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Tuesday 11 May, 2021

Hexagon Composites ASA

Hexagon Purus ASA: Results for the first quarter 2021

Hexagon Purus ASA: Results for the first quarter 2021

In the first quarter of 2021, Hexagon Purus Group generated NOK 57 (48) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -62 (-43) million. Revenue growth was driven by increased activity in hydrogen distribution applications as well as aerospace with slightly lower revenue contribution from heavy duty vehicle applications due to the completion of a battery electric (BEV) truck demonstration program in Q1 2020.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability.

Key developments

  • Signed joint venture agreements with CIMC Enric in March 2021 to enter China which is expected to be the world’s largest zero emission hydrogen vehicle and distribution market
  • Signed a multi-year agreement (as part of a broader agreement together with Hexagon Agility encompassing CNG solutions) to supply hydrogen distribution modules to Certarus. Under the agreement, Hexagon Purus received an initial order for SMARTSTORE® hydrogen distribution modules with an estimated value of USD 3.2 million
  • Hexagon Purus received multiple orders for several leading European gas distributors for X-STORE 300 bar cylinders and for its new X-STORE 381 bar version with a total estimated value of EUR 1.9 million.  These cylinders will be used for transportation of hydrogen for industrial and mobility purposes
  • New Flyer, North America’s largest mass mobility solutions provider, placed an order with Hexagon Purus for the supply of high-pressure hydrogen tanks for their zero-emission Xcelsior CHARGE H2™ hydrogen fuel cell electric transit buses. The contract value is approximately NOK 7.7 million and deliveries commenced in Q1 2021
  • Selected by Talgo S.A., a leading manufacturer of intercity, standard and high-speed passenger trains, to deliver high pressure cylinders for its first prototype hydrogen train. The cylinders are expected to be delivered in the second half of 2021
  • Selected to deliver a 700 bar hydrogen fuel storage system for a demonstration project to develop a fuel cell powered construction machine
  • Hexagon Purus signed a long-term agreement with Nikola Corporation, a global leader in zero-emissions transportation and infrastructure solutions to develop and supply its high-performance type 4 hydrogen cylinders. The scope of the agreement is over a multi-year period with an estimated sales value in excess of EUR 200 million
  • Hexagon Purus signed a contract with Wystrach GmbH, a leading systems provider for high pressure solutions,to supply Type 4, 300 bar pressure vessels at a value of approximately EUR 2.5 million. The cylinders are destined for industrial and mobility applications in France and Germany.

Presentation of the results:

Morten Holum (CEO) and Dilip Warrier (CFO) will present the results at 08:30 CEST. 
Follow the presentation here:

A recording of the presentation will be published on after the presentation.

For more information:

Salman Alam, Vice President, Corporate Development, Hexagon Purus
Telephone: +47 476 12 713| [email protected]

Dilip Warrier, CFO, Hexagon Purus
Telephone: +1 949-236-5528 | [email protected]

About Hexagon Purus ASA:

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, maritime, rail, and aerospace applications.

For more information, please visit and follow @HexagonPurus on LinkedIn and Twitter.


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