Saga Pure acquires stake in liquid hydrogen storage tech firm
Saga Pure, a Norwegian green investment company that recently switched its focus from shipping to renewables, has committed to subscribe for NOK 30 million ($3.5 million) in a private placement of new shares in IC Technologies AS (ICT).
Based in Trondheim, Norway, ICT is developing a storage solution for liquid hydrogen and liquefied natural gas (LNG).
Following the private placement, Saga will have a stake of approximately 33% in the company.
“One of the crucial elements in the hydrogen value chain is storage, distribution and transportation. Liquid hydrogen is the most energy dense form of hydrogen, but current storage solutions for liquid hydrogen are not ideal, as the hydrogen gradually evaporates over time,” Bjørn Simonsen, CEO of Saga Pure, explained.
“ICT has developed and patented a new storage solution which involves active cooling, potentially eliminating these losses as well as enabling a more flexible tank design. We’re excited to become a shareholder in ICT, and look forward to an active ownership in the company through the board as the technology is being further developed.”
ICT focuses on the development of new storage and distribution solutions for cryogenic gases, which employs an active cooling solution, potentially eliminating boil-off, as well as enabling a more flexible tank design, and higher capacity utilization.
“We see hydrogen as one of the next, big megatrends, and believe the technology being developed by ICT, can play an important role in transport and storage of hydrogen on a global scale. The fact that the technology is also highly relevant for storage and distribution of liquid natural gas, opens up interesting near-term market opportunities as well,” Simonsen concluded.
As part of the Private Placement, Saga Pure has entered an option agreement which gives Saga the right to further invest NOK 30 million in the company. Completion of the private placement is subject to the success of certain near-term company milestones.
Earlier this week, Saga Pure entered into agreements to subscribe for NOK 15 million in a private placement in Bergen Carbon Solutions AS (BCS). BCS has developed a technology for converting CO2 to carbon nanofibers. Saga announced an initial investment in the company in December 2020.
On 23 March 2021, Saga Pure also signed an agreement to invest NOK 75 million in Heimdall Power AS to help accelerate the company’s growth strategy. Heimdall Power provides digital solutions for efficient power grid monitoring and operations. Saga Pure will hold 16,5 percent of the company following the transaction.