Hexagon successfully acquires 40% stake in Cryoshelter

Hexagon successfully acquires 40% stake in Cryoshelter

Hexagon Composites and Hexagon Purus recently announced that it signed an agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG/RLNG) and liquid hydrogen (LH2).

Hexagon is pleased to announce that the transaction has been successfully completed, and Hexagon Composites now owns 40% of Cryoshelter’s LNG/RLNG business, with options to buy remaining interests over the next 3-10 years.

Hexagon Purus has also completed the acquisition of its previously announced 40% stake in Cryoshelter’s LH2 business (reference Hexagon Purus announcement, 21 April 2022). 

The Hexagon Group provides compressed natural gas (CNG), including renewable natural gas (RNG), compressed hydrogen and battery-electric systems as part of its portfolio of clean fuel vehicle solutions. Liquid storage of (renewable) natural gas and hydrogen will add a new dimension to its existing offering, complementing its portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively.

The Hexagon and Cryoshelter partnership will accelerate Cryoshelter’s existing LNG/RLNG technology and production capability and use the LNG technology platform to further develop LH2 solutions for the heavy-duty transportation sector.

Cryoshelter is split into separate legal entities for the LNG/RLNG and LH2 businesses. Hexagon Agility and Hexagon Purus will take two seats each on the respective boards of Cryoshelter’s two businesses.

Expanding clean fuel options for commercial trucks

In contrast with North America, where compressed (renewable) natural gas (RNG/CNG) is the primary natural gas technology for long-haul trucking, LNG/RLNG has emerged as the leading natural gas alternative in Europe due to a significant infrastructure network, favorable cost position and preferred truck configuration.

Over the last several years, the number of new LNG truck registrations and fueling stations have increased significantly, and higher growth is expected over the next decade as fleet operators are opting for readily available, cost competitive fuels with immediate emission saving potential such as biomethane (or RNG). In liquid form, natural gas has a higher energy density. Cryoshelter’s technology will leverage this energy density to better utilize vehicle frame rail space and provide a driving range that is comparable to diesel.

Supported by European legislation, it is expected that renewable natural gas, alongside battery-electric and fuel cell-electric technologies will play a key role in the efforts to decarbonize the commercial transportation sector in Europe.

Liquid hydrogen, a compelling future alternative

Hydrogen is gathering strong momentum as a key energy transition pillar towards zero emission, and is underpinned by a global shift of regulators, investors, and consumers increasingly focused on decarbonization. It has become clear that hydrogen will play a key role in decarbonizing “hard to abate” sectors.

Liquid hydrogen storage technology can offer higher energy density compared to compressed hydrogen storage, and in space and/or payload-constrained applications, such as certain heavy-duty trucking applications, shipping, commercial aviation, and aerospace, it could be a compelling future alternative.

You May Also Like

PRT adds 28 strut assemblies that cover pickups, light-duty

The new items represent nearly six million vehicles in new coverage and come to expand the PRT portfolio in the North American aftermarket.

PRT-28-strut-assemblies-toyota-tacoma-honda-ridgeline-pickup-trucks

PRT extended its portfolio of complete strut assemblies in the North American aftermarket. New applications of the component cover light-duty vehicles, SUVs and pickups. Vehicles covered include the Toyota Tacoma and the 2022 Honda Ridgeline, among others.

"At PRT, we’re committed to continually developing new products that lead the way in aftermarket technology," said Bruno Bello, director of global marketing at PRT. "These recent additions not only expand our product range but also reinforce our presence in the North American aftermarket. The new items are ready to ship!”

Do severe duty brake pads trade power for longevity?

Akebono says a new friction formula increase life and lower noise, while maintaining stopping power. Here’s what that can mean for your fleet.

Maintenance-Minute-Akebono-severe-duty-brake-pads
The hidden threats to light-duty gasoline engine life, performance

How engine deposits impact gas engines, and what you can do about it.

valvoline-restore-and-protect-unscripted-1400
Toyo Tires launches M156 commercial tire

The company says the tire builds on its predecessor, the M154, and features advancements to maximize life, fuel efficiency and retreadability.

Toyo-Tires-M156-urban-regional-truck-tire
Goodyear says tires-as-a-service may help fleets save money

Goodyear said the subscription service can help fleets improve TCO, increase uptime, reduce breakdowns, decrease fuel consumption and more.

Goodyear-Tires-as-a-service-TaaS
Other Posts
Beyond a one-size-fits-all trucking decarbonization strategy

Much of the responsibility now falls on the fleet, but that should be a welcome change.

2024-ACT-After-the-Show-Floor-1400
Scania Touring variant runs on natural gas, biogas

Able to run on both natural gas, biogas, or a mix of both, this Scania Touring variant helps with sustainable long-distance transport. 

Scania-Touring-variant-natural-gas-biogas-Powertrain-1
Davco Technology appoints Tim West as new president

Before joining Davco, West most recently served as VP of seating and structures, Vehicle Solutions Division at Commercial Vehicle Group, Inc.

DAVCO-president-Tim-West
PRT launches new strut assemblies for ProMaster, Silverado, and more

These new items cover more than 15 million vehicles and include models such as the 2023 Ram ProMaster 1500, 2023 Chevrolet Silverado, and more.

prt-for-web