Saga Pure is to take a 33% stake in IC Technologies (ICT), a company developing a novel storage solution for liquid hydrogen and liquified natural gas.
Announcing the news today (25th March), Sage Pure committed to invest NOK 30m ($3.5m) in a private placement of new shares in ICT.
Based in Trondheim, Norway, ICT is looking to develop 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 utilisation.
Bjørn Simonsen, CEO of Saga Pure, said, “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.”
Simonsen continued, “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.”
As part of the deal, Saga Pure has entered an option agreement which gives the company the right to invest a further NOK 30m ($3.5m) in the company.
Saga Pure said completion of the private placement is subject to the success of certain near-term company milestones.