Saga Pure is to take a 33% stake in IC Applied sciences (ICT), an organization growing a novel storage resolution for liquid hydrogen and liquified pure gasoline.
Saying the information at present (25th March), Sage Pure dedicated to speculate NOK 30m ($3.5m) in a non-public placement of latest shares in ICT.
Based mostly in Trondheim, Norway, ICT is seeking to develop new storage and distribution options for cryogenic gases, which employs an lively cooling resolution doubtlessly eliminating boil off, in addition to enabling a extra versatile tank design and better capability utilisation.
Bjørn Simonsen, CEO of Saga Pure, mentioned, “One of many essential parts within the hydrogen worth chain is storage, distribution and transportation. Liquid hydrogen is essentially the most vitality dense type of hydrogen however present storage options for liquid hydrogen aren’t supreme because the hydrogen steadily evaporates over time.”
“ICT has developed and patented a brand new storage resolution which includes lively cooling, doubtlessly eliminating these losses in addition to enabling a extra versatile tank design.”
Simonsen continued, “We see hydrogen as one of many subsequent large megatrends and imagine the know-how being developed by ICT can play an vital position in transport and storage of hydrogen on a world scale.”
As a part of the deal, Saga Pure has entered an choice settlement which provides the corporate the correct to speculate an extra NOK 30m ($3.5m) within the firm.
Saga Pure mentioned completion of the personal placement is topic to the success of sure near-term firm milestones.