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Hexagon Purus ASA: Results for the first quarter 2021

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In the first quarter of 2021, Hexagon Purus Group generated NOK 57 (48) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -62 (-43) million. Revenue growth was driven by increased activity in hydrogen distribution applications as well as aerospace with slightly lower revenue contribution from heavy duty vehicle applications due to the completion of a battery electric (BEV) truck demonstration program in Q1 2020.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability.

Key developments

  • Signed joint venture agreements with CIMC Enric in March 2021 to enter China which is expected to be the world’s largest zero emission hydrogen vehicle and distribution market
  • Signed a multi-year agreement (as part of a broader agreement together with Hexagon Agility encompassing CNG solutions) to supply hydrogen distribution modules to Certarus. Under the agreement, Hexagon Purus received an initial order for SMARTSTORE® hydrogen distribution modules with an estimated value of USD 3.2 million
  • Hexagon Purus received multiple orders for several leading European gas distributors for X-STORE 300 bar cylinders and for its new X-STORE 381 bar version with a total estimated value of EUR 1.9 million.  These cylinders will be used for transportation of hydrogen for industrial and mobility purposes
  • New Flyer, North America’s largest mass mobility solutions provider, placed an order with Hexagon Purus for the supply of high-pressure hydrogen tanks for their zero-emission Xcelsior CHARGE H2™ hydrogen fuel cell electric transit buses. The contract value is approximately NOK 7.7 million and deliveries commenced in Q1 2021
  • Selected by Talgo S.A., a leading manufacturer of intercity, standard and high-speed passenger trains, to deliver high pressure cylinders for its first prototype hydrogen train. The cylinders are expected to be delivered in the second half of 2021
  • Selected to deliver a 700 bar hydrogen fuel storage system for a demonstration project to develop a fuel cell powered construction machine
  • Hexagon Purus signed a long-term agreement with Nikola Corporation, a global leader in zero-emissions transportation and infrastructure solutions to develop and supply its high-performance type 4 hydrogen cylinders. The scope of the agreement is over a multi-year period with an estimated sales value in excess of EUR 200 million
  • Hexagon Purus signed a contract with Wystrach GmbH, a leading systems provider for high pressure solutions,to supply Type 4, 300 bar pressure vessels at a value of approximately EUR 2.5 million. The cylinders are destined for industrial and mobility applications in France and Germany.


Presentation of the results:

Morten Holum (CEO) and Dilip Warrier (CFO) will present the results at 08:30 CEST. 
Follow the presentation here: https://hexagonpurus.kg5.no/

A recording of the presentation will be published on www.hexagonpurus.com after the presentation.


For more information:


Salman Alam, Vice President, Corporate Development, Hexagon Purus
Telephone: +47 476 12 713| salman.alam@hexagonpurus.com


Dilip Warrier, CFO, Hexagon Purus
Telephone: +1 949-236-5528 | dilip.warrier@hexagonpurus.com


About Hexagon Purus ASA:

Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. Hexagon Purus is a world leading provider of hydrogen type 4 high-pressure cylinders, complete vehicle systems and battery packs for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, maritime, rail, and aerospace applications.

For more information, please visit www.hexagonpurus.com and follow @HexagonPurus on LinkedIn and Twitter.

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