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.