Hexagon Composites enters into joint venture agreement with Nel ASA and PowerCell Sweden AB

20.04.2017  Stock Exchange Release

Hexagon Composites ASA (OSE:HEX) has finalized the joint venture agreement with Nel ASA and PowerCell Sweden AB for the development of integrated hydrogen projects. The equally owned joint venture will initially focus on opportunities in the maritime and marine segments as well as projects to capture stranded renewable energy.

The entity will create a one-stop-shop for customers wanting to utilize hydrogen technologies across the value chain from renewable hydrogen production to storage, distribution and dispensing, as well as generating electricity via fuel cells. The entity will manage and develop the projects to ensure that technologies from the partners are effectively integrated into complete and optimal solutions for the customers.

"Since we announced the intention to join forces, we have received numerous requests, ranging from governmental organizations to maritime transportation. We see significant opportunities for the joint venture and believe it is well positioned to deliver unique customer value," says Jon Erik Engeset, President and CEO of Hexagon Composites ASA. "The collaboration with these strong market leaders is a logical step in shaping the emerging market for zero-emission power solutions."

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

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@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.
For additional information, please visit: www.powercell.se  

Follow us on Twitter: @HexagonASA

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

Hexagon enters into JV with Nel and PowerCell Sweden