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Third Automotive Company Commits to Hexagon Composites as FCEV Supplier

  • Tuesday, 16th October 2018
  • Reading time: about 2 minutes

Hexagon Composites will supply compressed hydrogen tanks for serial production of fuel cell electric vehicles (FCEV) to be launched by an automotive OEM.

Hexagon is currently developing the tanks to support anticipated production activities as early as the 2020 timeframe. Production is planned to run for at least five years. Hexagon estimates the combined value for development and serial production to be in the range of US$50-70 million (approximately NOK0.4-0.6 billion).

“This is a major contract for Hexagon and for the growing FCEV industry,” says Rick Rashilla, Senior Vice President of Hexagon Composites’ Hydrogen Automotive business. “Hexagon Composites is committed to investing resources into the success of this project and for the adoption of hydrogen in combination with fuel cell technology as a low-carbon alternative fuel for mobility applications. This selection further confirms our leading position as a light duty hydrogen tank developer for the FCEV industry.”

“We are pleased to secure yet another major contract from a leading OEM and maintaining market leadership based on our integrity, attention to safety and delivering to customer specifications,” adds Jack Schimenti, Executive Vice President of Hexagon Composites. “By receiving our third serial production commitment, it cements the value proposition and long-term potential we see in the hydrogen space.”

Hydrogen is a clean and safe energy carrier that can be used as fuel for power in a range of applications, and can be stored on a large scale. The life cycling properties of all-composite pressure cylinders, with plastic liners and carbon fibre structure, make them more suitable for storage of hydrogen than metal lined alternatives.

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