantly lower for the fleet owner.
Hexagon Composites ASA will make an initial investment to acquire 40% of Cryoshelter’s renewable liquid natural gas business, with options to buy remaining interests over the next three to 10 years.
Hexagon Purus ASA (73.3% owned by Hexagon Composites) will make an initial investment to acquire 40% of Cryoshelter’s liquid hydrogen business, with options to buy remaining interests over the next five to 10 years.
Hexagon’s U.S. operation is based in Lincoln, Neb. — Transport Topics
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