GTT takes a minority interest in Tunable AS, a highly innovative Norwegian start-up specialised in multi- gas & emissions analysers
Paris - September 14, 2022 - GTT announces it has taken a minority stake in the Norwegian technology start-up Tunable AS, via a €6.4 million investment round co-led with TRUMPF Venture, with the participation of the company's existing shareholders.
Tunable AS designs and manufactures compact multi-gas analysers based on MEMS1 technology, combining micro and nanotechnology with infrared spectroscopy2. The sensors developed by Tunable identify and analyse multiple gases simultaneously and provide, in real time, fast, reliable and accurate measurements.
Tunable's technology has already established itself in exhaust gas measurement and fuel gas analysis on ships. Tunable has started to work with GTT to design, commercialise and implement boil-off gas composition and emissions monitoring systems for maritime applications, thereby contributing to emissions reduction and improve the operational efficiency of the shipping industry.
Beyond its shipping applications, Tunable is also developing new fields of application for its technology, including, for example, air quality and workplace environment or detection of explosive or hazardous gases.
Philippe Berterottière, Chairman and CEO of GTT, declared: "We are pleased to accompany Tunable and the development of its proprietary technology in the shipping industry and beyond. This minority investment is part of the implementation of our Group's strategy to design technologies for a sustainable world and is consistent with our positioning in digital solutions. In the future, we intend to continue to seek new investments in innovative technology companies that can contribute to enriching GTT's portfolio of solutions and technologies."
Infrared spectroscopy exploits the fact that molecules absorb frequencies that are characteristic of their structure. It is used to study and identify chemical substances, in this case, in gaseous form.
Kristian Hovet, CEO of Tunable, commented: "Tunable's technology greatly simplifies gas analysis and enables high-rate data collection. Today our technology is supporting the maritime industry in solving their environmental challenges, while enabling productivity improvements. We are proud to welcome GTT and TRUMPF Venture as our new minority investors. This investment will allow us to further develop our products, as well as increase our sales and marketing efforts to reach our growth targets".
GTT is a technological expert in containment systems with cryogenic membranes used to transport and store liquefied gases. For nearly 60 years, GTT has been designing and providing cutting-edge technologies for a better energy performance, which combine operational efficiency and safety, to equip LNG carriers, floating terminals, land storage, and multi-gas carriers. GTT also develops systems dedicated to the use of LNG as fuel, as well as a full range of services, including digital services in the field of Smart Shipping. The Group is also active in hydrogen through its subsidiary Elogen, which designs and assembles electrolysers notably for the production of green hydrogen.
GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.
For more information, visit www.gtt.fr
email@example.com / +33 (0)1 30 23 48 45
Investor Relations contact:
firstname.lastname@example.org/+ 33 (0)1 30 23 20 87
TRUMPF is a high-tech company offering manufacturing solutions in the fields of machine tools and laser technology. The company drives digital connectivity in manufacturing through consulting, platform products and software. TRUMPF Venture extends the TRUMPF Group's comprehensive activities to promote innovation and to detect disruptive technologies and business models early on. The corporate venture capital unit invests globally in early-stagestart-ups whose activities are complementary or adjacent to the TRUMPF core business, such as advanced photonics and smart-factory solutions.
Find out more about TRUMPF at www.trumpf.com
About Tunable AS
Tunable AS is a Norwegian based technology company located in Oslo with proprietary gas analyser technology. Our multi-gas analysis is done with micro and nanotechnology based infrared spectroscopy. The instruments can measure all components of a typical natural gas composition or exhaust gas in seconds by only applying power, making in-line measurements of multiple gasses possible. The instrument offers high sensitivity within a small and robust device that can be adapted to a wide range of applications.
For more information, visit www.tunable.com/