(Oslo, Norway, 1 March 2023) Hexagon Purus (“the Company”), a world leading manufacturer of zero emission mobility and infrastructure solutions, is in advanced discussions with Hino Trucks for a long-term distribution agreement under which Hexagon Purus expects to produce complete battery electric heavy-duty trucks for the U.S. market, distributed exclusively through select qualifying dealers in Hino’s network. The vehicles are expected to be based on Hino’s XL 4x2 tractor chassis and upfitted with Hexagon Purus’ proprietary zero-emission technology, including battery systems, auxiliary modules, power modules and vehicle-level software. The potential agreement foresees the delivery of up to 10,000 trucks by 2030, and the total potential value over the course of the agreement could reach approximately USD 2.0 billion (approximately NOK 20 billion).

Serial production of the electric heavy-duty trucks would be expected to commence during the last part of 2024, and this expanded agreement would replace the already announced (on 11 February 2022) cooperation between Hexagon Purus and Hino to supply battery packs for multiple Hino truck platforms planned for serial production from 2024.

Contacts

Salman Alam, SVP Corporate Development, Hexagon Purus
Telephone: +47 476 12 713 | [email protected]

Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | [email protected]

About Hino

Hino Trucks manufactures, sells, and services a lineup of Class 4-8 commercial trucks in the United States. Hino Trucks is the premier heavy and medium duty nameplate in the United States with a product lineup that offers fully connected vehicles with low total cost of ownership, unmatched reliability and maneuverability and the most comprehensive bundle of standard features in the market. Headquartered in Novi, Michigan, Hino has a network of around 200 dealers nationwide committed to achieving excellence in the ultimate ownership experience.

Learn more about Hino Trucks at http://www.hino.com or follow us on Facebook, LinkedIn, Twitter and YouTube.

About Hexagon Purus

Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn

This information is considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Ingrid Aarsnes, VP IR & ESG at Hexagon Composites ASA, on 1 March 2023 at 16:30 CET.