Hexagon Composites ASA Announces Results for the Third Quarter 2020

By November 6, 2020 2   min read  (316 words)

November 6, 2020 |

hexagon purus

In the third quarter of 2020, Hexagon Group generated NOK 770 (770) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 65 (49) million.

Hexagon Ragasco results remained robust and Agility experienced a record strong quarter as it recovered from the sharp impacts of the global pandemic in the previous quarter. Hexagon Mobile Pipeline, however, remained impacted by the pandemic and resulting macro factors, as well as lower North American onshore oil and gas activity.

Key developments

  • Agility Fuel Solutions received an order for USD 8.0 million (approx. NOK 72 million) to expand Anheuser-Busch’s CNG fleet
  • A key Northeast Asian automotive leader for Fuel Cell Vehicles (FCEVs) nominated Hexagon Purus for the serial supply of composite cylinders for their current zero-emission Fuel Cell Electric SUV. The scope of the nomination is over a two-year period with an estimated sales value of 25 million Euro (approx. NOK 230 million)
  • Hexagon Composites ASA raised approximately NOK 907 million in gross proceeds through a private placement on 24 August 2020
  • Hexagon Composites ASA announced the intention to spin-off Hexagon Purus through a listing on the Merkur market within end 2020, with Hexagon retaining majority ownership after the distribution
  • The H2Bus Consortium, for which Hexagon Purus is a member supplier of its on-board storage solutions, announced an agreement with Wrightbus for the supply of hydrogen fuel cell electric buses in Europe. The H2Bus Consortium is now on track to deploy 1,000 hydrogen fuel cell electric buses, along with supporting infrastructure, in European cities at commercially competitive rates

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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 including light-,medium- and heavy-duty vehicles, ground storage, distribution, marine, rail and backup power solutions.

Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.


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