Saga Pure takes stake in hydrogen company Hyon

Saga Pure, a Norwegian green investment company that recently switched its focus from shipping to renewables, has decided to acquire a stake in compatriot hydrogen solutions provider Hyon AS.

As informed, the stake will be acquired from PowerCell Sweden AB, one of three owners in Hyon AS joint venture.

The partners have decided not to disclose the value of the transaction.

Once the transaction is completed, Saga Pure, Nel ASA and Norwegian Hydrogen AS will have equal shareholdings in the company. Specifically, Saga, Nel and Norwegian Hydrogen will each have an ownership of 29% of Hyon, and key employees will hold the remaining shares. 

“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,” Bjørn Simonsen, CEO of Saga Pure, said.

“Hyon is currently developing solutions for production and fueling of hydrogen ships and we look forward to be an active part of the further development of these solutions.”

“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,” Jens Berge, CEO of Norwegian Hydrogen AS, commented.

Hyon has built a strong position within hydrogen energy solutions for the maritime sector since 2017. The main priority for Hyon going forward will be the further development and commercialization of the hydrogen and bunkering solution for harbors.

“The new partnership structure will secure development and supply of a crucial part of the maritime hydrogen value chain with bunkering solutions,” Morten Holum, CEO of Hexagon Purus that is a shareholder in Norwegian Hydrogen, concluded.

Earlier this year, Saga Pure also acquired a stake in IC Technologies AS, a developer of storage solution for liquid hydrogen and liquefied natural gas (LNG).