Sharing the news today (19th May), Chart said it has also completed a minority invest of €6.5m ($7.9m) in the company.
A green-tech mobility start-up based in Germany, Cryomotive is developing a disruptive clean hydrogen storage and refuelling technology platform focused on compressed cold hydrogen and cryogenic high-pressure storage.
With its proprietary CcH2 CRYOGAS technology, the company aims to decarbonise long-haul commercial vehicles while keeping the range and fuelling times similar to diesel powered vehicles and reaching parity in costs of ownership before 2030.
As a result of the investment and agreement, Chart is increasing its hydrogen addressable market by $100m to include the application of the liquid hydrogen pump, hydrogen storage tanks and transportation systems specifically on Cryomotive applications in the next five years.
Commenting on the investment, Jill Evanko, CEO of Chart, said, “This investment in and commercial agreement with Cryomotive adds another option for our customers looking at renewable fuel sources and another near-term application for our liquid hydrogen pump.”
“Cryomotive’s strong hydrogen commercial relationships in Germany, Japan and China, in particular, with vehicle manufacturers, brings us access to more commercial opportunities for our hydrogen equipment.”
“As the first strategic partner for Cryomotive, we are excited to support them as they develop, grow and bring on more strategic partners this year.”