Norwegian green investment company Saga Pure has completed NOK 30 million ($3.6 million) investment in IC Technologies, a company for liquid hydrogen and LNG storage solutions.
The private placement in IC Technology comes after international accredited registrar and classification society DNV’s Approval in Principle (AIP) for IC Techonogies’s storage solution for liquid hydrogen.
After the investment, Saga Pure holds approximately 33 per cent of the shares in IC Technology and holds an option to invest another NOK 30 million in the company.
IC Technology, based in Trondheim, Norway, develops new storage and distribution solutions for cryogenic gases, which employs an active cooling solution, potentially eliminating boil-off, as well as enabling a more flexible tank design, and higher capacity utilisation.
Bjørn Simonsen , CEO of Saga Pure, said: “Receiving an AIP from DNV is an important milestone for ICT and means the technology is one step closer for use in a maritime environment. The next important milestone for the company now is to build and test the innovative storage solution in a real-life application.”
“We believe the technology being developed by ICT represents a potential breakthrough for large scale transport and storage of liquid hydrogen, and we see high potential for ICT going forward,” Simonsen added.