February 4, 2023

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Saga Pure incurred a loss of 23 million after the bankruptcy of the hydrogen company – E24

IC Technology goes bankrupt after a failed refinancing.

Øystein Stray Spitalen is the largest shareholder in Saga Pure
published:

Øystein Stray Spitalen’s investment firm Saga Pure posted a loss of NOK 23 million in the fourth quarter after IC Technology’s (ICT) board of directors elected to declare the company bankrupt. This was stated by Saga Pure in a Stock announcement Friday.

The bankruptcy followed an unsuccessful refinancing of the hydrogen company, according to the report.

Saga Pure owns 32.6 percent of the shares in ICT. The company is working on a liquid hydrogen storage solution, with a focus on marine fuel systems.

– The ICT solution can have great potential, however, there are still a number of milestones before the solution is market-ready, says outgoing Saga Pure CEO Bjorn Simonsen.

Read on E24+

Invest Tech Week: Time to Bank

More hydrogen investments

Saga Pure is a green investment company listed on Øystein Stray Spitalen. The shown investor is the largest shareholder with 36.02 percent of the shares privately. His investment company, Tycoon Industries, also owns 5.95 percent of Saga Pure.

In addition to owning 32.6% in IC Technology, the investment firm also owns 22% in Heimdall Power, 10% in Horisont Energi and 17.6% in Hyon, according to its websites.

Heimdall Power works with sensors in the energy industry, Horisont works with hydrogen production and Hyon works with hydrogen fueling solutions for the marine sector.

green investment

Saga Pure changed its name from Saga Tankers in fall 2020 and launched a broader green initiative.

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Since then, investments have been made in Bergen Carbon Solutions, Pryme and Everfuel. With a profit of 229 million and a loss of 7.7 million and 260 million, respectively.

Companies with exposure to renewables, among Saga Pure’s many investments, have fallen sharply in the stock market throughout 2020, but a number of them have gained strong momentum in the past year and a half.

This is partly because big profits lie in the future, and higher interest rates make those promises less valuable.

Read also

Bjorn Simonsen will be stepping down as CEO of Saga Pure