Saga Pure Completes Investment in ICT after Approval in Principle by DNV

Source: www.gulfoilandgas.com 6/2/2021, Location: Europe

Saga Pure ASA completes the NOK 30 million private placement in IC Technology AS (ICT) following DNV’s Approval in Principle (AIP) for ICT’s storage solution for liquid hydrogen.

Reference is made to the stock exchange 25. March 2021 where Saga announced an investment in ICT subject to certain near-term company milestones.

“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," says Bjørn Simonsen, CEO of Saga Pure.

ICT, 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 utilization.

"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 concludes.

After the completion of the investment, Saga Pure holds approximately 33% of the shares in ICT, and holds an option to invest another NOK 30 million in the company.


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