Nordic clean tech fund NRP Green Transition I has invested to become shareholder in glass fibre pressure vessel producer Umoe Advanced Composites (UAC). Conducted through asset manager and investment advisor NRP Zero, the investment will fund UAC’s manufacturing expansion plans in Norway and Asia.
Less costly and more sustainable than alternatives such as carbon fibre, light-weight glass fibre tanks can transport 2-3 times more hydrogen compared to similar-sized tanks in steel.
As a manufacturer of pressure tanks in composite materials, UAC specialises in glass fibre transportation modules for hydrogen, biogas and compressed natural gas (CNG).
The investment will see NRP Zero investing an undisclosed amount for a 10.7% shareholding in UAC, the proceeds of which will be used to facilitate a manufacturing expansion in Kristiansand, Norway. An investment will also be sunk into a manufacturing facility being built in China by UAC’s Chinese joint venture company.
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