Hydrogen: Hexagon Purus ends 2023 on a high note
Specialised in hydrogen solutions, Hexagon Purus concluded 2023 with two significant announcements in December. The group, counting Hexagon Composites among its key shareholders, secured a major order from a gas company for its hydrogen distribution systems in the United Kingdom before completing a fundraising round of nearly 90 M €.
Specialised in zero-emission hydrogen solutions for mobility and infrastructure, Hexagon Purus ended the year 2023 on a positive note. Firstly, the group announced the signing of a contract for its hydrogen distribution systems with a gas company in the United Kingdom. The order is valued at around de 3 M €, with delivery scheduled for 2025.
Dual certification for Europe and the United Kingdom
The company’s hydrogen distribution systems, including Type IV tanks, now hold dual certification in Europe and the United Kingdom. In the latter, its solutions for industry and mobility bear the “Rho” label, while in Europe it carries the “Pi” mark. Another selling point for the Norwegian company’s teams. “Our distribution solutions are perfectly suited for transporting hydrogen from a production site to industrial customers or refueling stations as they enable a significant payload and reduce customers’ TCO”, emphasises Michael Kleschinski, EVP Hydrogen Infrastructure and Mobility, while also celebrating the achievement of this dual certification, expanding the range of customers.
A fundraising completed to secure growth
In addition, in December 2023, Hexagon Purus announced the successful completion of a fundraising of 88 M € (850 M kr, Norwegian krone), with the support of BNP Paribas and ABG Sundal Collier. In addition to existing shareholders such as Hexagon Composites or Mitsui, the operation, carried out on the convertible bonds market, allows for the entry of a new investor, HY24. Regarding the major shareholder, Hexagon Composites, CEO Jon Erik Engeset praises the positions taken by Hexagon Purus in the mobility and infrastructure markets and expresses satisfaction with the current pace of growth and performance of the company.
As of the end of November 2023, the company had an order backlog 120 M € (1,3 Md kr) of wich 98 M € (1,1 Md kr) was for projects to be delivered in 2024. It is expected to achieve a revenue growth of around 40% in 2023, while it has started to reduce its negative EBITDA.
You can create a free technological watch and keep you updated about all these subjects.
