Hexagon Composites has announced a deal to supply compressed hydrogen tanks for serial production of fuel cell electric vehicles (FCEVs) to be launched by an undisclosed automotive OEM.
Hexagon is currently developing the tanks to support anticipated production as early as 2020. 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 $120 million to $150 million.
“This is a strategically important customer contract fulfilment for Hexagon and the growing FCEV industry,” notes Rick Rashilla, senior vice president of Hexagon Composites’ hydrogen automotive business. “Hexagon Composites is committed to investing significant resources into the success of these projects and for the adoption of hydrogen in combination with fuel cell technology as a low-carbon alternative fuel for mobility applications. An award of this size signals the vast long-term potential of this market.”
“Hexagon has been actively supported in the process by Mitsui & Co. Ltd., our strategic alliance partner,” adds Jack Schimenti, executive vice president of Hexagon Composites ASA. “This is a good example of the benefits of the alliance between the two companies in terms of increasing our global reach.”