Mitsui : to Subscribe to Additional Convertible Bonds Issued by Hexagon Purus, a Norwegian Company Manufacturing Hydrogen Cylinders/Systems, and Battery Systems, and Engaging in Vehicle Integration Business

Mitsui & Co., Ltd. (Head Office: Tokyo, President and CEO: Kenichi Hori, "Mitsui") has agreed to subscribe for additional convertible bonds worth 500 million Norwegian krone (NOK) (approx. 6.9 billion yen) issued by the Norwegian company Hexagon Purus ASA ("Purus"). Purus supplies high-pressure hydrogen cylinders and systems used for fuel tanks for fuel cell electric vehicles (FCEVs), for overland transportation of hydrogen and for other purposes, and also provides vehicle integration services. This will be Mitsui's second subscription for convertible bonds issued by Purus, following a NOK 500 million subscription in March 2023.

Mitsui has been a shareholder in Hexagon Composites ASA, the world's biggest manufacturer of carbon fiber-reinforced high-pressure gas containers, since 2016, and both companies have collaborated on business initiatives. By also investing in Purus, a subsidiary of Hexagon Composites, which has expertise relating to hydrogen pressure cylinder manufacturing, the design of cylinder-based hydrogen supply systems, and commercial vehicle integration, Mitsui has been expanding the scope of this collaboration in anticipation of the introduction of commercial FCEVs, including trucks and buses, in Europe, the United States, and other world markets, as well as expanding demand for the transportation of locally produced hydrogen for local consumption. In particular, there has been growing demand for distribution modules and trailers used in hydrogen transportation and mobile hydrogen refuelers, which is a key business area for Purus, and sales in this area are expanding, mainly in Europe. Furthermore, Purus has concluded several large contracts to supply hydrogen cylinders for fuel cell trucks and to provide vehicle integration services, and is also developing mass-production systems to meet this demand.

Through additional underwriting of convertible bonds, Mitsui will help to meet the company's increasing need for growth funds, including funds for investment in capacity expansion in readiness for growth in hydrogen demand resulting from the future introduction of regulations and incentives. Moreover, through this strategic alliance, Mitsui will create new business opportunities in the electrification of mobility by leveraging Mitsui's business and customer base, support enhancement of Purus's corporate value, and contribute to the achievement of zero emissions not only for commercial vehicles, but also for other mobility industries, such as maritime shipping, rail transportation, and aviation.

Company Profile

Hydrogen Cylinders, Distribution Module, and Mobile Hydrogen Refueler

Electric Vehicle Integration