This was definitely big news in many ways, not least for Purus. Here is an article about the Toyota-Kenworth demonstration from the year before last:
Shell was involved as well, so this isn’t just some startup testing. It’s great for Purus that they are providing both the tanks and the battery packs. There is potential for large volumes here.
Hands up to admit a mistake. I hadn’t realized before that Purus can also supply battery packs for FCEV vehicles and that this business falls under the BVI sector. It provides more opportunities for the BVI side to become profitable at some point. Great stuff, there’s already a lot of good in this company.
In the US, hydrogen production and distribution infrastructure is indeed being ramped up by many players. That’s a good thing. Now Hyundai is also doing its part:
In addition, the US hydrogen hubs are making their own major positive contribution to this sector. Due to the aforementioned favorable development, I expect Hexagon Purus to have many years of strong growth ahead.
Mark my words, it’s going to be a very interesting few years ahead. It will be nice to see how the sales of those different models develop. (BEV Hino & Mercedes, FCEV Nikola, Paccar, Solaris, Caetano bus)
New product:
How do you view this move from Purus’s perspective? The former parent company and largest shareholder has bought a stake in a competitor of Purus.
Well, the company certainly has plenty of other business besides just the hydrogen sector. In my opinion, Hexagon Composites is putting together a comprehensive package for the distribution/storage of liquefied natural gas, hydrogen, as well as other industrial gases. Estimates have been presented that, alongside hydrogen, the use of LNG and other industrial gases will also increase in Europe, so perhaps they are investing broadly in growing markets?
Or?
I have to wonder a bit about the company’s performance; in this market, they’ve progressed quite well toward the 2025 target, which was set during the extremely hot “hydrogen” market of 2020 at around 4-5 MNOK.
The company’s target has stayed on track, and it looks like they might actually succeed. Yet, the company’s valuation has only been declining for these 3-4 years; back then, the company’s value was 3-5x compared to now. As I understand it, it has been known all along that this won’t be profitable for years because investments are being made.
In my opinion, this has performed excellently among the transport “laggards” I follow. We’ll see how much politics influences these things in the future, but I personally believe this will be one of the winners in the future IF these hydrogen setups/batteries take off. Someone commented earlier about an article mentioning that the 2 (or 3) largest players will take most of the market. I wouldn’t be surprised if this became one of the biggest; I remain confident.
(Owner since 2020 with a small position)
Yes, it’s a high-quality company. So far it has delivered exactly as expected, and this is the kind of company I’ve been looking for for my portfolio.
The past quarter was strong, but the Q&A session left me with somewhat mixed feelings. It sparked the following thoughts:
Hydrogen Mobility & Infrastructure (HMI) grew 71% YoY. Sales of tanks for vehicles grew 335% and currently account for 28% of this business segment. The largest part is the business related to hydrogen distribution infrastructure, which grew 82% YoY. The sector’s revenue was 526 MNOK and EBITDA was 17 MNOK.
These are good numbers, and with this growth rate, next year looks really promising for this sector. This is exactly what I’ve been looking for: turning positive even with low volumes, but with plenty of growth potential. And the operations are right at the grassroots of the hydrogen industry. Overall, it’s a very promising sign that the hydrogen distribution and storage business is growing so rapidly, as it’s the second pillar required for future growth. Can this grow by similar percentages next year as well? Looking at the client list, probably yes. Air Liquide, Linde, Lhyfe, Plug, Toyota, Solaris, etc., is a good lineup. In the medium term, for example, the US hydrogen hubs could act as a significant growth driver. For instance, the ARCHES hub was the first to get its financing in order. One goal of that hub is to deploy 5,000 heavy-duty hydrogen trucks and 1,000 hydrogen buses. The hub might be operational around 2027-2028. What makes it interesting is that at that time, Kenworth (Toyota+Hexagon Purus), Nikola (Purus), and Hyundai will be able to actually deliver hydrogen trucks, so there’s a pretty good opportunity for growth. Additionally, New Flyer seems to be the only significant hydrogen bus manufacturer in the US, and it also uses Purus hydrogen tanks. And this is just one hub…
Battery Systems and Vehicle Integration (BVI) is a business that stinks. It’s still running on zero revenue, but next year the company expects 1-2 BNOK in revenue. So, the operation is scaling faster than the hydrogen side. The only pitfall here is that no binding orders have been made. I looked at Daimler’s e-truck sales figures, for example, and they were only around 800 units worldwide in Q1/2024. The company sells 100-125k trucks per quarter.
