HEX Hexagon Composites ASA

Hexagon Purus awarded purchase order by Hino Trucks – supporting Project Z – the company’s development path to zero emissions vehicles (ZEV)

Hexagon Purus awarded purchase order by Hino Trucks – supporting Project Z – the company’s development path to zero emissions vehicles (ZEV)

Hexagon Purus, a subsidiary of Hexagon Composites, has been awarded a purchase order by Hino Trucks, a Toyota Group company, for three trucks as part of their development plan for Project Z. 

A development partner in Hino’s “Project Z” Battery Electric Vehicle (BEV) program (see Toyota/Hino joint press release on October 2, 2020 for more detail), Hexagon Purus will provide battery packs and powertrain integration on multiple Hino platforms with serial production planned in the next few years.



Driving Energy Transformation



“Project Z represents our holistic approach to advancing Hino’s environmental leadership position. Technology leaders like our partner, Hexagon Purus, make it possible for us to deliver a sustainable, low cost product line-up that will meet the needs of our customers as our industry moves forward to zero emission vehicles,” said Glenn Ellis – Senior VP of Customer Experience. “Our plan is to deliver demonstration vehicles in the first half of 2021, customer demonstrations in 2022, and production prior to 2024.”

“Battery (BEV) and Fuel Cell (FCEV) electric trucks are the perfect alternative when you want to eliminate emissions and reduce maintenance cost. The recharging infrastructure is steadily growing and now is the time for fleet owners to plan on making the switch,” says Todd Sloan, EVP of Hexagon Purus. “We are honored to be selected by Hino Trucks and we look forward to contributing to the development of their zero emission vehicles”.



About the Market




With decarbonization high on the global agenda, there is a strong focus on alternative energy sources to power mobility applications. Battery electric vehicles are established in the market and solutions continue to be developed to meet the growing market demand for zero emission vehicles.



Timing

Hexagon Purus’ systems are due to be delivered in the second quarter of 2021.





Contacts


Karen Romer, SVP Communications, Hexagon Composites

Telephone: |  

David Bandele, CFO, Hexagon Composites 

Telephone: | 



About Hexagon Purus

Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. Hexagon Purus is a world leading provider of Hydrogen Type 4 high-pressure cylinders, complete vehicle systems and battery packs for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, marine, rail, aerospace and backup power solutions.

About Hino

For additional information on Project Z, see Hino/Toyota joing press release on October 5, 2020 for more details and visit /projectz.html

Hino Trucks, a Toyota Group Company, manufactures, sells, and services a lineup of Class 4-8 commercial trucks in the United States. Hino Trucks is the premier heavy & medium duty nameplate in the United States with a product lineup that offers fully connected vehicles with low total cost of ownership, superior fuel economy, unmatched reliability and maneuverability and the most comprehensive bundle of standard features in the market. Headquartered in Novi, Michigan, Hino has a network of over 240 dealers nationwide committed to achieving excellence in the ultimate ownership experience.  Learn more about Hino Trucks at or follow us on Facebook, LinkedIn, Twitter and YouTube.

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06/11/2020

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We are significantly below consensus on Q1e EBITDA, owing to the challenging US truck market, with the uncertainty in demand, costs, and regulations resulting in lower demand for new trucks and technology shifts taking longer. With most of its business in the US, we consider Hexagon Composites vulnerable. As a result, we have lowered our 2025–2026e EBITDA by 9–15%. We reiterate our BUY, but have cut our target price to NOK38 (50) on the weaker near-term outlook.

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