New capital raise of 1 billion NOK for Hexagon Purus enables ramp up of capacity to deliver zero emission mobility and hydrogen infrastructure solutions

January 11, 2024 - Press Release

I Stock 1182485631

(Oslo, Norway, 11 January 2024) Hexagon Purus, a world leading manufacturer of zero emission mobility and infrastructure solutions has raised approximately 1 billion NOK* (approximately 88,5 million Euros) from strategic investors Mitsui, Hy24 through its newly raised Clean Hydrogen Equipment Fund, and Hexagon Composites, which was approved at an Extraordinary General Meeting today. The proceeds will support Hexagon Purus’s growth strategy, including its ongoing global capacity expansion program and delivering on customer commitments.

2024 will be an important year for Hexagon Purus to ramp up capacity at its five newly opened facilities as it prepares for serial production and executes on its strong backlog. Hexagon Purus will also continue to build its organization to deliver on its customer commitments. The five new production facilities are in Westminster (Maryland, US), Kelowna (Canada), Kassel (Germany), Weeze (Germany) and Shijiazhuang (China). In addition, the Company is expected to open a new site in Dallas (Texas, US) in 2024.

Existing strategic investors Mitsui and Hexagon Composites are joined by Hy24, the world’s largest clean hydrogen pure-play investor, who will contribute to bolstering Hexagon Purus’s global scaling efforts by leveraging its financial and industrial expertise, thus playing its role as a catalyst for the entire clean hydrogen value chain. The three investors bring access to knowledge and networks across the hydrogen and mobility value chains.

Morten Holum, CEO of Hexagon Purus, comments: “We operate in an increasingly supportive regulatory environment with large investments being made into renewable energy generation and hydrogen to support the clean energy transition. I want to thank Mitsui and Hexagon Composites for their continued investment and welcome Hy24 as a new strategic investor bringing valuable industry expertise from the clean hydrogen industry. This capital raise ensures that we can continue to scale up our manufacturing capacity to deliver on existing customer contracts for hydrogen infrastructure and prepare for serial volume of zero emission mobility as demand increases.”

Hiroshi Kakiuchi, Managing Director, Chief Operating Officer of Performance Materials Business Unit at Mitsui comments: “Mitsui recognizes Hexagon Purus' role in facilitating the transition to a zero-emission society, and we have high confidence in Hexagon Purus' robust technology offering which can help turn the tide against climate change. We see clear synergies between Hexagon Purus' competitive zero-emission solutions and our extensive global network.”

Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund at Hy24, said: “This investment, the first by our Equipment Fund, reinforces Hy24's position as a strategic investor and a catalyst in fostering the clean hydrogen economy. It bolsters the growth initiatives of Hexagon Purus, a global leader in the midstream of the hydrogen sector, exemplifying our Fund's commitment to the mature and pivotal hydrogen technologies that are essential to decarbonizing industry and mobility sectors.”

Jon Erik Engeset, CEO of Hexagon Composites, comments: “Hexagon Purus has assumed market-leading positions in some of the strongest growing zero emission mobility and infrastructure technology segments globally. We are highly satisfied with the Company’s performance and growth to date. We intend to continue working closely together with Hexagon Purus in areas of mutual interest and benefit and as previously stated, retain a significant ownership stake.”

*As announced by Hexagon Purus on Dec. 23, 2023 Hexagon Purus | Hexagon Purus ASA – Capital raise successfully…

For further information:

Eli Turander, Global Communication Director, Hexagon Purus

Telephone: +47 953 35 795 | eli.turander@hexagonpurus.com

Mathias Meidell, Director Investor Relations, 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 X and LinkedIn.

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