So, I see major risks here for two reasons: it’s possible that volumes will remain low, and I also assume the margin is poor. I don’t expect many Daimler trucks to be sold next year. The collaboration truck made with Hino seems like a decent city truck, but I don’t like this business model where Hexagon Purus assembles them itself.
Hopefully I’m indeed wrong, but I have a feeling the BVI sector will remain loss-making next year. No one else is making a good profit in that sector either, and the market is quite weak at the moment. As an investor, I don’t really like the uncertainty brought by the battery business; it’s a bit too difficult an industry. But the company is good, and management has never betrayed my trust, so of course it stays in my portfolio. If the BVI sector performs well (which is very possible despite my bearishness), I’m prepared to increase my position size.
What do you guys think?
Perhaps it’s about when this will become profitable—the same question as with almost all hydrogen companies. Growth and volume don’t guarantee profitability, although profitability cannot be achieved without them.
Valuation and the share price will rise once profitability is in sight; the biggest hydrogen hype is now over, and it no longer carries this sector, nor do minor news items. Perhaps political decisions are needed.
Good if you’ve found a company that fits your portfolio, nothing left but to go all-in 
.
I have a small position myself, bought at the wrong time, so I’m deep in the red…
Hexagon Purus Parookaville festareilla:
225,000 visitors, 3 festival days, and an exceptional party experience.*Alongside top acts like Steve Aoki, Don Diablo & Co., we at Hexagon Purus made our debut at PAROOKAVILLE this year to combine party fun with sustainability. How did we do that? *
In collaboration with SFC Energy AG and using bundles manufactured in Weeze, we delivered green hydrogen energy for the Green Camp. Additionally, the hydrogen-powered bus from ARTHUR BUS transported Platinum Club guests to the festival. Our team member Philipp detailed what Hexagon Purus brought to the festival weekend!
Alright! 
And in addition:
Looking good
Hi.
Question for @everlaastia: what do you think is currently the smartest hydrogen company to look into and consider investing in?
I did some research a couple of years ago, but back then it was too early for my taste, but now it’s probably starting to be timely based on the news.
I’m not really that well-informed about them myself, but I strongly believe in hydrogen as a fuel and that hydrogen is the future, and gradually I should find the companies to place small bets on. Apparently Hexagon is quite okay, but what other noteworthy ones are there to start researching?
In general, you are certainly more knowledgeable about hydrogen, so that’s why I’m asking you specifically, @everlaastia, which hydrogen companies are worth putting on the radar?
( I’m not sure if this belongs in this thread, but feel free to move it to a better one or wherever it belongs 
)
Now the two largest US bus manufacturers are in the bag.
Share price -18% following the news.
These BVI risks have now materialized, just as I feared. Battery-powered commercial vehicles are certainly not a hot product. And the customer is Daimler, which is the world’s largest manufacturer of commercial vehicles.
I’m waiting with dread for the results of the cooperation with Hino.
https://x.com/ainge_man/status/1842095994881679499?t=1jwJHoMDEHDQ8DW8e3RYNw&s=19
I wonder how soon we’ll slide back to those same levels? The situation for this doesn’t look good going forward.
Panasonicin kanssa neuvoteltu akkudiiliä uusiksi.
Hexagon Purus Systems USA LLC and Panasonic have today signed an amended supply agreement. Amongst other, the parties have agreed to reduce the outstanding pre-payment amount of USD 34.4 million to USD 12.9 million.
Kaksi vaihtoehtoa.
Tiedän että länsitoimijat joutuvat edelleen maksamaan akuista preemiota, joten epäilen että oikea vastaus on 2.
Ensimmäiset Tern akkurekkakaupat on tehty, arvo 5.5 miljoonaa. On kaukana kyllä tuo BVI puoli tuottavasta touhusta, mutta sitä minä pelkäsinkin.
