Hexagon Purus has signed a contract with a major US hydrogen fuel supplier and hydrogen refueling station operator to provide multiple X-STORE transport modules for the distribution of high-pressure hydrogen gas. The contract has an estimated value of USD 4.8 million (approx. NOK 45 million) and includes additional purchase options that, if exercised, will bring the total value of the contract to approximately USD 7 million (approx. NOK 65 million).
The contract represents the first North American customer of Hexagon's X-STORE line of transport modules for high pressure hydrogen gas. The purchased transport modules are composed of Hexagon's proprietary, lightweight, Type 4, 500 bar pressure vessels. The 20-foot modules are designed to carry nearly 600 kg of hydrogen. The high capacity of these modules reduces transportation cost on a per kg of hydrogen basis, and further contributes to the commercial viability of fuel-cell vehicles.
About the market
The shift to hydrogen and zero emission fuel cell electric vehicles is driven by the desire to improve air quality and reduce harmful greenhouse gas emissions, as well as to support energy independence. The United States has a growing hydrogen fuel market with a private fuel cell vehicle fleet of over 8000, the highest in the world, and over 40 retail hydrogen refueling stations. The number of hydrogen refueling stations is expected to double over the next few years.
Driving energy transformation
"The X-STORE product will be an economic game-changer in the North American hydrogen fuel market because higher payload capacities mean lower overall transportation costs," says Michael Kleschinski, Executive Vice President of Hexagon Purus. "The X-STORE is a proven product line, already widely used in Europe and the rest of the world by a blue-chip customer base".
Hydrogen is a clean and safe energy carrier that can be used as fuel for power in a wide range of applications and can be easily stored on a large scale. Hexagon's lightweight, durable all-composite pressure cylinders enable more gaseous hydrogen to be stored and transported per trip than any other technology.
Timing
The modules are due to be delivered in the third quarter of 2021.
Contacts:
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 |?david.bandele@hexagongroup.com
About Hexagon Purus
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, marine, rail, aerospace and backup power solutions.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
