A key automotive leader for Fuel Cell Vehicles (FCEVs) in Northeast Asia has nominated Hexagon Purus, a subsidiary of Hexagon Composites, for the serial supply of composite cylinders for their current zero-emission Fuel Cell Electric SUV. Hexagon Purus' cylinders will be installed in the vehicle model starting by 2022.
The scope of the nomination is over a two-year period with an estimated sales value of 25 million Euro. The nomination also positions Hexagon Purus for further projects within a large range of vehicle applications with this OEM. The supply contract is subject to final negotiations of terms and conditions.
About the market
Northeast Asia is among the largest automotive markets in the world in terms of size. Today the region dominates the global hydrogen economy with hydrogen cars, charging stations and fuel cell applications.
The shift to zero emissions vehicles is driven by the desire to improve air quality and reduce CO2 emissions, as well as to support energy independence.
Driving energy transformation
"The push for decarbonization is gaining momentum. We see game-changing market opportunities and we are mobilizing to accelerate the development of zero emission mobility solutions." says Morten Holum, President Hexagon Purus. "Our extensive experience in Type 4 cylinder technology and deep systems understanding makes us well-prepared to meet the accelerated demand we expect for zero-emissions solutions."
"Northeast Asia is among the leading regions in the world promoting hydrogen energy. We are excited about this opportunity to engage in the region and support efforts to drive energy transformation," says Michael Kleschinski, EVP Hexagon Purus. "Hydrogen is the main focus of Hexagon Purus. We are pleased to become an approved supplier to a major OEM in this large market, and to bring our leading Type 4 cylinder technology to a new innovative collaboration."
Hydrogen is a clean and safe energy carrier that can be used as fuel for power in a wide range of applications and can be easily stored on a large scale. Hexagon's lightweight, durable all-composite pressure cylinders enable OEM's to scale up their fuel cell vehicle production in a cost-competitive way.
Timing
The first prototypes of the 700 bar high-pressure cylinders are due to be delivered by the end of this year.
Contacts:
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 |?david.bandele@hexagongroup.com
About Hexagon Purus
Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. Hexagon Purus is a world leading provider of Hydrogen Type 4 high-pressure cylinders, complete vehicle systems and battery packs for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, marine, rail and aerospace.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
