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 the 2020 timeframe. 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 50 to 70 million (approximately NOK 0.4 billion to 0.6 billion).
"This is a major contract for Hexagon and for the growing FCEV industry. Hexagon Composites is committed to investing resources into the success of this project and for the adoption of Hydrogen in combination with fuel-cell technology as a low-carbon alternative fuel for mobility applications. This selection further confirms our leading position as a light duty hydrogen tank developer for the FCEV industry.", said Rick Rashilla, Senior Vice President of Hexagon Composites' Hydrogen Automotive business.
"We are pleased to secure yet another major contract from a leading OEM and maintaining market leadership based on our integrity, attention to safety and delivering to customer specifications. By receiving our third serial production commitment, it cements the value proposition and long-term potential we see in the hydrogen space", said Jack Schimenti, Executive Vice President of Hexagon Composites.
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 VP, 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
Investor Relations:
Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | hiva.ghiri@hexagon.no
Media:
Solveig 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.
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.
For more information, please visit www.hexagon.no
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