Hexagon Composites

Hexagon Composites

Hexagon Composites ASA is the parent of a group headquartered in Ålesund, Norway, primarily known for designing and manufacturing Type 4 all-composite pressure cylinders. The group's historical foundation lies in composite materials engineering for industrial gas applications. Its strategic evolution accelerated with the 2021 spin-off and subsequent Oslo Stock Exchange listing of Hexagon Purus ASA, a dedicated vehicle focused on zero-emission mobility, including battery packs and hydrogen storage systems. The core business, Hexagon Agility, serves the compressed natural gas and renewable natural gas value chain for medium- and heavy-duty trucks, buses, and rail. Hexagon Ragasco engineers composite LPG cylinders for consumer and industrial markets globally. Hexagon Purus covers a distinct and growing segment, providing hydrogen Type 4 high-pressure tanks for vehicles, transit, and aerospace, alongside battery packs for medium- and heavy-duty commercial vehicles. The customer base spans major automotive OEMs and industrial gas distributors, with significant operations in North America, Europe, and Asia. Hexagon Composites remains publicly listed in Oslo under the ticker HEX. The 2021 strategic separation of Hexagon Purus (ticker HPUR) was designed to target two distinct capital markets and growth profiles: the more mature gas mobility business and the high-growth electrification and hydrogen infrastructure business. In early 2023, Hexagon Purus raised approximately NOK 800 million in a private placement to fund capacity expansion in North America and Europe (per the firm, 2023). The professional base is split between Alesund, Norway, and key manufacturing and engineering sites in Kassel, Germany, Kassel, and Lincoln, Nebraska. Unlike a pure-play energy fund, Hexagon operates as an industrial holding company with majority stakes in operating subsidiaries. This grants direct control over manufacturing, intellectual property, and customer relationships rather than passive investment exposure. The dual-listed structure allows investors to allocate to either the cash-generative gas solutions segment or the earlier-stage clean mobility unit, creating an unusual level of structural transparency within a single industrial group.