Hexagon Composites ASA (OSE: HEX) sets up a separate business unit for Hydrogen storage and transportation systems.
Hydrogen is considered an essential part of the fuel mix required for the green transition. Hexagon Composites has already taken a significant role in shaping the Hydrogen storage industry with contracts supporting OEMs, refueling station builders, and research laboratories in Asia, Europe and North America. The Company is well positioned across the Hydrogen value chain with cylinders for passenger and commercial vehicles, ground storage, transportation and backup power solutions.
"Based on our proven type 4 technology, Hydrogen cylinders are some of our most future-oriented products," says Jon Erik Engeset, CEO of Hexagon Composites. "Hydrogen is a clean fuel that emits zero greenhouse gases in use. The establishment of a separate business unit is done to further strengthen our organizational capability to lead the development of a new high-growth market niche."
Fuel cell vehicles
A number of leading OEMs are introducing Hydrogen fuel cell vehicles (FCV) as an alternative to battery electric vehicles. The market potential for the FCV segment is significant. Given its strong presence and experience in the Natural Gas Vehicle (NGV) market, FCVs are a natural expansion for the Company.
Ground storage
The introduction of fuel cell vehicles will drive the demand for Hydrogen refueling stations (HRS), which will generate good market opportunities for the Company's type 4 cylinder technology. The fatigue-resistant cycling properties of composite pressure cylinders make them more suitable for storage than steel alternatives.
Gas distribution
Demand for Hydrogen distribution solutions will grow strongly as a function of the demand for fuel systems. Hexagon Composites' Mobile PipelineTM solutions will be certified for Hydrogen distribution. Type 4 tanks allow more gas to be transported in a given trailer space.
Backup power
Hydrogen fuel cells are an efficient and emerging choice for low-emission, reliable backup power used for telecommunications, emergency services, medical services, and in remote locations. Hexagon Composites offers backup power solutions with lightweight Hydrogen tanks that enhance system performance and payback.
The new business unit will be reported as a segment in the High-Pressure Cylinders business area as of first quarter 2016. Rick Rashilla, currently Vice President of the Global Hydrogen Team at Hexagon Lincoln, will head the new unit reporting to Jack Schimenti, President of the High-Pressure Cylinders business area.
Rashilla leads a strong team focusing on research, development and marketing of existing products and solutions. The team members, located in the US, Germany, Austria and Norway, maintain strong relations with key industry players.
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
Hexagon Composites ASA is a publicly listed company with its headquarters in Ålesund, Norway. The Group develops and produces composite cylinders for the storage and transport of various gases under pressure.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via Globenewswire
