Hexagon Purus enters into framework agreement to deliver hydrogen distribution systems in Europe

(Oslo, Norway, 14 October 2022) Hexagon Purus ASA ("Hexagon Purus”), through its wholly owned subsidiary Wystrach GmbH, a leading hydrogen systems supplier, has secured a framework agreement for delivery of hydrogen distribution systems to a leading European producer of green hydrogen.

Hexagon Purus’ hydrogen distribution systems including its type 4 hydrogen cylinders will be used to deliver hydrogen for transportation and industrial applications in Europe. The minimum value of the framework agreement is approximately EUR 9.7 million (approximately NOK 97 million).

Driving Energy Transformation

"We are currently experiencing strong commercial momentum within our hydrogen distribution business following the recent push from European authorities to reduce emissions and increase energy security”, says Michael Kleschinski, EVP of Hexagon Purus. "We are very happy to play an important part in supporting European authorities’ ambitious growth plan for hydrogen adoption”.  

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.

Timing

Delivery of the hydrogen systems is scheduled from Q4 2022 to Q4 2023.  

For more information:

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

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act