Mitsui & Co., Ltd. concludes additional investment in Hexagon, a Norwegian manufacturer of high-pressure composite fuel cylinders

Feb. 28, 2019

On February 27, 2019, Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has decided to subscribe a portion of new shares issued by Hexagon Composites ASA (“Hexagon”), the world leading manufacturer of plastic-lined carbon fiber reinforced pressure cylinders ("composite cylinders"). The additional shares were acquired for 123 million Norwegian kroner (approximately JPY16 billion), and as the largest shareholder in Hexagon, Mitsui’s total stake in the company remains 25.01 %.

In addition to its business centered on the sale and manufacture of composite cylinders for natural gas and LPG, on January 4, 2019, Hexagon became 100% owner of Agility Fuel Solutions, the alternative fuel solutions provider for bus, truck and other vehicles. The company also plans to develop high pressure hydrogen cylinders and supply systems for hydrogen infrastructure used in transportation, storage, and fuel-cell vehicles which run on hydrogen.

In the Medium-Term Management Plan announced by Mitsui in May 2017, mobility is positioned as one of the growth areas. This additional investment, along with the business alliance agreement concluded in March 2016, will further strengthen support for Hexagon's strategy implementation and strategic growth, and by supporting the reduction of carbon emissions, particularly in the area of mobility, will contribute to the realization of a sustainable and environmentally friendly society.

Overview of Hexagon Composites ASA (as of December, 2018)

Company name Hexagon Composites ASA
Headquarters Korsegata 4B. P.O. Box 836 Sentrum. NO-6002 Ålesund, Norway
Date of establishment 2000
Representative JON ERIK ENGESET, CEO & President
Capital 1,487 million Norwegian krone (about JPY 194 billion, as of 2018)
Main business Manufacturer and sale of high-pressure composite fuel cylinders with resin liner
Assembly and sale of high-pressure gas supply systems

A fuel Cell Electric vehicle which runs on hydrogen gasA fuel Cell Electric vehicle which runs on hydrogen gas
A refuse truck which runs on natural gasA refuse truck which runs on natural gas