Hexagon Composites ASA
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Hexagon Composites ASA - overview
Established
1999
Location
Alesund, -, Norway
Primary Industry
Industrial Machinery
About
Based in Norway, Hexagon Composites ASA develops, manufactures, and sells high-pressure composite cylinders and fuel systems that enable the storage, transport, and use of alternative fuels such as natural gas, hydrogen, and renewable gases. Hexagon Composites ASA, founded in 1999 in Norway, designs and manufactures composite cylinders and fuel systems for alternative fuels. In February 2019. Mitsui & Co.
invested NOK 123 million in Hexagon Composites ASA, as part of a PIPE deal. Jon Engeset serves as CEO, leading the company’s strategic operations from its headquarters in Norway. Hexagon Composites ASA specializes in high-pressure composite cylinders and advanced fuel systems designed for alternative fuels. The company’s core offerings facilitate the transition to clean energy by providing innovative solutions for original equipment manufacturers (OEMs), fleet owners, and gas distributors.
Hexagon's flagship products include fuel systems used in commercial vehicles, which are specifically engineered to enable the safe transport of compressed natural gas (CNG), renewable natural gas (RNG), and various industrial gases. These products are utilized in diverse applications, including public transportation, logistics, and heavy-duty trucking. The company primarily serves markets across Europe, North America, and parts of Asia, leveraging its extensive distribution network to reach a wide array of customers in the clean energy sector. Hexagon Composites ASA generated revenue of USD 491.
58 mn in the most recent year, 2023. The company reported an EBITDA of USD -88. 41 mn for the same year. Revenue streams are derived from the sale of fuel systems, aftermarket services, and ongoing support agreements, which may include parts and installation services.
The company engages in long-term contracts with clients, ensuring a steady flow of revenue through partnerships in the supply of alternative fuel solutions. Noteworthy among the offerings are the Mobile Pipeline® solutions, which enhance the distribution of gas, further solidifying Hexagon's footprint in the clean energy market. Hexagon Composites ASA aims to enhance its product offerings with new advanced fuel systems tailored for emerging alternative fuels, with launches anticipated in late 2024. The company is also targeting expanded operations in the Asian markets, specifically in China and India, by 2025.
The investment in February 2019 aims to further support the company's strategy execution and business growth.
Current Investors
Mitsui & Co.
Primary Industry
Industrial Machinery
Sub Industries
Oil & Gas, Renewable Energy, Industrial Machinery
Website
www.hexagongroup.com
Verticals
Clean Technology, Manufacturing
Company Stage
Mature - Growth Capital
Total Amount Raised
Subscriber access only
Hexagon Composites ASA - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on, Corporate Carve Out, LP Direct | Completed | Alternative fuels business of SES | - | ||||||||
| Trade Sale | Completed | Ragasco AS | - | ||||||||
| Add-on, Corporate Carve Out, LP Direct | Completed | Sustainable Energy Solutions | - | ||||||||
| LP Direct, PIPE | Completed | Hexagon Composites ASA | - | ||||||||
| LP Direct, PIPE | Completed | Hexagon Composites ASA | - |
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