Flakk Group was the largest owner of Norwegian Applied Technology ASA and Devold AMT AS and were merged in the year 2000. The merger was named Hexagon Composites. Its aim was to have a listed group that is strong enough to make further acquisitions of industrial companies with composite expertise. From then on, Hexagon Composites continued to acquire various companies and keep on growing bigger and stronger with each passing year.
In 2001, a company named Ragasco, based in Raufoss, Norway, a leading manufacturer of composite LPG cylinders was acquired by Hexagon Composites.
2003 - 2005
Lincoln Composites located in Nebraska; USA was acquired by Hexagon Composites in 2005 entering US and Asian markets. The company was operated in the same business area as Raufoss Fuel Systems, which was acquired in 2003.
The company Comrod (Composite Antennae) in 1999 was a central member of Norwegian Applied Technology ASA. In 2007, Composite Antennae’s business area demerged and was listed separately as Comrod Communication ASA.
In 2010, Hexagon Composites acquired a Swedish company, Composite Scandinavia that produced LPG cylinders. Meanwhile, Ragasco’s new production line for LPG cylinders opened in Raufoss.
In 2011, FAB industries and Enviromech merged and formed Agility Fuel Systems, becoming a leading supplier of alternative fuel systems for heavy-duty trucks and buses.
Hexagon Composites were inclined more towards the development of pressure cylinder business and decided to sell Hexagon Devold to Særtex GmbH & Co. KG in 2014. A capacity expansion program in Nebraska was initiated. The company acquired MasterWorks in Maryland, USA, securing key technology and enhanced engineering capacity.
Mitsui & Co., Ltd. acquired 25.01% of Hexagon and a strategic alliance agreement was signed. The CNG Automotive Products Division was merged with Agility Fuel Systems, to create Agility Fuel Solutions (50% Hexagon owned).
xperion Energy & Environment in Germany, one of the leading Type 4 cylinder manufacturers, was acquired in 2016. xperion was successfully integrated to the organization and the Group repositioned itself for further growth in 2017. Hyon AS was launched, a joint venture with NEL ASA and PowerCell Sweden AB, focused on integrated hydrogen projects.
Hexagon signed agreement to acquire the remaining 50% shares in Agility Fuel Solutions. The leading testing technology company, Digital Wave was acquired in 2018. The Hydrogen and CNG Light-Duty Vehicle activities were organized into a new business area, Hexagon Purus.
Completed the 50% acquisition of Agility Fuel Solutions in January 2019. Sharpened the strategic focus on g-mobility and e-mobility solutions and introduced the ambition to combine all the e-mobility activities in Hexagon Purus.
Hexagon Purus (HPUR.OL) was listed on the Euronext Growth exchange in Oslo, Norway, with Hexagon retaining a 75% ownership stake.
New structure of Hexagon Agility was defined, integrating Agility Fuel Solutions and Hexagon Mobile Pipeline®.
Signing of a term sheet for a strategic cooperation and joint venture agreements with CIMC Enric was announced in 2020. Hexagon Purus signs Joint Venture agreements with CIMC Enric in 2021, for China and Southeast Asia, the world’s largest zero emission hydrogen vehicle and distribution market.
Hexagon Purus (owned 73.3% by Hexagon Composites) acquired Wystrach, adding industry leading hydrogen systems capacity to its platform, to accelerate the hydrogen transition