HEXAGON COMPOSITES ASA

Company Overview

Hexagon Composites develops, manufactures, and sells composite pressure cylinders and systems for the storage and transportation of gases. As of 2023, the company has more than 2,000 distribution modules in operation globally with 100,000 vehicles on-road. The Company has a presence in 23 global locations, including clean energy markets in Europe, Asia, and North America. The Hexagon Group operates globally through its four business units, namely Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave, and Hexagon Purus. The group has 100% ownership of all three business units except Hexagon Purus. Hexagon Purus has been deconsolidated; thus, the Group’s shareholding has been reduced to 38.4%.

Hexagon Agility provides natural gas solutions for commercial vehicles and gas transportation solutions. It has a strong presence in North America and 922 employees.

Hexagon Ragasco is among the leading manufacturers of composite LPG cylinders for leisure, household, and industrial applications. It has a presence in Norway, France, Poland, Chile, Singapore, the US, and CIS with 132 employees.

Hexagon Digital Wave offers advanced cylinder testing and monitoring technologies and solutions that reduce cylinder and system downtime and inspection costs. It has a presence in the US with 66 employees.

Hexagon Purus specializes in lightweight Type 4 high-pressure tanks and systems for the storage and distribution of compressed gases, especially hydrogen. It also delivers battery-electric solutions for fuel cell electric and battery-electric vehicles. The Company has its manufacturing facilities at 8 locations across three continents with more than six decades of experience in composite pressure vessel manufacturing. It has a presence in Germany, the U.S., Canada, India, China, and Norway, with 653 employees.

• Hydrogen mobility and infrastructure: It includes hydrogen storage cylinders and fuel storage systems. It also offers hydrogen distribution modules, stationary storage, and mobile refueling stations.

• Battery systems and vehicle integration: It offers battery energy storage systems and fully electric vehicle integration.

Financial Highlights (FY 2024)

Company's Business Segments

• Hexagon Agility : Fuel System for Commercial Vehicles, Mobile Pipeline Distribution Solutions, Type 4 Composite Cylinders
• Hexagon Digital Wave : Modal Acoustic Emission (MAE) Testing, Ultrasonic Examination (UE) Machines