Cancellation of automotive development project and supply arrangement

Jan 23, 2020 - Stock Exchange Release

Reference is made to the stock exchange announcement made on 12 June 2018 regarding the development and serial order for hydrogen tanks from an automotive OEM with an estimated order value of USD 120 to 150 million (approximately NOK 1.0 billion to 1.2 billion) over 7 years.

Hexagon has been informed by the OEM that the development project for pressure cylinders is cancelled due to reasons unrelated to Hexagon.

While Hexagon regrets the cancellation, it will free up resources and allow pursuit of other opportunities in the very dynamic hydrogen market space.

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For more information:
David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 |

Hiva Ghiri, VP Investor Relations, Hexagon Composites
Telephone: +47 958 66 790 |

About Hexagon Composites
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications.