Hexagon to transfer CNG LDV to its g-mobility business – establishing Hexagon Purus as a pure e-mobility business

Wed 08, 2020 - Stock Exchange Release

Hexagon Composites announces today the transfer of its Compressed Natural Gas Light Duty Vehicle (CNG LDV) activities from Hexagon Purus, to Hexagon’s gas-mobility (g-mobility) business. This transfer will establish Hexagon Purus as a pure e-mobility business.

Post initial COVID-19 disruption, de-carbonization is high up on the global agenda and there is a strong push to limit carbon emissions. This momentum is evidenced by many government responses which have put attention firmly back on climate change, renewable energy and new green technologies. This is creating unprecedented opportunities for both g-mobility and e-mobility players.

Hexagon Group’s business covers the spectrum of low carbon and no carbon mobility solutions. Its strategy focuses along three axes; g-mobility, e-mobility, and world class manufacturing.

Since January 2020, the company has combined all its e-mobility activities in Hexagon Purus to develop its leading position and pursue zero-emission opportunities in the growing e-mobility market. In that reorganization, CNG LDV remained a part of the Hexagon Purus structure.

“The transfer of CNG LDV to the g-mobility business is a logical step from an industrial perspective. It conforms more with Hexagon’s g-mobility business, which is currently in the fast lane, benefitting from increased adoption of cleaner energy alternatives, especially natural gas and renewable natural gas,” says Jon Erik Engeset, CEO Hexagon.

“As the company ramps up for the future and seeks to unlock further value creation in both its g-mobility and e-mobility businesses, now is the time to accelerate our momentum and build on our strengths,” says Engeset.

The re-organization is expected to be completed by year end 2020.

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

David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 | [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