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Hexagon Purus ASA: Results for the First Quarter 2022

By May 10, 2022 3   min read  (544 words)

May 10, 2022 |

Fuel Cells Works, Hexagon Purus ASA: Results for the First Quarter 2022

Hexagon Purus delivered robust year-over-year revenue growth in Q1 2022 coupled with strong commercial momentum across the business.

Q1 2022 highlights:

  • Revenue grew 209% year-over-year to NOK 159 million, including NOK 107 million contribution from Wystrach. Organic revenue on a standalone basis (i.e., as if Wystrach were an external customer in Q1 2022) was NOK 84 million, representing organic year-over-year growth of approximately 63%
  • Signed a long-term binding letter of intent with Hino Motors Manufacturing U.S. and nominated by another leading, established commercial truck OEM to provide battery systems for serial production planned from 2024
  • Signed investment agreements together with JV partner CIMC Enric for construction of a joint production facility in Shijiazhuang and New Energy R&D management center in Beijing Daxing District International Hydrogen Development Zone
  • Successfully completed a private placement resulting in gross proceeds of NOK 600 million
  • In the first quarter of 2022, Hexagon Purus Group (“the Company”) generated NOK 159 (52) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -93 (-62) million. Revenue growth of 209% was driven primarily by continued strength in hydrogen distribution as well as the acquisition of Wystrach which contributed NOK 107 million in sales and NOK 7.7 million in EBITDA.
  • Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability.

Key developments after balance sheet date:

Entered into an agreement to acquire 40% of Cryoshelter’s liquid hydrogen business. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid natural gas (LNG) business. Cryoshelter’s liquid hydrogen tank technology is in the early stage of development and builds on superior and differentiated LNG technology that provides more fuel capacity and longer hold times (a critical requirement for cryogenic storage) than competing offerings. The transaction brings early-stage expertise in liquid hydrogen tank technology for zero emission mobility applications and could potentially result in a future complementary offering to Hexagon Purus’s market leading compressed hydrogen cylinder technology

Received an order worth EUR 1.5 million for hydrogen distribution systems from a leading global industrial gas company

Signed a 15-year lease for a new hydrogen cylinder production and office facility in Kassel, Germany, expected to be ready for move in the second half of 2023

CIMC-HEXAGON signs a Memorandum of Understanding with Bravo Transport Services to develop hydrogen storage cylinder systems for hydrogen fuel-cell double decker buses in Hong Kong. The initial scope of the MoU is for CIMC-HEXAGON to provide a Type 4 hydrogen storage cylinder system for the first fuel-cell double decker bus in Hong Kong with scheduled delivery in July 2022

Hexagon Purus Maritime, a wholly owned subsidiary of Hexagon Purus, has received its inaugural order for cylinders to be used in onboard storage of hydrogen in maritime vessels with scheduled delivery in Q4 2022

Presentation of the results and inaugural Capital Markets Day:

Hexagon Purus will present the Q1 2022 results in conjunction with the Company’s inaugural Capital Markets Day from 09.00 CET to 12.00 CET.

To attend the event, please register here.

About Hexagon Purus ASA

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.

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