Saga Pure has purchased a 33% stake in IC Technologies to develop a new storage solution for liquid hydrogen and enhance current storage infrastructure
Saga Pure, a Norwegian company focused on sustainable energy has bought a 33% stake in IC Technologies which is in the process of creating storage solutions for liquid hydrogen. IC Technologies, also a Norwegian company, specifically works to develop innovative storage solutions for cryogenic gases such as liquefied natural gas and hydrogen. The company’s current collaboration with Saga Pure is to develop a new cooling solution that could remove boil-off from the storage process. In addition to this, IC Technologies will also work towards making a more flexible tank design and enhancing utilization capacity.
Saga Pure announced the news in a press conference, stating that it had committed to invest NOK30 million in new shares of IC Technologies. 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.”
The shares deal will be legally binding once IC Technologies reaches company milestones mutually agreed upon in the near future. The arrangement allows Saga Pure the option of exercising the right to invest a further NOK30 million in IC Technologies’ shares in the future. In addition to IC Technologies, Saga Pure has invested in other companies involved in the production, storage and distribution of hydrogen across Europe. Some of these firms are Everfuel (Denmark) and Horisont Energi (Norway).