Hexagon Purus extends framework agreement with leading European green hydrogen producer for hydrogen distribution systems in Europe

December 29, 2023 - Stock Exchange Release

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(Oslo, Norway, 29 December 2023) Hexagon Purus, a world leading manufacturer of zero emission mobility and infrastructure solutions, has extended its existing framework agreement (announced 14 October 2022) with a leading European producer of green hydrogen for delivery of hydrogen distribution systems. The framework agreement is extended to now also cover the delivery of hydrogen distribution systems for 2024.

Hexagon Purus’ hydrogen distribution systems with its type 4 hydrogen cylinders will be used to deliver green hydrogen for mobility and industrial applications in Europe. The minimum value of the framework agreement is approximately EUR 17 million.

Driving Energy Transformation

“Our hydrogen distribution systems are agnostic to the color of the hydrogen molecule. The demand from our customers is strong and there is a trend towards securing future build slots by entering into long-term framework agreements, a trend that we expect to further accelerate as green hydrogen becomes increasingly available”, says Michael Kleschinski, EVP of Hexagon Purus. “We are very happy to extend the current agreement to support the distribution of green hydrogen to European mobility and industry applications”.

About the market

The industrial and mobility sectors account for close to 50% of annual carbon emissions globally, and hydrogen has an important role to play in reducing these emissions, particularly in hard-to-abate sectors. Hexagon Purus’ type 4 based hydrogen distribution system is the preferred technology for bulk distribution of hydrogen offering the highest capacity and the lowest total cost of ownership compared to traditional steel tube trailers. Making green hydrogen available for use in industrial processes and mobility is critical to reduce carbon emissions, and hydrogen is projected to supply up to 25% of the world's energy needs by 2050.

Timing

Delivery of the hydrogen systems, which will be manufactured in Hexagon Purus’ facility in Weeze, Germany, is scheduled from Q1 2024 to Q4 2024.

For more information:

Eli Turander, Global Communications Director, Hexagon Purus
Telephone: +47 953 35 795 | eli.turander@hexagonpurus.com

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

About Hexagon Purus

Hexagon Purus 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.

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