Norway – The zero-emission division of Hexagon Group, Hexagon Purus ASA, based in Oslo, Norway, has entered into an agreement to acquire 40% of Cryoshelter GmbH’s liquid hydrogen business, based in Graz, Austria. The value of Hexagon’s investment has been set at EUR3.5 million, with the transaction expected to close by Q3 2022 subject to regulatory approval.

Cryoshelter’s liquid hydrogen tank technology is currently in the early stage of development, building on differentiated LNG technology that supports larger fuel capacities and longer hold times. The firm states that the technology will support a 20-50% increase in fuel storage and a 2-4x improvement in hold time compared to rival solutions. Cryoshelter has been able to achieve this by improving the effectiveness of the thermal insulation at the same time as making it thinner, leaving larger portions of the container’s footprint available for fuel storage. Speaking at ACT Expo in Long Beach, California, Matthias Rebernik, Founder of Cryoshelter, said this technology allows cryogenic fuel to remain cold for lengths of time that eliminate the ‘use it or lose it’ anxiety from previous generations of cryogenic systems.