- Hexagon Purus delivered strong year-over-year revenue growth in Q3 2021 and announced the transformative acquisition of Wystrach GmbH (“Wystrach”).
Q3 2021 highlights:
- Revenue grew 96% year over year to NOK 103m
- Robust hydrogen distribution and transit bus activity
- Entered into an agreement to acquire 100% of Wystrach, a leading European systems and solutions provider for compressed industrial gases with strong exposure to hydrogen applications. Wystrach is recognized as a leader in the industrial and transportation segments serving blue chip customers like Air Liquide, Linde, Alstom and Daimler. Wystrach recorded revenue of EUR 24.1m and EBITDA of EUR 2.1m in FY 2020. The acquisition will approximately double Hexagon Purus’ revenue (on a pro forma basis) and headcount in FY 2020
- Broke ground on a new 60,000 square foot manufacturing facility in Kelowna, Canada for the production of battery packs and hydrogen fuel storage systems for medium and heavy-duty vehicle applications
In the third quarter of 2021, Hexagon Purus Group generated NOK 103 (53) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -80 (-25) million. Revenue growth of 96% was driven by increased activity in hydrogen
distribution and transit bus applications.
Reported revenue for the first nine months of 2021 grew 69% to NOK 249 (147) million driven by increased distribution, transit bus and aerospace business, while EBITDA was NOK –211 (-88) million.
Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ futre growth drive negative profitability in the near-term, as expected.
Other recent key developments:
- Received orders from a leading gas distributor to deliver Type 4 hydrogen cylinders for industrial and mobility applications. The orders have a value of approximately EUR 2 million
- Received an order for hydrogen fuel cell electric yard trucks from a North American customer. The order has a value of approximately USD 2.1 million
- Subsequently received an order from the same customer for a hydrogen fuel cell drayage truck, including a service and support program that incorporates performance monitoring and reporting. The order has a value of approximately USD 1.2 million
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