(Oslo, Norway, 5 February 2025) Hexagon Purus ASA (“Hexagon Purus” or the “Firm”), a world main producer of zero-emission mobility and infrastructure options, has by means of certainly one of its wholly owned subsidiaries entered into an settlement to divest its aerospace enterprise to House Exploration Applied sciences Corp. (“SpaceX”). The transaction includes the sale of 100% of the shares of Hexagon Masterworks Inc. (“Masterworks”), which provides high-pressure composite storage cylinders for aerospace and house launch purposes in North America, and for hydrogen mobility purposes. The hydrogen enterprise isn’t a part of the transaction perimeter, and Masterworks’ present hydrogen buyer contracts are supposed to be transferred to different elements of Hexagon Purus previous to closing.
The transaction implies an enterprise worth of roughly USD 15.0 million, comprising (i) a money consideration of USD 12.5 million payable at closing, and (ii) a contingent money earn-out of USD 2.5 million, topic to relevant closing circumstances and customary changes. A requisite variety of bonds underneath the Firm’s 2023 and 2024 bond agreements have undertaken to approve closing of the transaction.
The aerospace enterprise has developed properly in recent times and has now reached a stage the place an industrial proprietor with a devoted aerospace focus is deemed to finest help its future. On the identical time, the Firm doesn’t anticipate the hydrogen mobility market in North America to signify vital potential within the near-to-medium time period. The divestment is due to this fact aligned with the Firm’s ongoing portfolio evaluation – the transaction will strengthen the Firm’s monetary place and extends the liquidity runway.
“I’m happy that we now have discovered a brand new house for Masterworks with an proprietor that views our composite cylinder experience as world-class and intends to combine the enterprise into its provide chain to help its long-term development”, says Morten Holum, CEO of Hexagon Purus. “I need to sincerely thank the Masterworks crew for his or her dedication and onerous work in growing the enterprise so far. Whereas it’s by no means simple to half with a enterprise that has carried out properly, this transaction strengthens Hexagon Purus’ monetary place and permits us to concentrate on our core strategic priorities.”
Philpott Ball & Werner, LLC acted as monetary advisor and TCF Legislation Group, PLLC and Advokatfirmaet Schjødt acted as authorized advisors to the Firm in reference to the transaction.
This data is taken into account inside data pursuant to the EU Market Abuse Regulation. This inventory trade announcement was printed by Mathias Meidell, IR Director, Hexagon Purus ASA, on 5 February 2025 at 17:29 CET.
For extra data:
Mathias Meidell, IR Director, Hexagon Purus ASA
Phone: +47 909 82 242 | mathias.meidell@hexagonpurus.com
About Hexagon Purus ASA
Hexagon Purus allows zero emission mobility for a cleaner vitality future. The corporate is a world main supplier of hydrogen Sort 4 high-pressure cylinders and methods, battery methods and car integration options for gas cell electrical and battery electrical autos. Hexagon Purus’ merchandise are utilized in a wide range of purposes together with mild, medium and heavy-duty autos, buses, floor storage, distribution, refueling, maritime, rail and aerospace.
Be taught extra at www.hexagonpurus.com and observe @HexagonPurus on X and LinkedIn.
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