HEXAGON PURUS ASA
Sector unknown·HPUR · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Hydrogen and Power-to-X
Technology
DriverNegative impact: weakens
“The energy transition is moving forward, but at a slower pace than needed and expected. While there have been notable advancements in the adoption of renewable energy, the overall progress for hydrogen has been dampened by cost inflation, regulatory uncertainty and growing geopolitical tensions.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The Company believes that the market for hydrogen distribution systems will continue to be an attractive long-term market for Hexagon Purus as more hydrogen becomes available.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“A delay in roll-out of green hydrogen projects will impact near-term growth for the hydrogen infrastructure business, but the Company continues to expect a base level of demand for its distribution solutions for industrial use-cases from its existing customer base of blue-chip industrial gas companies.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”
Annual report 2024A · The company itself
Market
“As in previous years, hydrogen infrastructure was a sizable contributor to revenue growth, but hydrogen mobility also grew substantially in 2024, driven mainly by increased demand from our transit bus customers.”
Annual report 2024A · The company itself
Market
“REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 Signed a multi-year supply agreement with GILLIG, a leading designer and manufacturer of heavy-duty transit buses in the United States, for supply of hydrogen fuel storage systems for their new fuel cell powered transit buses Secured an order from Freire Shipyard for a hydrogen fuel system for a Greenpeace vessel Successfully raised approximately NOK 1 billion in equity Selected by New Flyer, North America’s largest mass mobility solutions provider, to supply Type 4 hydrogen cylinders for the fifth consecutive year for their next generation, zero-emission hydrogen fuel cell-electric transit bus, the Xcelsior CHARGE FC™ REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 The broader energy transition is developing slower than expected in Europe and North America, creating a challenging market backdrop and limited forward visibility on customer demand for 2025.”
Annual report 2024A · The company itself
Market
“REFLECTING ON 2024 | OUR STRATEGYREFLECTING ON 2024 | OUR STRATEGY | HYDROGEN AND BATTERY STORAGE OFFERING Core component and systems technology offering Hexagon Purus’ Type 4 hydrogen cylinders and systems Hexagon Purus’ proprietary battery systems for heavy-duty trucks Type 4 cylinder Hydrogen fuel storage systems Battery systems Power module (eBTC) Auxiliary module Hexagon Purus is a leading player in the hydrogen infrastructure and zero-emission mobility space offering hydrogen and battery energy storage solutions. The company’s hydrogen systems based on Type 4 cylinder technology and battery systems and vehicle-level software enable safe and efficient use of hydrogen and battery electricity in a variety of zeroemission infrastructure and mobility applications.”
Annual report 2024A · The company itself
Market
“Overview of Hexagon Purus’ proprietary portfolio technology Complete vehicle integration for battery electric heavy-duty trucks Complete vehicle integration for hydrogen electric heavy-duty trucks Hydrogen fuel storage systems Power modules (eBTC) Battery systems Auxiliary modules SBM-1 40ai, 40aii, 40e 1414 Manufacturing footprint In 2024, Hexagon Purus finalized its two-year long capacity expansion program, with ramp-up now completed in seven new locations on three continents.”
Annual report 2024A · The company itself
Market
“Our hydrogen distribution systems, built on Type 4 high-pressure cylinders offer a superior combination of weight and payload, enabling greater hydrogen capacity compared to Type 1 cylinders and a lower total cost of ownership. Today, Type 4 cylinders have become the preferred technology for transporting hydrogen from point of production to end-use location.”
Annual report 2024A · The company itself
Market
“Hexagon Purus delivers mobile refueling solutions for hydrogen mobility applications. A mobile refueling unit is essentially a distribution unit with dispensing technology added on board and can be modified to serve both on-and off-road mobility.”
Annual report 2024A · The company itself
Market
“Hexagon Purus delivers stationary ground storage solutions for hydrogen based on a modular and flexible design. A stationary ground storage unit is a flexible and scalable solution allowing for further expansion after initial installation. The units come in a range of pressure levels (200-1 000 bar) and are stackable to ensure optimal use of available floor space.”
Annual report 2024A · The company itself
Market
“The Company’s hydrogen infrastructure business is EBITDA profitable and is mainly based on large industrial gas companies’ need to cost efficiently transport gray hydrogen for industrial use cases.”
Annual report 2024A · The company itself
Automotive
End markets
StrategyPositive impact: strengthens
“REFLECTING ON 2024 | OUR BUSINESS | VEHICLE INTEGRATION OFFERING Complete vehicle integration capabilities in Our unique vehicle integration capabilities coupled with our proprietary product portfolio of key components and technologies required for electrification of heavy-duty trucking, make us an attractive partner for truck OEMs.”
