Sustainable mobility solutions provider Hexagon Purus announced today that it has raised approximately 1 billion NOK (USD$96 million), with proceeds aimed at growing its capacity for its zero emission mobility and hydrogen infrastructure solutions.

Founded in 2018 as the e-mobility unit of clean energy solutions company Hexagon, Norway-based Hexagon Purus produces clean mobility products including hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles, for applications across light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

The company said that the new financing will be used to ramp up capacity at its five production facilities, two of which are Germany, one in Canada, one in China and one in the United States, in Maryland. A second US site in Dallas is expected to open 2024.

Morten Holum, CEO of Hexagon Purus, said:

“We operate in an increasingly supportive regulatory environment with large investments being made into renewable energy generation and hydrogen to support the clean energy transition.”

Hydrogen-focused investor Hy24 joined as a new investor in the funding round through its newly raised Clean Hydrogen Equipment Fund, alongside existing investors Mitsui and Hexagon Composites.

Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund at Hy24, said:

“This investment, the first by our Equipment Fund, reinforces Hy24’s position as a strategic investor and a catalyst in fostering the clean hydrogen economy. It bolsters the growth initiatives of Hexagon Purus, a global leader in the midstream of the hydrogen sector, exemplifying our Fund’s commitment to the mature and pivotal hydrogen technologies that are essential to decarbonizing industry and mobility sectors.”