Tuesday, December 7, 2021

Hexagon Purus receives €30 million order from European Bus OEM, Stock up 4%

Norwegian hydrogen storage specialist Hexagon Purus has signed a long-term agreement with a European bus manufacturer to supply hydrogen tanks for the customer’s next generation of 12- and 18-metre fuel cell buses.

Hexagon Purus does not name the OEM. However, the Company mentions that it is an existing customer and that the supply contract has exclusive status. The hydrogen tanks destined for the bus manufacturer will be manufactured in the Hexagon Purus plant at its German subsidiary in Kassel.

The deliveries are scheduled for the period from 2021 to 2024. The Norwegian company puts the value of the order at around 30 million euros.

Specifically, storage systems are to be the subject of the contract, which will include the lightweight Type 4 cylinder from Hexagon Purus, which, according to the manufacturer, “enables a range of 350 kilometres”.

Michael Kleschinski, Executive Vice President of Hexagon Purus, welcomes the fact that “more and more countries are keeping an eye on hydrogen technology, which is an excellent, environmentally friendly solution for decarbonising public transport”.

Hexagon Purus Investors certainly welcomed the News and the Stock opened 4% + in Europe this morning.

Hexagon Purus Stock on the day of the announcement

Meanwhile, the hint that the current client is said to be a “long-standing customer” narrows down the round of potential names. In 2019, Kleschinski named “Daimler, MAN, New Flyer and others” as notable clients in the commercial vehicle sector.

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Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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