Hexagon Composites will supply compressed hydrogen tanks for serial production of fuel cell electric vehicles (FCEV) to be launched by an automotive OEM. Hexagon is currently developing the tanks to support anticipated production activities as early as 2020. Production is planned to run for at least five years. Hexagon estimates the combined value for development and serial production to be in the range of USD 120 to 150 million (approximately NOK 1.0 billion to 1.2 billion). "This is a strategically important customer contract fulfilment for Hexagon and the growing FCEV industry. Hexagon Composites is committed to investing significant resources into the success of these projects and for the adoption of Hydrogen in combination with fuel-cell technology as a low-carbon alternative fuel for mobility applications. An award of this size signals the vast long-term potential of this market. Maintaining market leadership based on our integrity, attention to safety and delivering to customer specifications are key focal points for the Company. This selection confirms our leading position as a light-duty hydrogen tank developer for the FCEV industry. The project leverages Hexagon's global footprint in Nebraska, Ohio and Kassel, Germany", said Rick Rashilla, Senior Vice President of Hexagon Composites' Hydrogen Automotive business. "Hexagon has been actively supported in the process by Mitsui & Co. Ltd., our strategic alliance partner. This is a good example of the benefits of the alliance between the two companies in terms of increasing our global reach", said Jack Schimenti, Executive Vice President of Hexagon Composites ASA. 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. The life cycling properties of all-composite pressure cylinders, with plastic liners and carbon fiber structure, make them more suitable for storage of hydrogen than metal lined alternatives.
For more information: Rick Rashilla, Senior Vice President, Hydrogen Automotive Telephone: +1 402 470 4038 | rick.rashilla@hexagonlincoln.com
David Bandele, CFO, Hexagon Composites ASA Telephone: +47 920 91 483 | david.bandele@hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA Telephone: +47 906 34 977 | solveig.saether@hexagon.no
About Hexagon Composites ASA Hexagon Composites delivers safe and innovative solutions for a cleaner energy future. We are adapting our leading composite pressure vessel technology for a wide range of mobility and storage applications.
For more information, please visit www.hexagon.no
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The information included in this Stock Exchange Release (SER) contains certain forward-looking statements relating to the Company's estimated revenue projections and start of production date which can vary according to prevailing market conditions and other factors. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this SER, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Report or the actual occurrence of the forecasted developments.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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