Hexagon Purus selected by Nikola Corporation to supply hydrogen cylinders for serial production

Apr 29, 2021 - Stock Exchange Release

Hexagon Purus has signed a long-term agreement with Nikola Corporation (NASDAQ: NKLA), 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.

The project’s development phase will commence in Q2 2021. The technology is planned to be certified for distribution in European and North American markets.

The long-term agreement also positions Hexagon Purus for potential further projects within a range of truck and other vehicle applications with Nikola.

“We are proud to partner with Nikola and support the delivery of its flagship hydrogen fuel-cell trucking solution. Putting these hydrogen-powered trucks on the road will accelerate the energy transition in heavy-duty transportation," said Michael Kleschinski, EVP Light Duty, Distribution & Cylinders, Hexagon Purus. “The first Hexagon Purus 700 bar hydrogen cylinders will begin testing and validation later this year in accordance with Nikola’s specifications.”

Driving energy transformation

The combined competencies of the Hexagon Group, in combination with the experienced Hexagon Purus specialists, have led to the development of a portfolio of high-performance cylinders with attractive value proposition. Hexagon Purus’ High-Performance Type 4 Hydrogen cylinders are certified to multinational standards and are already successfully in service on other fuel cell trucks and busses.

About the market

The global market for zero-emission mobility solutions, both fuel cell electric vehicles (FCEV) and battery-electric vehicles (BEV), is expected to grow significantly over the next several years, according to various market and industry analyses. Within the commercial vehicle segment, heavy-duty long-haul and high payload truck applications are in particular expected to benefit from FCEV technologies powered by hydrogen fuel.

For more information, please contact:

Salman Alam, Vice President, Corporate Development, Hexagon Purus
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com

Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Dilip Warrier, CFO, Hexagon Purus
Telephone: +1 949-236-5528 | dilip.warrier@hexagonpurus.com

About Hexagon Purus AS

Hexagon Purus, a Hexagon Composites company, is a world leading provider of hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems integration for fuel cell electric and battery electric vehicles. Hexagon Purus enables zero emission solutions for light, medium and heavy-duty vehicles, buses, ground storage, distribution, maritime, rail and aerospace applications.

Learn more at www.hexagonpurus.com and follow @Hexagonpurus on Twitter and LinkedIn.

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