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Hexagon Purus ASA: Results for the second quarter 2021

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Hexagon Purus delivers strong year-over-year revenue growth and enjoys continued commercial success with key customers in the zero emission mobility space.

Q2 2021 highlights:

  • Revenue more than doubled year over year to NOK 94m
  • Robust hydrogen distribution activity with Air Liquide global supply agreement as well as several purchase orders for cylinders and modules from industrial gas companies
  • Signed agreements with Nikola Corporation for the development and supply of hydrogen cylinders and with Velocity Vehicle Group to supply integrated drivetrains and battery packs for medium duty commercial electric vehicles
  • Established Hexagon Purus Maritime as a separate business area to accelerate development efforts in the maritime segment
  • Preparing and executing on several expansion and investment initiatives

In the second quarter of 2021, Hexagon Purus Group generated NOK 94 (46) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -69 (-20) million. Revenue growth of 104% was driven by increased activity in hydrogen distribution and transit bus applications.

Reported revenue for the first half of 2021 grew 54% to NOK 146 (94) million driven by increased distribution, transit bus and aerospace business while EBITDA was NOK –131 (-64) million.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability in the near-term, as expected.

Key developments in first half of 2021:

  • Signed joint venture agreements with CIMC Enric to enter China which is expected to be the world’s largest zero emission hydrogen vehicle and distribution market
  • 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
  • Signed a global supply agreement with Air Liquide, a world leader in gases, technologies and services for Industry and Health.  The agreement covers the supply of Type 4 hydrogen cylinders to Air Liquide Group and its affiliates around the world.  In conjunction, Hexagon Purus has entered its first local supply agreement with an Air Liquide affiliate in a key region that is adopting hydrogen as a major part of its energy transition
  • Entered a partnership with Velocity Vehicle Group, a leading group of commercial vehicle dealers in the US to deliver battery packs and powertrain integration for medium-duty battery electric trucks in California based on Freightliner’s class 6 M2 platform
  • 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
  • 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
  • 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
  • Established a new business area, Hexagon Purus Maritime to accelerate commercial efforts to bring zero emission technology to the maritime industry. Concurrently, Hexagon Purus exited its direct ownership position in the Hyon AS JV but remains invested in the consortium through its shareholding in Norwegian Hydrogen AS

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.


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

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