Norway-based Green inverstment company Saga Pure ASA has committed to subscribe for NOK 30 million (US$3.5 million) in a private placement of new shares in IC Technologies AS (ICT), which is developing a novel storage solution for liquid hydrogen and LNG. Following the private placement, Saga will have an ownership of approximately 33% in the company.

ICT is a company based in Trondheim, Norway, developing 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.

The ICT design implies significantly lower weight of storage tanks compared to existing solutions. This is particularly an issue for smaller volumes such as air transport, road transport and fuel tanks for high speed passenger ferries.

As part of the private placement, Saga Pure has entered an option agreement which gives Saga the right to further invest NOK 30 million in the company. Completion of the private placement is subject to the success of certain near-term company milestones.