Australian company Eden Energy Ltd's US-based subsidiary Eden Cryogenics LLC has announced it will expand its US cryogenics operations, through the acquisition of Cryogenic Technical Services (CTS) in a deal worth around $246,000.
Eden Cryogenics, which operates a cryogenic design and fabrication facility in Columbus Ohio and manufactures cryogenic valves, jackets and other components, will also issue company founder Glen McIntosh 300,000 options in the company over a 3 year period.
The total cost of the acquisition of CTS is $200,000, as well as the commitment to issue options to McIntosh over a 3 year period to acquire options in Eden Energy Ltd, pursuant to the Eden Energy Employee Share Option Plan.
The cryogenic storage capability of hydrogen is important to Eden as it completes its technology package related to the production, storage and use of hydrogen. CTS was established by Dr. McIntosh as a world-leading cryogenic design and consulting company more than 28 years ago and, at the request of NASA, expanded into specialty fabrication.
The acquisition of CTS, with its leading cryogenic design, consultancy and fabrication skills, dramatically extends the scope and capacity of Eden Cryogenics and is expected to substantially increase the company's financial position. In addition to Dr. McIntosh, the deal also brings with it the services of Ken Leonard as another world expert on cryogenic engineering.