Annual report 2024A · The company itself
Market
“As in previous years, hydrogen infrastructure was a sizable contributor to revenue growth, but hydrogen mobility also grew substantially in 2024, driven mainly by increased demand from our transit bus customers.”
Annual report 2024A · The company itself
Market
“REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 Signed a multi-year supply agreement with GILLIG, a leading designer and manufacturer of heavy-duty transit buses in the United States, for supply of hydrogen fuel storage systems for their new fuel cell powered transit buses Secured an order from Freire Shipyard for a hydrogen fuel system for a Greenpeace vessel Successfully raised approximately NOK 1 billion in equity Selected by New Flyer, North America’s largest mass mobility solutions provider, to supply Type 4 hydrogen cylinders for the fifth consecutive year for their next generation, zero-emission hydrogen fuel cell-electric transit bus, the Xcelsior CHARGE FC™ REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 The broader energy transition is developing slower than expected in Europe and North America, creating a challenging market backdrop and limited forward visibility on customer demand for 2025.”
Annual report 2024A · The company itself
Market
“In the longer term, Hexagon Purus is well positioned as a key component and system supplier for hydrogen trucking with a leading technology offering as well as a newly established manufacturing capacity footprint in Kassel (Germany) and Westminster (US).”
Annual report 2024A · The company itself
Batteries and energy storage
Technology
StrategyPositive impact: strengthens
“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”
Annual report 2024A · The company itself
Market
“REFLECTING ON 2024 | OUR STRATEGYREFLECTING ON 2024 | OUR STRATEGY | HYDROGEN AND BATTERY STORAGE OFFERING Core component and systems technology offering Hexagon Purus’ Type 4 hydrogen cylinders and systems Hexagon Purus’ proprietary battery systems for heavy-duty trucks Type 4 cylinder Hydrogen fuel storage systems Battery systems Power module (eBTC) Auxiliary module Hexagon Purus is a leading player in the hydrogen infrastructure and zero-emission mobility space offering hydrogen and battery energy storage solutions. The company’s hydrogen systems based on Type 4 cylinder technology and battery systems and vehicle-level software enable safe and efficient use of hydrogen and battery electricity in a variety of zeroemission infrastructure and mobility applications.”
Annual report 2024A · The company itself
Market
“Overview of Hexagon Purus’ proprietary portfolio technology Complete vehicle integration for battery electric heavy-duty trucks Complete vehicle integration for hydrogen electric heavy-duty trucks Hydrogen fuel storage systems Power modules (eBTC) Battery systems Auxiliary modules SBM-1 40ai, 40aii, 40e 1414 Manufacturing footprint In 2024, Hexagon Purus finalized its two-year long capacity expansion program, with ramp-up now completed in seven new locations on three continents.”
Annual report 2024A · The company itself
Electrification
Technology
StrategyPositive impact: strengthens
“REFLECTING ON 2024 | OUR BUSINESS | VEHICLE INTEGRATION OFFERING Complete vehicle integration capabilities in Our unique vehicle integration capabilities coupled with our proprietary product portfolio of key components and technologies required for electrification of heavy-duty trucking, make us an attractive partner for truck OEMs.”
Annual report 2024A · The company itself
Market
“The company’s hydrogen systems based on Type 4 cylinder technology and battery systems and vehicle-level software enable safe and efficient use of hydrogen and battery electricity in a variety of zeroemission infrastructure and mobility applications.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Agriculture and food production
End markets
Market
“Both sets of customers rely on Hexagon Purus’s Type 4 distribution modules for efficient transport of hydrogen for use in both mobility- and industrial applications. Industrial applications include, amongst other chemical processing, semiconductors, and food production.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Aviation and travel
End markets
Market
“As in previous years, hydrogen infrastructure was a sizable contributor to revenue growth, but hydrogen mobility also grew substantially in 2024, driven mainly by increased demand from our transit bus customers.”
Annual report 2024A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“Our products and solutions rely on natural resources either as unrefined materials or derivatives. We must optimize the use of our resources, integrating sustainability in decision making.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Industrial manufacturing
End markets
Market
“The Company’s hydrogen infrastructure business is EBITDA profitable and is mainly based on large industrial gas companies’ need to cost efficiently transport gray hydrogen for industrial use cases.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“The Company has a well-diversified customer base and are exposed to a range of attractive end-use applications at varying stages of maturity.”
