Hexagon Purus ASA — M&A Activity 2021

Mar 19, 2021

Hexagon and Mitsui expand and extend strategic alliance

Hexagon and Mitsui expand and extend strategic alliance

Mitsui & Co., Ltd., headquartered in Tokyo and active world-wide in a wide range

of sectors including clean energy & mobility, and Hexagon Composites ASA, a

leader in the fast-developing clean fuel solutions category have extended their

strategic alliance for an additional five years, effective from March 21, 2021.

The agreement has also been expanded to include Hexagon Purus AS, which was

recently spun-off and listed on Euronext Growth Oslo.

"For the past 5 years, Mitsui has been a strong supporter of Hexagon Composites'

strategic development of new markets and new segments. With its comprehensive

industrial background and global reach Mitsui has opened doors for Hexagon to

geographies worldwide and industrial segments, like carbon fiber, natural gas

and hydrogen where it has extensive expertise," says Jon Erik Engeset, CEO of

Hexagon Composites. "Mitsui has contributed to building the Hexagon we know it

today: a strong, diverse group - with two listed companies - covering a complete

range of clean fuel solutions under one strong brand. We are extremely pleased

that this alliance will continue in this decade where sustainability has risen

to the top of the global agenda and companies around the world are focused on

decarbonizing their operations."

"We have not only supported growth of Hexagon Composites as a shareholder, but

also supported its business growth by leveraging the synergy between Hexagon's

competitive solutions and products - and our assets, activities, and global

network. We are pleased to renew the Strategic Alliance Agreement with Hexagon

to include the newly listed Hexagon Purus. Through a close collaboration, we aim

to contribute to the further business expansion of the Hexagon Group." says

Hiroshi Kakiuchi, General Manager of Functional Materials Division in Mitsui.

"We welcome Mitsui's comprehensive strength in the production, logistics, and

utilization of hydrogen. Their vast knowledge and geographical reach makes them

a very valuable partner to Hexagon Purus as we prepare to accelerate zero-

emission mobility and expand our worldwide footprint," says Morten Holum, CEO of

Hexagon Purus.

Hexagon's efforts to accelerate the transition to cleaner energy led to

significant structural changes to the Group. Most recently, in 2020, Hexagon

Purus was successfully launched as an independently traded zero-emission

company; Agility and Mobile Pipeline were combined to become Hexagon Agility

with a strong focus on renewable (natural) gas; and Digital Wave was introduced

as a new business area that will digitize, connect and enable smart systems.

Hexagon Composites and Mitsui has had commercial relations for decades. The

original strategic alliance was signed in 2016. Currently, Mitsui hold

45,833,321 shares in Hexagon Composites, which corresponds to 22.73% of the

total shares.  In addition, Mitsui holds 5,204,029 shares in Hexagon Purus which

corresponds to 2.27% of the total shares. The new five-year period extends the

agreement to March 21, 2026.

For more information:

Karen Romer, SVP Communications, Hexagon Composites ASA

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

Hiva Ghiri, VP IR, Hexagon Composites ASA

Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com

About Hexagon Composites ASA

Hexagon delivers 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

www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.

About Hexagon Purus

Hexagon Purus, a Hexagon Composites company, is a world leading provider of

hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems

integration for fuel cell electric and battery electric vehicles. Hexagon Purus

enables zero emission solutions for light, medium and heavy-duty vehicles,

buses, ground storage, distribution, maritime, rail and aerospace applications.

About MITSUI & CO., LTD.

Mitsui is one of the most diversified and comprehensive trading, investment and

service enterprises in the world, with 132 offices in 65 countries as of April

2020. Utilizing our global operating locations, network and information

resources, we are multilaterally pursuing business that ranges from product

sales, worldwide logistics and financing, through to the development of major

international infrastructure and other projects in the following fields: Iron &

Steel Products, Energy, Chemicals, Innovation & Corporate Development, Mineral &

Metal Resources, Machinery & Infrastructure and Lifestyle. Mitsui is actively

taking on challenges for global business innovation around the world. For more

information, visit http://www.mitsui.com