Binder Groesswang has advised Cryoshelter GmbH on the entry of Hexagon Composites ASA into its liquid natural gas business segment and the entry of Hexagon Purus ASA into its liquid hydrogen business segment via a minority shareholding with an option for acquiring all shares. SCWP Schindhelm advised Hexagon on the deal.
Cryoshelter is an 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.
Hexagon Composites is a manufacturer of composite LPG cylinders.
According to Binder Groesswang, “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.”
Binder Groesswang’s team was led by Partner Florian Khol and Attorney Christoph Schober and included Partner Clemens Willvonseder, Attorneys Regina Kroell, Sabine Apfl-Trompeter, and Manuel Muellner, and Associate Valentina Hekele.
SCWP Schindhelm's team included Vienna-based Managing Partner Immanuel Gerstner and Partners Lukas Leitner and Philipp Reinisch, Wels-based Partner Roland Heinrich, and Brussels-based Partner Christina Hummer.