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Saga Pure invests $3.5m in liquid hydrogen storage technology company

Saga Pure invests $3.5m in liquid hydrogen storage technology company

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.”

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