Saga Pure ASA acquires shares in a hub for hydrogen technology

29 June 2021

Saga Pure ASA announced the acquisition of shares in a hub for hydrogen technology. The company has a strong position within maritime hydrogen solutions and will mainly focus on developing hydrogen and bunkering solutions for harbors going forward.

Saga Pure ASA  announces the acquisition of Hyon AS (Hyon) from former owners, amongst them, PowerCell Sweden AB and following a subsequent transaction, Saga Pure, Nel ASA and Norwegian Hydrogen AS will have equal shareholdings in the company.

Since it was founded in 2017, the Hyon joint venture has been owned in equal parts by PowerCell and the Norwegian companies Hexagon and Nel. The development experienced both by PowerCell and the Norwegian hydrogen market has it more attractive for PowerCell to address the Norwegian market directly instead of through a joint venture.

“Sustainability is at the top of the agenda within the maritime sector, and hydrogen will play an important role in the future maritime fuel mix. An entirely new value chain needs to be developed, and a key part of that is transferring hydrogen from the harbors to the vessels. Hyon is currently developing solutions for production and fueling of hydrogen ships and we look forward to being an active part of the further development of these solutions,” says Bjørn Simonsen, CEO of Saga Pure.

Read more: Norway: Statkraft and Skagerak Energi to provide hydrogen-powered cargo ship with green hydrogen

Read more: Norway: The government presented a roadmap for hydrogen relevant for the maritime sector

“There is a strong demand for green hydrogen in the near future, and we are developing a robust infrastructure for both heavy road transport and maritime sector. Joining a group of strong partners in bringing Hyon forward as a key solution and technology provider makes a lot of sense to us,” says Jens Berge, CEO of Norwegian Hydrogen AS.

Saga, Nel and Norwegian Hydrogen will each have an ownership of 29% of Hyon, and key employees will hold the remaining shares. The key employees are Jørn Kristian Lindtvedt, appointed as CEO of the company, and Harald Hansen as Director of Project Development & Commercial. Lindtvedt and Hansen have previously held key positions in relation to the TechnipFMC led “Deep Purple” project, which focuses on solutions for offshore production of hydrogen and intermittency management of wind farms by storing the hydrogen subsea.

The company has built a strong position within hydrogen energy solutions for the maritime sector since 2017, and the main priority for Hyon going forward will be the further development and commercialization of the hydrogen and bunkering solution for harbors. The parties have decided not to disclose the value of the transaction.

Author: KS / Source: Saga Pure ASA, PowerCell / Photo: Unsplash