Hexagon Composites and Mitsui expand and extend strategic alliance

OSLO: Tokyo based Mitsui & Co., Ltd. and Hexagon Composites ASA 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.

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