Through its fund dedicated to hydrogen equipment, the company has participated in a round of financing of this Norwegian leader in hydrogen storage systems.

Hexagon Purus raised 850 million kroner (the equivalent of 75 million euros) by placing convertible shares on the market. This private financing involved Hexagon Composites (the parent company, to the tune of €17.6 million), Mitsui (€44 million) and Hy24 Partners. The latter invested around €13 million through its recently launched “Clean Hydrogen Equipment Fund,” its second fund dedicated to hydrogen equipment. In exchange, it will have an observer seat on the Board of Directors.

Hy24 is fulfilling its role of supporting the development of equipment manufacturers so that they can scale up to meet future demand. The fund manager is acting as a catalyst for the entire low-carbon hydrogen value chain.

The funds raised will support Hexagon Purus’ growth strategy. This year, the company opened 3 new plants in Westminster (USA), Kelowna (Canada) and Kassel (Germany). Hexagon Purus plans to open two more. This Norwegian company is working with Lhyfe to supply green hydrogen in Europe. As a tank specialist, it has also won contracts with Ford Trucks for a prototype hydrogen-powered truck in Europe.

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Article written by Laurent Meillaud and translated by Logan King