Hexagon Purus and Panasonic Amend Battery Supply Agreement
Recently, Hexagon Purus has made significant progress in its multi-year agreement with Panasonic Energy related to the supply of high-quality lithium-ion battery cells. This agreement, which initially mandated a pre-payment of approximately USD 43 million, has been revised to better meet the needs of both parties.
Details of the Amended Terms
The latest amendment, signed by Hexagon Purus Systems USA LLC and Panasonic Energy, brings the outstanding pre-payment down from USD 34.4 million to USD 12.9 million. This adjustment reflects a collaborative effort to streamline operations while continuing to secure vital battery supplies for future projects.
Future Prospects and Compliance
As highlighted in earlier communications, the commencement of battery cell supply from Panasonic’s new facility is anticipated to take place in 2026. These battery cells will adhere to the United States-Mexico-Canada Agreement (USMCA), positioning them favorably for various incentive programs, including the Inflation Reduction Act (IRA). This compliance is crucial for maximizing the benefits of sustainable energy initiatives in North America.
About Hexagon Purus
Hexagon Purus stands at the forefront of enabling zero-emission mobility solutions, driving innovations for a cleaner energy future. As a global leader in the provision of hydrogen Type 4 high-pressure cylinders, battery systems, and vehicle integration solutions, the company’s technology is pivotal across diverse sectors such as automotive, aerospace, and maritime. Hexagon Purus is dedicated to spearheading advancements in fuel cell electric and battery electric vehicle technologies, helping to transform the transportation landscape.
Contact Information
For inquiries or more information, please get in touch with:
Mathias Meidell, Investor Relations Director at Hexagon Purus
Telephone: +47 909 82 242 | Email: mathias.meidell@hexagonpurus.com
Frequently Asked Questions
What changes were made to the agreement between Hexagon Purus and Panasonic?
The outstanding pre-payment amount was reduced from USD 34.4 million to USD 12.9 million in the amended supply agreement.
When is the supply of battery cells expected to start?
Battery cell supply from Panasonic’s facility is expected to commence in 2026.
What compliance standards will the battery cells meet?
The battery cells will comply with the United States-Mexico-Canada Agreement (USMCA) and qualify for Incentives under the Inflation Reduction Act (IRA).
What is Hexagon Purus’s core business focus?
Hexagon Purus focuses on providing solutions for zero-emission mobility, including hydrogen storage systems and battery systems for electric vehicles.
Who should I contact for more information about Hexagon Purus?
You can contact Mathias Meidell, the Investor Relations Director, at +47 909 82 242 or via email at mathias.meidell@hexagonpurus.com.