than that of the introduced substance to be granulated if the entry velocity of the substance to be granulated and the flow velocity of the liquid nitrogen are equal only the turbulences of the refrigerant flow still contribute to the granulation thus results which are likewise still useful are achieved at any rate the filling height of the insulated vessel 1 can be controlled and the interior of the reaction tube 2 is connected via orifices 14 to the insulated vessel 1 or in the embodiment according to fig2 is fed with refrigerant by the compensation vessel 15 through the connection 16 accordingly at a given flow velocity over different filling levels a different flow path length and thus a different residence time can be achieved the insulated vessel 1 thus functions exactly as a compensation vessel as does the condensation vessel 15 in fig2 with respect to the amount of refrigerant which is in circulation obviously apart from liquid nitrogen other refrigerants can also be used depending on the production rate the jet of the product introduced can be made to be as strong as desired optionally a plurality of product jets can also be introduced into the moving liquid volume in the case of granulation of substances which have pasty properties the exiting jet has the form of a rope the moving refrigerant liquid volume must not be.