Hexagon successfully completes 40 percent acquisition of Cryoshelter

01 Aug 2022 19:00 CEST

(Oslo, 1 August, 2022) Reference is made to the stock exchange announcement by
Hexagon Composites on 21 April 2022, regarding the agreement to acquire a 40%
stake in Cryoshelter GmbH, an Austria based company specialized in the
development of cryogenic tank technology for liquid (renewable) natural gas
(LNG) and liquid hydrogen (LH2).

Hexagon is pleased to announce that the transaction has been successfully
completed, and Hexagon Composites now owns 40% of Cryoshelter's liquid
(renewable) natural gas (LNG) business, with options to buy remaining interests
over the next 3-10 years. The initial investment of EUR 2.5 million extends
Hexagon's product portfolio to include leading liquid gas solutions.

Hexagon Purus ASA (owned 73.3% by Hexagon Composites) has also completed its
previously announced 40% stake in Cryoshelter's cryogenic tank technology for
liquid hydrogen (LH2) (reference Hexagon Purus announcement, 1 August 2022).

"Liquid storage of renewable natural gas (LNG) and hydrogen (LH2) will add a new
dimension to our existing offering, complementing our portfolio and unlocking
new opportunities for Hexagon Agility and Hexagon Purus, respectively," says Jon
Erik Engeset, CEO Hexagon Composites. "We are excited to be working together
with Cryoshelter to further develop the technology and scale up the business
over the coming years."

For more information:

Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
(mailto:karen.romer@hexagongroup.com)

Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com
(mailto:ingrid.aarsnes@hexagongroup.com)

About Cryoshelter

Cryoshelter is an Austrian cryogenic storage technology company founded in 2008
by Dr. Matthias Rebernik (currently holds approximately 80% of the shares in the
Company) whose PhD thesis was part of the LH2-tank project for the BMW Hydrogen
7. The Company has developed and secured patented technology for heavy-duty
trucks and buses using liquid storage solutions for natural gas and hydrogen
based on the same technology platform. Using proprietary designs, Cryoshelter's
commercialized liquid natural gas tanks allow for maximum utilization of frame
rail space to give industry leading performance (e.g., 20-50% better fuel
storage and 2-4x improved hold time versus competitors).

About Hexagon Composites

Hexagon delivers safe and innovative solutions for a cleaner energy future.
Hexagon's solutions enable storage, transportation and conversion to clean
energy in a wide range of mobility, industrial and consumer applications. Learn
more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.

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