Hexagon Composites steps up Hydrogen business development
28.01.2016 Stock Exchange Release
Hexagon Composites ASA (OSE: HEX) sets up a separate business unit for Hydrogen storage and transportation systems.
Hydrogen is considered an essential part of the fuel mix required for the green transition. Hexagon Composites has already taken a significant role in shaping the Hydrogen storage industry with contracts supporting OEMs, refueling station builders, and research laboratories in Asia, Europe and North America. The Company is well positioned across the Hydrogen value chain with cylinders for passenger and commercial vehicles, ground storage, transportation and backup power solutions.
"Based on our proven type 4 technology, Hydrogen cylinders are some of our most future-oriented products," says Jon Erik Engeset, CEO of Hexagon Composites. "Hydrogen is a clean fuel that emits zero greenhouse gases in use. The establishment of a separate business unit is done to further strengthen our organizational capability to lead the development of a new high-growth market niche."
Fuel cell vehicles
A number of leading OEMs are introducing Hydrogen fuel cell vehicles (FCV) as an alternative to battery electric vehicles. The market potential for the FCV segment is significant. Given its strong presence and experience in the Natural Gas Vehicle (NGV) market, FCVs are a natural expansion for the Company.
The introduction of fuel cell vehicles will drive the demand for Hydrogen refueling stations (HRS), which will generate good market opportunities for the Company's type 4 cylinder technology. The fatigue-resistant cycling properties of composite pressure cylinders make them more suitable for storage than steel alternatives.
Demand for Hydrogen distribution solutions will grow strongly as a function of the demand for fuel systems. Hexagon Composites' Mobile PipelineTM solutions will be certified for Hydrogen distribution. Type 4 tanks allow more gas to be transported in a given trailer space.
Hydrogen fuel cells are an efficient and emerging choice for low-emission, reliable backup power used for telecommunications, emergency services, medical services, and in remote locations. Hexagon Composites offers backup power solutions with lightweight Hydrogen tanks that enhance system performance and payback.
The new business unit will be reported as a segment in the High-Pressure Cylinders business area as of first quarter 2016. Rick Rashilla, currently Vice President of the Global Hydrogen Team at Hexagon Lincoln, will head the new unit reporting to Jack Schimenti, President of the High-Pressure Cylinders business area.
Rashilla leads a strong team focusing on research, development and marketing of existing products and solutions. The team members, located in the US, Germany, Austria and Norway, maintain strong relations with key industry players.
For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | email@example.com
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | firstname.lastname@example.org
Hexagon Composites ASA is a publicly listed company with its headquarters in Ålesund, Norway. The Group develops and produces composite cylinders for the storage and transport of various gases under pressure.
STOCK EXCHANGE RELEASES
- 25.04.2017Mandatory notification of trade
- 20.04.2017Hexagon Composites ASA: Minutes from Annual General Meeting
- 20.04.2017Hexagon Composites enters into joint venture agreement with Nel ASA and PowerCell Sweden AB
- 18.04.2017Hexagon Composites ASA: Disclosure of large shareholdings - proxies received in connection with AGM
- 05.04.2017Hexagon Composites ASA issues 1,450,000 call options at strike NOK 27
- 30.03.2017Hexagon Composites ASA: Notice of Annual General Meeting
- 22.03.2017Hexagon Composites ASA: Annual Report 2016
- 16.03.2017Hexagon Composites receives new order for Hydrogen transport cylinders
- 14.03.2017Hexagon Composites' subsidiary xperion awarded Mobile Pipeline® order in Pakistan
- 22.02.2017Hexagon Composites ASA: Results for the fourth quarter 2016
- 14.02.2017Hexagon Composites ASA: Invitation to presentation of fourth quarter 2016 results
- 19.01.2017Hexagon Composites signs Letter of Intent with Nel and PowerCell
- 19.12.2016Option exercised to acquire Ohio facility
- 15.12.2016New major order to Qatar
- 23.11.2016Minutes from Extraordinary General Meeting
- 23.11.2016Hexagon Ragasco awarded new significant order in Qatar
- 11.11.2016Mandatory notification of trade
- 10.11.2016Hexagon Ragasco enters strategic partnership with Lipigas in Chile
- 09.11.2016Hexagon Ragasco enters Bangladesh
- 02.11.2016Hexagon Composites ASA: Notice of extraordinary general meeting
- 27.10.2016New large TITAN® 4 order for the oil and gas industry
- 27.10.2016Hexagon Composites ASA: Results for the third quarter 2016
- 17.10.2016Hexagon Composites ASA: Invitation to presentation of third quarter 2016 results
- 05.10.2016Hexagon Composites acquires xperion and strengthens its position in the composite pressure cylinder market
- 04.10.2016Hexagon Composites ASA: Closing of the Agility Fuel Solutions transaction
- 03.10.2016CORRECTION: Hexagon Composites ASA: Closing of the Agility Fuel Solutions transaction
- 03.10.2016Hexagon Composites ASA: Closing of the Agility Fuel Solutions transaction
- 26.08.2016Disclosure of large shareholding
- 22.08.2016Hexagon Composites develops next generation hydrogen cylinder for Daimler's new Mercedes-Benz GLC F-CELL
- 18.08.2016Hexagon Composites ASA: Results for the second quarter and first half year 2016
- 15.08.2016Hexagon Composites enters the CNG-for-rail market with new joint venture
- 08.08.2016Hexagon Composites ASA: Invitation to presentation of second quarter 2016 results
- 01.07.2016Hexagon Composites sees increased Mobile Pipeline® investment in Latin America with substantial order to Mexico
- 30.06.2016Hexagon Composites receives U.S. DOT permit for TITAN® XL
- 20.06.2016TITAN® XL North America order for large-capacity industrial natural gas solutions
- 14.06.2016Agility Fuel Systems and Hexagon Composites announce merger to create Agility Fuel Solutions
- 26.05.2016Hexagon Composites announces joint venture agreement with Siddha Gas Technik in India
- 12.05.2016Hexagon Composites ASA: Results for the first quarter 2016
- 02.05.2016Hexagon Composites ASA: Invitation to presentation of first quarter 2016 results
- 27.04.2016Leading players shaping the hydrogen industry
- 20.04.2016Hexagon Composites ASA: Minutes from Annual General Meeting
- 20.04.2016Disclosure of large shareholdings - proxies received in connection with AGM
- 01.04.2016Hexagon Composites ASA issues 925,000 call options at strike NOK 20
- 30.03.2016Hexagon Composites ASA - Notice of Annual General Meeting
- 30.03.2016Hexagon Composites ASA : Registration of share capital increase
- 29.03.2016Hexagon Composites ASA : Approval and publication of prospectus
- 21.03.2016Hexagon Composites ASA: Minutes from Extraordinary General Meeting
- 16.03.2016Hexagon Composites - Annual Report 2015
- 29.02.2016Hexagon Composites ASA: Notice of extraordinary general meeting