Hexagon Composites ASA (OB:HEX) and Hexagon Purus ASA (OB:HPUR) signed an agreement to acquire a 40% stake in Liquid Natural Gas and Liquid Hydrogen Business from Cryoshelter Gmbh for €6 million.

Hexagon Composites ASA (OB:HEX) and Hexagon Purus ASA (OB:HPUR) signed an agreement to acquire a 40% stake in Liquid (Renewable) Natural Gas (LNG) and Liquid Hydrogen (LH2) Business from Cryoshelter Gmbh for €6 million on April 21, 2022. Under the terms of the agreement, Hexagon Composites will make an initial investment of €2.5 million to acquire 40% of Cryoshelter's liquid (renewable) natural gas (LNG) business, with options to buy remaining interests over the next 3-10 years. Hexagon Purus ASA will make an initial investment of EUR 3.5 million to acquire 40% of Cryoshelter's liquid hydrogen (LH2) business, with options to buy remaining interests over the next 5-10 years.

Closing of the transaction is expected to take place by the third quarter of 2022, subject to fulfilment of certain closing conditions and customary regulatory approvals.