Clean Hydrogen Equipment Fund
Manufacturing zero emission mobility and infrastructure solutions
Hexagon Purus is a world-leading manufacturer of zero emission mobility and infrastructure solutions. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.
Hexagon Purus
Type of investment
Country: Norway
Fund: Hy24, Clean H2 Infra Fund. Investment of 13 millions euros (convertible bonds)
Date: September 2023
Sector: Hydrogen equipment/technologies
Links
Download the release
In January 2024, Hy24’s Clean Hydrogen Equipment Fund closed its first investment, supporting Hexagon Purus’ convertible bond private placement with a circa 13 million euro investment. This investment will support Hexagon Purus’s growth strategy including its ongoing global capacity expansion program for hydrogen infrastructure and mobility, and battery systems and vehicle integration solutions. Hy24 joined existing strategic investors Mitsui and Hexagon Composites. Together, the three investors bring access to knowledge and networks across the hydrogen value chain.
Scaling up the midstream segment of the hydrogen value chain
In January 2024, Hexagon Purus opened its expanded primary manufacturing facility in Weeze, Germany for engineering and production of hydrogen infrastructure products including systems for distribution, refueling and stationary storage.
The company is ramping up its capacity to meet growing customer demand for hydrogen infrastructure solutions as the world transitions to clean energy sources. The existing 11,000m2 state of the art facility in Weeze is now expanded to 16,000m2. The capacity expansion approximately doubles Hexagon Purus’ annual production capacity of Type 4 high-pressure hydrogen infrastructure solutions. The opening in Weeze follows openings of new manufacturing sites for hydrogen cylinder production in Kassel (Germany) in September 2023, battery systems in Kelowna (Canada) in April 2023 and hydrogen cylinders in Westminster (Maryland, US) in January last year. In addition, the company completed construction of a new manufacturing facility for Type 4 cylinders and storage systems in Shijiazhuang, China.
Establishing a resilient hydrogen supply chain
"Hexagon Purus has built a robust global manufacturing footprint while consistently meeting its growth targets, and we are now ready to significantly scale up production volume. While the sector is nearly set for industrial scaling, we still need to advance critical hydrogen infrastructure, secure clear regulatory support, and establish resilient supply chains."
Morten Holum
CEO of Hexagon Purus
Key figures
+13
different markets served
Type4cylinder
More than six decades of composite pressure vessel manufacturing experience
9locations
in Norway, Germany, United States, Canada and China
Establishing a resilient hydrogen supply chain
"Hexagon Purus has built a robust global manufacturing footprint while consistently meeting its growth targets, and we are now ready to significantly scale up production volume. While the sector is nearly set for industrial scaling, we still need to advance critical hydrogen infrastructure, secure clear regulatory support, and establish resilient supply chains."