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APEX Group and Argo-Anleg will jointly develop systems for storage and transport of hydrogen
Jun 05, 2023 8:57 AM
- Strategic cooperation between APEX and Argo-Anleg, a pioneer for innovative prototypes in various application fields in the hydrogen market
- Argo-Anleg will purchase 120 pressure vessels for hydrogen storage from APEX totaling around EUR 1 million to be used in the transportation of hydrogen
- In turn, APEX has committed to buying certification-relevant valves from Argo-Anleg
Rostock/Laage, Grevenmacher (Luxemburg), Wesel am Rhein, 5 June 2023 – The APEX Group (“APEX”), a leading developer and operator of green hydrogen electrolysis plants for the decarbonization of industry, infrastructure and mobility and a 100% subsidiary of exceet Group SCA (ISIN LU0472835155), is entering into a strategic cooperation with Argo-Anleg GmbH (“Argo-Anleg”), a provider of high-tech solutions in the field of hydrogen and hydrogen ecosystems. Within the scope of the partnership, Argo-Anleg will purchase 120 pressure vessels for hydrogen storage from APEX for a total price of around EUR 1 million. In turn, APEX has signed a purchasing agreement with Argo-Anleg for valves which APEX will use in the certification of its pressure vessels.
Argo-Anleg is a pioneer in the hydrogen market and specializes in the construction of innovative prototypes and small batches in various fields of application. In addition, the company has developed many of its own components, including valves, which play an essential role in the certification and operation of hydrogen pressure vessels. The valves that APEX will purchase are adapted and approved to APEX's specifications, and APEX will also obtain the usage rights for these valves. In return, Argo-Anleg benefits from APEX's expertise in the construction of hydrogen tanks. Argo-Anleg will use the pressure vessels supplied by APEX for hydrogen transport solutions.
Peter Rößner, CEO of APEX, said: “One of the main advantages of hydrogen is that it is a way to store and transport renewable energy. In many application areas, however, pipelines are not practical or economical. For this reason, storage solutions for both stationary and transport use play an important role. As a highly innovative developer for a wide range of applications in the use of hydrogen, Argo-Anleg is a very interesting cooperation partner for us. If our pressure vessels, which we can currently supply as components, move from prototypes to serial production, we hope to see correspondingly high revenue volumes in the future through large-scale production.”
The project is expected to generate total revenues of EUR 1.02 million for APEX in the 2023 and 2024 financial years. This project has no impact on the revenue guidance of at least EUR 15 million for fiscal year 2023, as the vast majority of the revenues will be generated from fiscal year 2024 onwards.
In the field of hydrogen pressure tanks, APEX, in collaboration with partners and public research institutes such as the Fraunhofer Institute in Rostock, Germany, has already developed a hydrogen storage system with ten pressure vessels installed inside a 20-foot standard container used for stationary storage of hydrogen. Carbon fiber reinforced plastic is used in the construction of the tanks. This reduces the component weight to a fraction of comparable steel tanks and results in outstanding dynamic load resistance, incorporating the highest safety and lifetime requirements.