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Hexagon Composites ASA: Hexagon Composites steps up Hydrogen business development

Hexagon Composites ASA (OSE: HEX) sets up a separate business unit for
Hydrogen storage and transportation systems.
Hydrogen is considered an essential part of the fuel mix required for the
green transition. Hexagon Composites has already taken a significant role in
shaping the Hydrogen storage industry with contracts supporting OEMs,
refueling station builders, and research laboratories in Asia, Europe and
North America. The Company is well positioned across the Hydrogen value chain
with cylinders for passenger and commercial vehicles, ground storage,
transportation and backup power solutions.

"Based on our proven type 4 technology, Hydrogen cylinders are some of our
most future-oriented products," says Jon Erik Engeset, CEO of Hexagon
Composites. "Hydrogen is a clean fuel that emits zero greenhouse gases in
use. The establishment of a separate business unit is done to further
strengthen our organizational capability to lead the development of a new
high-growth market niche."

Fuel cell vehicles
A number of leading OEMs are introducing Hydrogen fuel cell vehicles (FCV) as
an alternative to battery electric vehicles. The market potential for the FCV
segment is significant. Given its strong presence and experience in the
Natural Gas Vehicle (NGV) market, FCVs are a natural expansion for the

Ground storage
The introduction of fuel cell vehicles will drive the demand for Hydrogen
refueling stations (HRS), which will generate good market opportunities for
the Company's type 4 cylinder technology. The fatigue-resistant cycling
properties of composite pressure cylinders make them more suitable for
storage than steel alternatives.

Gas distribution
Demand for Hydrogen distribution solutions will grow strongly as a function of
the demand for fuel systems. Hexagon Composites' Mobile PipelineTMsolutions
will be certified for Hydrogen distribution. Type 4 tanks allow more gas to
be transported in a given trailer space.
Backup power
Hydrogen fuel cells are an efficient and emerging choice for low-emission,
reliable backup power used for telecommunications, emergency services,
medical services, and in remote locations. Hexagon Composites offers backup
power solutions with lightweight Hydrogen tanks that enhance system
performance and payback.

The new business unit will be reported as a segment in the High-Pressure
Cylinders business area as of first quarter 2016. Rick Rashilla, currently
Vice President of the Global Hydrogen Team at Hexagon Lincoln, will head the
new unit reporting to Jack Schimenti, President of the High-Pressure
Cylinders business area.

Rashilla leads a strong team focusing on research, development and marketing
of existing products and solutions. The team members, located in the US,
Germany, Austria and Norway, maintain strong relations with key industry

For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no

Hexagon Composites ASA is a publicly listed company with its headquarters in
Ålesund, Norway. The Group develops and produces composite cylinders for the
storage and transport of various gases under pressure.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via Globenewswire


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