Saga Pure ASA: Takes 33% stake in liquid hydrogen storage technology company
(Oslo, 25 March 2021) Saga Pure ASA (Saga Pure, OSE: SAGA) has committed to subscribe for NOK 30 million in a private placement of new shares (the “Private Placement”) in IC Technologies AS (ICT), which is developing a novel storage solution for liquid hydrogen and LNG. Following the Private Placement, Saga will have an ownership 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. 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," says Bjørn Simonsen, CEO of Saga Pure.
ICT is a company based in Trondheim, Norway, developing 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 concludes.
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.
ENDS
For additional information, please contact:
Bjørn Simonsen, CEO, +47 971 79 821
Espen Lundaas, CFO, Saga Pure, +47 924 31 417
About Saga Pure ASA | www.saga-pure.com
Saga Pure ASA is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reduction.
About IC Technologies AS | www.ic-tech.no
IC Technologies AS is a company developing storage cryogenic distribution and storage solutions for liquid hydrogen and LNG.