Hexagon Purus has successfully launched a convertible bond private placement, securing an impressive investment of around NOK 1 billion ($97 million).
This strategic funding involves key players, including Mitsui, Hy24, and Hexagon Composites, and holds immense promise for Hexagon Purus’ growth plans. Let’s delve into the goals, technology, potential impact, and challenges surrounding this substantial investment.
Hexagon Purus aims to utilize the net proceeds from this financing round to bolster its ambitious growth strategy. The funds will play a crucial role in the ongoing global capacity expansion program, enabling the company to meet existing customer commitments in hydrogen infrastructure. Additionally, the investment positions Hexagon Purus to prepare for the increased demand in zero-emission mobility, aligning with its financial ambitions for 2025.
The investment involves Mitsui, committing to a non-binding Memorandum of Understanding (MoU) with Hexagon Purus, encompassing a monetary scope of up to NOK 2 billion ($193 million). As part of this commitment, Mitsui will receive a principal amount of NOK 500 million ($48.4 million) in convertible bonds. Hy24, through the Clean Hydrogen Equipment Fund, has pre-allocated NOK 150 million ($14.5 million) and intends to nominate a representative to the Hexagon Purus Board of Directors. Hexagon Composites, as the largest shareholder, has committed to NOK 200 million ($19.3 million) in the convertible bond private placement.
Hexagon Purus positions itself as a world-leading provider of zero-emission mobility and hydrogen infrastructure solutions. The investment underscores the company’s focus on scaling up manufacturing capacity to fulfill existing contracts and prepare for the anticipated surge in demand. This move aligns with the broader global push for decarbonization in both industry and mobility sectors.
The infusion of $97 million into Hexagon Purus signifies a significant stride in fostering the clean hydrogen economy. Mitsui, Hexagon Composites, and newcomer Hy24 contribute not just financial support but valuable industry expertise. Hexagon Purus, as a global leader in the midstream of the hydrogen sector, stands poised to play a pivotal role in realizing a sustainable and decarbonized energy landscape.
