The Hexagon Group is expanding its footprint in the LNG and liquid hydrogen space, having acquired a 40% stake in cryogenic tank technology manufacturer Cryoshelter GmbH.
Finalising the transaction of Cryoshelter’s LNG/RNG business on Monday (1st August), Hexagon remains well aligned with new market focuses as the world looks to cut reliance on fossil fuels to spearhead decarbonisation efforts.
Complementing the LNG/RNG business deal, Hexagon also confirmed that it has completed the previous announced acquisition of a 40% stake in Cryoshelter’s liquid hydrogen business.
With the deals now complete, Hexagon will add to its portfolio of clean fuel vehicle solutions, with the liquid storage of natural gas and hydrogen adding a new dimension to its existing offering.
Seung Baik, President of Hexagon Agility, said, “Cryoshelter’s disruptive technology will further strengthen our efforts to drive decarbonisation of heavy-duty vehicles, with a special emphasis on the European market where clean, energy efficient cryogenic LNG/RLNG fuels are needed due to limited space on trucks.”
“We are excited to be working together with Cryoshelter to further develop the technology and scale-up the business over the coming years.”
Over the new 3-10 years, Hexagon could acquire the remaining shares of Cryoshelter.
Dr. Matthias Rebernik, CEO and founder of Cyoshelter, added, “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.”
“Hexagon’s investment into our company is proof of confidence in our state-of-the-art technology.”