Commercial cooperation between Hexagon Purus and Lhyfe for distribution of green and renewable hydrogen in Europe

(Oslo, Norway and Nantes, France, 28 October 2022)

Hexagon Purus, a leading hydrogen systems supplier, and Lhyfe, a world pioneer in the production of green and renewable hydrogen for transportation and industrial applications, recently entered into a commercial cooperation for delivery of Hexagon Purus’ type 4 hydrogen distribution systems. As a result, Lhyfe will be able to deliver a maximum of 19 tons of green hydrogen per trip, corresponding to the consumption of 650 transit buses.

“Demand for green hydrogen will surge in the coming years and Lhyfe aims to become one of the leading green and renewable hydrogen producers in Europe”, says Matthieu Guesné, CEO & founder of Lhyfe. “We are very happy to have Hexagon Purus supporting our efforts in providing green and renewable hydrogen for transportation and industry applications in Europe”.

Antoine Hamon, Director of Operations at Lhyfe, continues: "The conclusion of this important cooperation with an industry leader such as Hexagon Purus allows us to secure our logistics capacity, and to meet the needs of our rapid development across Europe."

“We are very happy to cooperate with Lhyfe and support their ambitious growth plans for green hydrogen in Europe”, says Michael Kleschinski, EVP of Hexagon Purus. “Our distribution systems with Type 4 composite high-pressure cylinders are the preferred technology for bulk distribution of compressed hydrogen”.

Lhyfe counts among its strategic investors made by Mitsui & Co., Ltd. which is also a shareholder and strategic alliance partner of Hexagon Purus. As a common strategic partner, Mitsui has played an important facilitating role in this agreement and has helped accelerate the deployment of green hydrogen in Europe.

Hiroshi Kakiuchi, Chief Operating Officer of Performance Material Business Unit of Mitsui says: “Beyond the support we can individually provide each of our partners with, we are also committed to fostering synergies between these partners that have a common vision and interests with Mitsui to decarbonize the mobility and industry sector as well as to creating a framework of trust to facilitate their collaborations. The signing of this agreement between Hexagon Purus and Lhyfe is a success that we are delighted with.”

About the market

The industrial and mobility sectors are accountable for close to 50% of annual carbon emissions globally, and hydrogen has a significant role to play in reducing these emissions, particularly in “hard to abate” sectors. Making green hydrogen available for use in industrial processes and mobility is critical to reduce carbon emissions.

As hydrogen, a key contributor to the energy transition, continues to build momentum globally, more than 30 countries have released hydrogen roadmaps, over USD 70 billion in government funding is committed to hydrogen investments, more than 500 large-scale hydrogen projects have been announced by the industry to date and green hydrogen is projected to supply up to 25% of the world's energy needs by 2050.

For more information:

Investor contacts:

Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

Maria Pardo Saleme, CFO, Lhyfe
maria.pardosaleme@lhyfe.com

Press contacts:

Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Industry Press Relations att. Clémence Rebours
Telephone: +33 (0)6 60 57 76 43 | c.rebours@nouvelles-graines.com

Financial Press Relations att. Manon Clairet
Telephone: +33 (0)1 53 67 36 73 | mclairet@actus.fr

About Lhyfe

Launched in Nantes (France) in 2017, Lhyfe produces and supplies green and renewable hydrogen for mobility and industry. Its production plants and upcoming projects are designed to provide green and renewable hydrogen in industrial quantities and form part of a virtuous energy model benefitting the environment. The company is a member of France Hydrogène and of Hydrogen Europe. Lhyfe inaugurated its first renewable green hydrogen industrial production site in the second half of 2021. The company has a commercial pipeline representing a total production capacity of 9.8 GW by 2030 (figure as of September 2022). Following an offshore research programme initiated in 2019, a test phase in real conditions for the world’s first offshore renewable green hydrogen production pilot site linked to a floating wind farm was started in September 2022.

For more information go to www.lhyfe.com

About Hexagon Purus

Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

About Mitsui

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.

Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.

Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio.

For more information on Mitsui & Co’s businesses visit, www.mitsui.com.