Hexagon Composites signs Letter of Intent with Nel and PowerCell

19.01.2017  Stock Exchange Release

Hexagon Composites ASA (OSE:HEX) has signed a Letter of Intent (LoI) with Nel ASA and PowerCell Sweden AB to establish an equally owned joint venture to pursue hydrogen opportunities. The Parties aim at leveraging their respective capabilities and technologies to offer integrated solutions. The joint venture will initially focus on opportunities in the maritime and marine segments as well as projects to leverage renewable energy resources.

"This is an important step in our commitment to develop clean energy alternatives," says Jon Erik Engeset, CEO of Hexagon Composites. "By creating a one-stop-shop for our customers, we will be able to integrate hydrogen technologies and support the customers' project management."

For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no

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

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

About Nel ASA
Nel ASA is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. Nel serves industries, energy and gas companies with leading hydrogen technology.
For additional information, please visit: www.nelhydrogen.com     

About PowerCell Sweden AB
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications. PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital.
For additional information, please visit: www.powercell.se  

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