Third automotive company commits to Hexagon Composites as supplier for fuel cell electric vehicles

Norway-based Hexagon Composites will supply compressed hydrogen tanks for serial production of fuel cell electric vehicles (FCEV) to be launched by an automotive OEM.

Hexagon is currently developing the tanks to support anticipated production activities as early as the 2020 timeframe. Production is planned to run for at least five years. Hexagon estimates the combined value for development and serial production to be in the range of US$50 to 70 million (approximately NOK 0.4 billion to 0.6 billion).

This is a major contract for Hexagon and for the growing FCEV industry. Hexagon Composites is committed to investing resources into the success of this project and for the adoption of Hydrogen in combination with fuel-cell technology as a low-carbon alternative fuel for mobility applications. This selection further confirms our leading position as a light duty hydrogen tank developer for the FCEV industry.

—Rick Rashilla, Senior Vice President of Hexagon Composites’ Hydrogen Automotive business