Hexagon Purus extends agreement for hydrogen distribution systems, raises 1 billion NOK
Summary
The hydrogen systems will be manufactured in Hexagon Purus facility in Weeze, Germany, with delivery scheduled starting in Q1 2024.The demand from our customers is strong and there is a trend towards securing future build slots by entering into long-term framework agreements, a trend that we expect to further accelerate as green hydrogen becomes increasingly available, says Michael Kleschinski, EVP of Hexagon Purus. Hexagon Purus reports that its hydrogen transport modules, based on Type IV carbon fiber-reinforced composite cylinders, offer the highest capacity and lowest total cost of ownership compared to traditional steel tube trailers. These three investors bring access to knowledge and networks across the hydrogen and mobility value chains.This capital raise was announced by Hexagon Purus on Dec. 23, 2023 and approved at an Extraordinary General Meeting on Jan. 11, 2024. Hexagon Purus notes 2024 will be an important year to ramp up capacity at its five newly opened facilities:The company is also planning to open a new site in Dallas, Texas, in 2024 for integration of its battery electric systems into zero-emission buses, trucks and commercial vehicles.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, says Morten Holum, CEO of Hexagon Purus. 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.