Shaping the hydrogen-powered vehicle market

15.08.2017  Stock Exchange Release

Hexagon Composites' High-Pressure Area, has been selected to receive a development award for compressed hydrogen cylinders for new fuel cell electric vehicle (FCEV) models.

The value of the development contract is greater than USD 10 million (approximately NOK 80 million) and is targeted to run until 2020.

"We are excited to be selected for these projects with leading OEMs. This nomination confirms our lead position as a high-pressure cylinder manufacturer. The project will leverage Hexagon's long term investments in Lincoln, Nebraska and recent strategic investment in xperion in Germany and Heath, Ohio. With our global footprint, we have the capabilities to execute the initial deliveries in existing facilities", says Jack Schimenti, President at Hexagon Lincoln.

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, Vice President Hydrogen Products, Hexagon Lincoln Inc.
Phone:  +1 402 470 4038 | rick.rashilla@hexagonlincoln.com

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Phone: +47 906 34 977 | solveig.saether@hexagon.no  

About Hexagon Composites
Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases. For more information, visit www.hexagon.no

Follow us on Twitter: @HexagonASA

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


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