Annual report 2024A · The company itself
Public sector
End markets
Market
“The Company’s hydrogen transit bus business is experiencing strong growth as end-user demand is mainly made up of public authorities with local decarbonization agendas, both in Europe and North America.”
Annual report 2024A · The company itself
Semiconductors and electronic components
Raw materials and inputs
Market
“Both sets of customers rely on Hexagon Purus’s Type 4 distribution modules for efficient transport of hydrogen for use in both mobility- and industrial applications. Industrial applications include, amongst other chemical processing, semiconductors, and food production.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Shipping and logistics
End markets
Market
“REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 Signed a multi-year supply agreement with GILLIG, a leading designer and manufacturer of heavy-duty transit buses in the United States, for supply of hydrogen fuel storage systems for their new fuel cell powered transit buses Secured an order from Freire Shipyard for a hydrogen fuel system for a Greenpeace vessel Successfully raised approximately NOK 1 billion in equity Selected by New Flyer, North America’s largest mass mobility solutions provider, to supply Type 4 hydrogen cylinders for the fifth consecutive year for their next generation, zero-emission hydrogen fuel cell-electric transit bus, the Xcelsior CHARGE FC™ REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 The broader energy transition is developing slower than expected in Europe and North America, creating a challenging market backdrop and limited forward visibility on customer demand for 2025.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
United States
Geography
DriverNegative impact: weakens
“The near-term market outlook deteriorated significantly following the U.S. presidential election, where the sudden uncertainty around policy has resulted in customers delaying purchasing decisions.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The market for zero-emission heavy-duty is consequently developing slower than anticipated, and the near-term market outlook has become increasingly uncertain following the US presidential election as customers are delaying purchasing decisions.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“For battery electric trucking in North America, following the US presidential election, there is limited forward visibility on timing for customer demand and a slower ramp-up curve is now expected. Hexagon Purus is well positioned to serve the battery electric heavyduty trucking market in North America through its comprehensive know-how and technology solutions as well as newly established manufacturing footprint in Dallas (US) and Kelowna (Canada).”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The Company’s hydrogen and battery electric heavy-duty vehicle business, centered around the US market, is on the other hand experiencing uncertainty and low demand visibility following the US presidential election.”
Annual report 2024A · The company itself
Geography
“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”
Annual report 2024A · The company itself
Geography
“In North America, the demand for hydrogen buses remains more localized with California spearheading the adoption of public zero-emission transportation. This is largely due to state-level policies, such as California Air Resource Board (CARB) requirement that all new transit bus purchases must be zero-emission by 2029.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“The energy transition is moving forward, but at a slower pace than needed and expected. While there have been notable advancements in the adoption of renewable energy, the overall progress for hydrogen has been dampened by cost inflation, regulatory uncertainty and growing geopolitical tensions.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Zero-emission heavy-duty trucking plays a substantial role in reducing emissions within the transportation sector, however, the broader energy transition is facing increasing headwinds in Europe and North America. The market for zero-emission heavy-duty is consequently developing slower than anticipated, and the near-term market outlook has become increasingly uncertain following the US presidential election as customers are delaying purchasing decisions.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Successful adoption of both battery- and hydrogen electric technologies will require continued regulatory schemes as well as improved availability of charging and refueling infrastructure.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The EU is also supporting adoption through ambitious policies including 100% zero-emission city bus sales by 2035 and a 90% emissions reduction for most new trucks and buses by 2040.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“A WORD FROM THE CEO Shifting focus from growth to tackling consequences of geopolitical shifts We continued our strong growth journey in 2024, increasing annual revenue by 42%.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The near-term market outlook deteriorated significantly following the U.S. presidential election, where the sudden uncertainty around policy has resulted in customers delaying purchasing decisions.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The new administration following the US presidential election has significantly increased uncertainty around the near-term outlook for the energy transition and zero emission mobility in North America. Customers, especially in California, are awaiting clarification around legislation and funding mechanisms.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“With a weaker near-term demand outlook, capital discipline is now the key priority as we enter 2025.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“We therefore took the decision to reduce our costs by approximately NOK 200 million on an annualized basis, including an approximate 15% reduction in workforce.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“Leading European manufacturers, including Solaris and CaetanoBus are pushing adoption across European cities. The EU is also supporting adoption through ambitious policies including 100% zero-emission city bus sales by 2035 and a 90% emissions reduction for most new trucks and buses by 2040.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.88 bn NOK |
| Revenue growth vs. the year before, same method | 42.2 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 1.14 bn NOK |
| Diluted EPS per share | -3.67 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.