NRP Green Transition I, a Nordic cleantech fund managed by NRP Zero, makes an investment to become a shareholder in the rapidly expanding glass fiber pressure vessel manufacturer Umoe Advanced Composites (UAC).
Advanced lightweight composite pressure tanks and transportation modules for hydrogen, biogas, and compressed natural gas are developed and produced by UAC (CNG). According to UAC, it employs glass fiber because it is substantially less expensive than alternatives like carbon fiber and because of its advantage in weight, which allows it to transport two to three times more hydrogen than tanks of a comparable capacity made of steel.
NRP Zero acquired a 10.7% stake in UAC for an unknown sum. The money from the investment will be used to finance an increase in manufacturing in Kristiansand, Norway, as well as a project in China where UAC’s Chinese joint venture firm is constructing a factory with a capacity to produce 8,000 pressure vessels annually.
In the joint venture corporation, UAC has the majority of the shares. Yield Capital and the Chinese industrial conglomerate Befar Group are additional shareholders.