Binder Grösswang advised Cryoshelter GmbH on the entry of Hexagon Composites ASA into the liquid natural gas (LNG) business segment and the entry of Hexagon Purus ASA into the liquid hydrogen (LH2) business segment, in each case in the form of a minority shareholding with an option for the acquisition of all the shares within a specified period of time after the closing.

The objective of Hexagon Composites ASA and its subsidiary Hexagon Purus ASA is to aid the commercialization and industrialization of Cryoshelter’s expertise in developing cryogenic tank technologies for liquid natural gas and liquid hydrogen through additional financing. Liquid natural gas is deemed to be a possible interim solution for increasing the energy independence of Europe.

Cryoshelter GmbH

Cryoshelter is an advanced LNG tank technology company founded in 2008 in Austria. The company has developed and patented a technology for heavy duty trucks and buses using cryogenic storage solutions for liquid natural gas and liquid hydrogen. The industry-leading, ground-breaking technology enables a maximum utilization of space. Together with Cryoshelter, Hexagon will further develop this technology.

The Binder Grösswang team led by Florian Khol (partner, M&A) and Christoph Schober (attorney at law, M&A), was supported by Clemens Willvonseder (partner, tax law), Regina Kröll (attorney at law, regulatory), Sabine Apfl-Trompeter and Manuel Müllner (attorneys at law, employment law), and Valentina Hekele (associate, corporate law).

Hexagon was advised by SCWP Schindhelm; the lead partners were Immanuel Gerstner and Lukas Leitner.