Company Profile
Hexagon Purus ASA Basic Information, Manufacturing Base, Sales Area, and Its Competitors
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Sr. No. |
Item |
Description |
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1 |
Company Name |
Hexagon Purus ASA |
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2 |
Website |
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3 |
Established Date |
1963 |
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4 |
Headquartered |
Norway |
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5 |
Market Position/ History |
Hexagon Purus ASA was founded in 1963, and is headquartered in Oslo, Norway. Flakk Group was the largest owner of Norwegian Applied Technology ASA and Devold AMT AS and were merged in the year 2000. The merger was named Hexagon Composites. In 2001, the company named Ragasco, based in Raufoss, Norway, a leading manufacturer of composite LPG cylinders was acquired by Hexagon Composites. Lincoln Composites located in Nebraska; USA was acquired by Hexagon Composites in 2005 entering US and Asian markets. Furthermore, in 2007, composite Antennae’s business area demerged and was listed separately as Comrod Communication ASA. Thereafter, Hexagon Composites were inclined more towards the development of pressure cylinder business and decided to sell Hexagon Devold to Særtex GmbH & Co. KG in 2014. Then in 2016, Mitsui & Co., Ltd. acquired 25.01% of Hexagon and a strategic alliance agreement was signed. I addition, xperion Energy & Environment in Germany, one of the leading Type 4 cylinder manufacturers, was also acquired in 2016. In 2018, the company signed agreement to acquire the remaining 50% shares in Agility Fuel Solutions, and completed the acquisition in 2019. Hexagon Purus signs Joint Venture agreements with CIMC Enric in 2021, for China and Southeast Asia, the world’s largest zero emission hydrogen vehicle and distribution market. In 2021, Hexagon Purus (owned 73.3% by Hexagon Composites) acquired Wystrach, adding industry leading hydrogen systems capacity to its platform, to accelerate the hydrogen transition. Hexagon acquired a 40% stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen. Then in 2023, the company uplisted to the Oslo Stock Exchange, with Hexagon Composites retaining a 38.4% ownership. |
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6 |
Sales Area |
Worldwide |
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7 |
Manufacturing Location |
8 locations across 3 continents, (Westminster USA, Kassel Germany, Weeze Germany, Ålesund Norway, Shijiazhuang China, Ontario USA, Kelowna Canada, Dallas USA) |
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8 |
No. of Employees |
over 650 |
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9 |
Competitors |
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10 |
CEO |
Morten Holum |
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11 |
Ownership Type |
Public |
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12 |
Contact Information |
Visiting Adress Haakon VII's gate 2 0161 Oslo Postal address Postboks 1353 Vika 011 |
Business Segment/ Overview:
Hexagon Purus ASA is a leading player in the hydrogen infrastructure and zero-emission mobility space offering hydrogen and battery energy storage solutions. The company’s hydrogen systems based on Type 4 cylinder technology and battery systems enable safe and efficient use of hydrogen and battery electricity in a variety of zero-emission infrastructure and mobility applications. n 2023, Hexagon Purus significantly scaled up its manufacturing capacity to meet the expected demand for zero-emission technology. The Company now has a footprint spanning eight locations globally
Applications Industries
• Medium- & heavy-duty vehicles
• Fuel cell and battery electric vehicles
• Light-duty vehicles
• Distribution systems
• Bus
• Rail
• Passenger vehicles
• Off highway vehicles
• Aerospace
• Aviation
• Maritime
• Mobile refueling systems
• Stationary storage
• Refueling systems
Hydrogen Storage Tanks Product Types Specification
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Product |
Description |
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Hydrogen Storage Tanks |
Type I
Type II
Type III
Type 4
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Liquid hydrogen storage cylinder (Under development) |
Cryoshelter has developed the leading LNG tank technology with a unique insulation advantage creating a bridge between clean and cost-effective mobility. Cryoshelter is developing an sLH2 tank system based on their BioLNG Tank Systems Technology Platform. sLH2 stands for subcooled liquid hydrogen and is designed for tank systems powering fuel-cell drives. Ultra-low boil of rates and extended hold time make Cryoshelter a unique world-leading solution in the field of cryogenic hydrogen stor |
Business Strategy
Hexagon Purus ASA is positioned as a key player in the zero-emission mobility sector, focusing on hydrogen and battery electric solutions. The company is part of Hexagon Composites ASA, which has initiated a strategic spin-off to enhance operational focus and capitalize on growth opportunities within the e-mobility market. Hexagon Composites has announced plans to spin off Hexagon Purus into an independent entity, which aims to streamline operations and create distinct strategic agendas for both g-mobility (gas mobility) and e-mobility (electric mobility) sectors. This separation is expected to unlock value by allowing each company to pursue tailored funding strategies and capital allocations.
Recently, Hexagon Purus raised approximately 1 billion NOK (around 88.5 million Euros) from strategic investors, including Mitsui and Hy24. This capital will support the company's expansion plans, particularly in increasing production capacity for hydrogen solutions and enhancing infrastructure for zero-emission mobility. Further, Hexagon Purus is recognized as a global leader in Type IV high-pressure cylinders essential for hydrogen mobility. The company is well-positioned to exploit the anticipated growth in the e-mobility market, which is projected to reach approximately $7 billion by 2030. It aims to leverage strong relationships with original equipment manufacturers (OEMs) across North America, Europe, and Asia.
The company specializes in a range of products including hydrogen storage systems, battery systems, and vehicle integration solutions for fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs). Its technology supports various applications from light-duty vehicles to heavy-duty transport solutions.
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Profile Details
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Author Kalyani Raje
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Published 07 Mar 2025
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Last Updated 07 Mar 2025
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Reading Time~5 minutes
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CoverageSWOT, Financials, Key Employees, History
Table of Contents
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- 1.1 About Hexagon Purus ASA
- 1.2 Key Facts
- 1.3 Key Employees
- 1.3.1 Key Employee Biographies
- 1.4 History
- 1.5 Locations & Subsidiaries
- 1.5.1 Head Office
- 1.5.2 Other Locations & Subsidiaries
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- 2.1 Company Overview
- 2.2 Business Segments
- 2.3 R&D Overview
- 2.4 Brands
- 2.5 Key Company Statistics
- 2.6 Key Financials (2015–2019)
- 2.7 Share Holder Analysis
- 2.8 Regional Presence
- 2.9 Services Offered
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- 3.1 Strengths
- 3.2 Weaknesses
- 3.3 Opportunities
- 3.4 Threats
- 3.5 Key Competitors
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- 4.1 Company Metrics
- 4.2 Key Investors
- 4.3 Recent Funding & Valuation
- 4.4 Historical Funding & Valuation
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- 5.1 Acquisitions
- 5.2 Partnerships
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- 6.1 Latest News & Announcements
- 6.2 Strategic Initiatives
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- 7.1 Summary of Findings
- 7.2 Strategic Recommendations
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