Hexagon Composites

Regulatory Filings • Sep 26, 2023

Hexagon Composites initiates strategic review of its LPG cylinder business

Hexagon Composites initiates strategic review of its LPG cylinder business

26 September 2023: Hexagon Composites' (OSE: HEX.OL) wholly owned subsidiary,

Hexagon Ragasco (the "Company") is the global market leader in composite

cylinders for liquid petroleum gas (LPG) with more than 22 million cylinders

sold to over 100 countries worldwide. Its portfolio of products, used for

leisure, household, and industrial applications, are manufactured in its highly

automated production facility in Norway. Today, Hexagon Composites announces a

strategic review of the Company.

Hexagon Ragasco is currently developing the next generation composite LPG

cylinder concept; a sensor-based digital ecosystem with the potential to improve

data insights to drive down costs across the value chain and unlock new business

opportunities for LPG distributors. An initial pilot is being carried out

together with the leading LPG distributor in Norway.

The Company is also eyeing substantial growth opportunities outside its core

market in Europe. This includes developing markets where LPG is expected to be a

critical part of the energy transition, improving air quality and health for

billions of people who today rely on highly pollutant and toxic fuels.

"Hexagon Ragasco has an exciting pipeline of growth opportunities which may be

realized through, inter alia, structural strategic moves. We will carefully

evaluate whether the Company's growth potential can best be realized inside or

outside the Hexagon Group," says Jon Erik Engeset, CEO, Hexagon Group. "We take

tremendous pride in the position Hexagon Ragasco has developed to date and we

intend to secure the Company the best possible conditions for continued

success."

DNB Markets and Danske Bank Norwegian Branch have been retained as financial

advisors.

For more information:

Karen Romer, SVP Communications, Hexagon Composites ASA

Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

(mailto:karen.romer@hexagongroup.com)

Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites ASA

Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com

(mailto:ingrid.aarsnes@hexagongroup.com)

About Hexagon Ragasco AS

Hexagon Ragasco is committed to quality, safety, and innovation. We are the

leading manufacturer of composite LPG cylinders with an industry-leading safety

record of 20+ years and more than 20 million cylinders sold worldwide. Its

products bring unique benefits to both LPG marketers and their customers. ?

Learn more at www.hexagonragasco.com and follow @Hexagon_Ragasco on Twitter and

LinkedIn.

About Hexagon Composites

Hexagon Composites (OSE: HEX.OL) is a world leader in composite cylinder

technology and related systems, delivering 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 hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

release was published by Ingrid Aarsnes, VP IR & ESG, Hexagon Composites ASA on

26 September 2023 at 08:00 am CEST.