Hexagon Purus ASA: Successful completion of 40% acquisition of Cryoshelter

(Oslo, 1 August 2022) Reference is made to the stock exchange announcement by Hexagon Purus on 21 April 2022, regarding the agreement to acquire 40% of Cryoshelter GmbH’s ("Cryoshelter”) liquid hydrogen business.

Hexagon Purus is pleased to announce that the transaction has been successfully completed. The initial investment of EUR 3.5 million 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 portfolio of zero emission mobility technologies.

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 Cryoshelter

Cryoshelter is an Austrian cryogenic storage technology company founded in 2008 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).

About Hexagon Purus 

Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

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