NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice from Hexagon Purus ASA (the "Company" or "Hexagon Purus") published on 15 February 2022 regarding a contemplated private placement of new shares.

The Company is pleased to announce that it has raised approximately NOK 600 million in gross proceeds through a private placement (the "Private Placement") of 24,742,268 new shares (the "New Shares"), at a price per share of NOK 24.25, which represents a discount of 1.3% to the transaction day volume weighted average price (VWAP). Following the completion of the Private Placement, the Company will have 258,278,937 shares outstanding, and a market capitalization based on the subscription price of approximately NOK 6.3 billion.

The Private Placement attracted strong interest from both existing Hexagon Purus shareholders and new investors wishing to support Hexagon Purus in enabling zero emission mobility, and the book was multiple times oversubscribed. Hexagon Composites subscribed for and was allocated 18,134,361 shares in the Private Placement and retains its ownership interest in the Company of 73.3%.

The net proceeds from the Private Placement will be used for:

• Cylinder and systems capacity expansion across geographies to meet customer demand;
• Investments in automated manufacturing facility and technical center of excellence in Kelowna, Canada to support and increase production capacity for battery packs and hydrogen storage systems;
• Investments in production capacity in China to serve the fast-growing Chinese market through the joint venture with CIMC Enric;
• Organizational scale-up to support continued technological development and capacity expansion; and Working capital as well as for general corporate purposes.

Hexagon Purus in brief
Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. Hexagon Purus is a world leading provider of hydrogen type 4 high-pressure cylinders, complete vehicle systems and battery packs for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, maritime, rail, and aerospace applications.

For more information, please visit www.hexagonpurus.com and follow @HexagonPurus on LinkedIn and Twitter.

Advisors
Carnegie AS and Skandinaviska Enskilda Banken AB (publ), Oslofilialen as Joint Global Coordinators and Joint Bookrunners in the Private Placement, and Sparebank 1 Markets as Joint Bookrunner. Advokatfirmaet Schjødt AS is acting as the Company's legal advisor.

For further queries, please contact:

Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | [email protected]

Hiva Ghiri, VP Investor Relations
Telephone: +47 958 66 790 | [email protected]

About Hexagon Composites ASA

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

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act