NRP Zero invests in Umoe Advanced Composites AS (UAC)
NRP Zero’s latest investment in leading global supplier of glass fibre pressure vessel producer
We are happy to announce that our industrial cleantech fund has invested in the fast-growing glass fibre pressure vessel producer UMOE Advanced Composites AS (UAC) to fund the expansion of their manufacturing capacity in Norway and Asia.
UAC develops and manufactures advanced lightweight pressure tanks in composite materials, such as glass fibre, and transportation modules for compressed hydrogen, biogas, natural gas and other industrial gases. Glass fibre is significantly less costly than for example carbon fibre. Moreover, glass fibre can because of its weight advantage transport 2-3 times more hydrogen compared to similar-sized tanks in steel. This represents major cost and environmental benefits.
Carl Petter Finne, Managing Partner at NRP Zero, says: “UAC is a global technology leader that is well positioned to win market shares within transport and storage in a rapidly growing hydrogen market. The company’s management has proven that it can deliver strong growth and improved profitability. We are very pleased to invest into UAC and look forward to collaborating with existing owners such as Umoe and the management team to develop the company further”