Hexagon Purus raises new capital
The new financing round has brought Hexagon Purus one billion Norwegian kroner – the equivalent of approximately 88.5 million euros. The two existing investors Mitsui and Hexagon Composites were joined in the new financing round by the hydrogen investment fund Hy24. The three investors not only serve as financial backers, they also offer the Norwegian company “access to knowledge and networks across the entire hydrogen and mobility value chain”, according to Hexagon Purus.
The company intends to use the new capital for its growth plans. Hexagon Purus sees this as part of its ongoing program to expand its global production capacities and to “fulfil customer commitments”. According to the company, a particular focus will be on ramping up capacity in the five newly opened plants in 2024, preparing for series production and working through the high order backlog. In addition, the company intends to further expand its organization in order to meet its commitments to its customers.
The five new production facilities are located in Westminster (Maryland, USA), Kelowna (Canada), Kassel and Weeze (both Germany) and Shijiazhuang (China). In addition, the company expects to open a new location in Dallas (Texas, USA) in 2024. The Norwegian company moved to the Weeze site as part of the 2021 takeover of the German provider Wystrach, which specializes in high-pressure systems and hydrogen technology.
“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.”
Guillaume Lesueur, Managing Director and Head of the Clean Hydrogen Equipment Fund at Hy24, commented on the investment: “This investment, the first by our Equipment Fund, reinforces Hy24’s position as a strategic investor and a catalyst in fostering the clean hydrogen economy. It bolsters the growth initiatives of Hexagon Purus, a global leader in the midstream of the hydrogen sector, exemplifying our Fund’s commitment to the mature and pivotal hydrogen technologies that are essential to decarbonizing industry and mobility sectors.”
In addition to Type 4 hydrogen high-pressure cylinders and systems, Hexagon Purus also offers battery systems and vehicle integration solutions for fuel cell and battery electric vehicles. Hexagon Purus says its products are used in a wide range of applications including light, medium and heavy-duty commercial vehicles, buses, ground storage, distribution, refueling, marine, rail and aerospace.
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