Ja sitten rahoitusta hän varmistellaan:
Hexagon Purus ASA: Contemplated private placement and trading update
October 30, 2024 - Stock Exchange Release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Hexagon Purus ASA (“Hexagon Purus” or the “Company”) has retained ABG Sundal Collier ASA as Global Coordinator and Joint Bookrunner, and Arctic Securities AS and Danske Bank, Norwegian Branch as Joint Bookrunners (together, the “Managers”) to advise on and effect a private placement of new ordinary shares in the Company (the “Offer Shares”) to raise gross proceeds of approximately NOK 1,000 million (the “Private Placement”). The offer price per Offer Share in the Private Placement (the “Offer Price”) and the final number of Offer Shares to be issued will be determined by the Company’s Board of Directors (the “Board”) on the basis of an accelerated book-building process conducted by the Managers.
The net proceeds from the Private Placement will be used to finance the Company’s business plan and are intended to fully fund the company well past the point of cash flow break-even. With the multi-year capacity expansion program close to completion, the Company now has sufficient capacity to cover the expected growth over the next few years. The Company’s focus for the coming years will be to optimize the utilization of existing capacity, drive operational improvements and profitability, and minimize further capital spend.
The following investors (the “Pre-committing Investors”) have undertaken to apply for and will be allocated Offer Shares in the following approximate amounts:
Hexagon Composites ASA: NOK 383 million
Mitsui & Co., Ltd.: NOK 250 million
The following members of the executive management team will subscribe for Offer Shares in the Private Placement in the following amounts:
Morten Holum, CEO: NOK 500,000
Salman Alam, CFO: NOK 500,000
Michael Kleschinski, EVP Hydrogen Mobility & Infrastructure: NOK 300,000
Todd Sloan, EVP Battery Systems & Vehicle Integration: NOK 300,000
Anne Lise Hjelseth, EVP People & Culture: NOK 300,000
Heiko Chudzick, EVP Operations: NOK 200,000
In order to facilitate preparations for the listing of the Offer Shares in Tranche 2 (as defined below) and a potential Subsequent Offering (as defined below), the Board of Hexagon Purus has decided to move the reporting date for the Company’s Q3 2024 quarterly report to 28 November 2024. In the absence of Q3 2024 reporting in the near term, Hexagon Purus has decided to provide the below preliminary, estimated and unaudited figures for Q3 2024. The figures reflect estimates as of the date hereof and may be subject to change:
Q3 2024 revenue of approximately NOK 544 million. In the quarter, revenue from the Hydrogen Infrastructure & Mobility (HMI) segment amounted to approximately NOK 514 million, while revenue from the Battery Systems & Vehicle Integration (BVI) segment amounted to approximately NOK 29 million
Q3 2024 EBITDA of approximately NOK -51 million. In the quarter, EBITDA in the HMI segment amounted to approximately NOK 11 million, while EBITDA in the BVI segment amounted to approximately NOK -21 million
Q3 2024 cash flow from operations of approximately NOK -115 million
Ending Q3 2024 cash balance of approximately NOK 269 million
Ending Q3 2024 firm order backlog of approximately NOK 913 million
The preliminary, estimated and unaudited figures for Q3 2024 stated above includes the effect of the reimbursement payment from Daimler Truck North America as mentioned in the stock exchange release issued by the Company on 4 October 2024. The Company maintains its financial guidance for 2024 and still expects revenue growth of at least 50% year-over-year for 2024, and a significant year-over-year
improvement in the Company’s EBITDA margin. For 2025, based on preliminary estimates, the Company expects revenue growth of at least 50% year-over-year and continued significant improvement in EBITDA margin. The Company expects to reach EBITDA break-even and be cash flow positive during 2026.
Experts recommend 17.1.2025 …
Oslo (Infront TDN Direkt): Pareto Securities initiates coverage on Hexagon Purus with a buy recommendation and a price target of 7 kroner per share.
This is evident from an analysis by the brokerage firm on Friday.
Pareto believes the company’s focused core cylinder and integration technology, which continues to serve a broader market, will generate healthy growth, even in an uncertain market for low-emission mobility.
Based on the brokerage firm’s estimates, Hexagon Purus will have an average annual sales growth of 40 percent in 2024-2027, with positive EBITDA in 2026.
Oslo (Infront TDN Direkt): Pareto Securities initiates coverage on Hexagon Purus with a buy recommendation and a price target of 7 Norwegian kroner per share.
This is stated in the analysis made by the brokerage firm on Friday.
According to the brokerage firm’s estimates, Hexagon Purus’s revenue will grow by an average of 40 percent per year in 2024-2027, with positive EBITDA in 2026.
Yep. In Germany, by the way, a milestone is approaching:
