Hexagon Purus signs long-term agreement with a major North American OEM for complete vehicle integration of battery electric heavy-duty vocational vehicles
August 13 2023 - 6:33PM
Hexagon Purus signs long-term agreement with a major North American
OEM for complete vehicle integration of battery electric heavy-duty
vocational vehicles
(Oslo, 14 August 2023) Hexagon Purus, a world leading
manufacturer of zero emission mobility and infrastructure
solutions, has signed a long-term agreement with a major North
American OEM to provide complete vehicle integration of battery
electric vocational trucks in North America.
The scope of this agreement is for complete vehicle integration
of battery electric vocational trucks with Hexagon Purus’
proprietary zero-emission technology, including battery systems,
auxiliary modules, power modules and vehicle-level software. These
vocational trucks will be compliant with, amongst other, the
Advanced Clean Truck regulation in California, which requires all
truck manufacturers and distributors to have an incrementally
higher zero-emission vehicle content when selling in California
from 2024 and onwards. The contract will run from 2024 and has an
estimated potential sales value of approximately USD 150
million.
Driving Energy Transformation
“We are excited to strengthen our relationship with this
globally leading OEM by leveraging our common experiences with
developing zero-emission heavy-duty trucks. Our unique vehicle
integration capabilities coupled with our proprietary product
portfolio of key components and technologies required for
electrification of heavy-duty trucking, make us an attractive
partner for OEMs looking to go zero-emission”, says Morten Holum,
CEO of Hexagon Purus.
“As a supplier of critical technology needed for zero-emission
mobility, this agreement further strengthens our position as a
strategic partner for OEM customers”, says Todd Sloan, EVP of
Hexagon Purus. “We are proud to continue our long-standing
relationship with this OEM, and we look forward to supporting them
in this vocational vehicle program and in driving their transition
to zero-emissions mobility”.
For more information:
Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242 |
mathias.meidell@hexagonpurus.com
About the market
To reach the 1.5°C ambition set by the Paris agreement back in
2015 the transportation sector is required to reduce emissions by
75% until 2050. In the U.S., both the Environmental Protection Act
(EPA) and California Air Resources Board (CARB) have introduced
proposals and regulations that addresses the need for further
reductions in emissions in the transportation sector. In
California, CARB has introduced a regulation for truck
manufacturers (Advanced Clean Truck standard), and more recently,
proposed a new regulation for fleet owners (Advanced Clean Fleet
standard). Both regulations aim at reducing emissions and
accelerate the adoption of zero-emissions vehicles (ZEVs) in the
transportation sector in California. As part of both the Advanced
Clean Truck (ACT) and the proposed Advanced Clean Fleet (ACF)
regulations, the truck manufactures and fleet owners are required
to have an incrementally higher ZEV content when selling or
operating a fleet of trucks in California from 2024 onwards. The
ACT regulation has already been adopted by five other states in the
U.S. (Massachusetts, New Jersey, New York, Oregon, and Washington)
and two more states are in the public process required to adopt
(Colorado and Main).
The ACT requires amongst other that 5% of all new class 7 and 8
trucks sold in 2024 in California must be ZEV while new additions
to fleets of class 7 and 8 trucks operating to and from intermodal
seaports and railyards are required to be ZEV from 2024. The ACT
regulation also requires 100% of truck manufacturers’ sales in 2040
to come from ZEVs, putting an effective end to sale of internal
combustion engine trucks in California and incentivizes investments
into infrastructure and supply chain.
There are approximately 1.8 million commercial trucks operating
in California daily across a various set of classes including
amongst other 219,000 class 7 and 8 trucks. According to CARB, the
combined effect from the ACT and ACF regulations will lead to
approximately 0.5 million ZEVs on the road by 2035 in California,
increasing to 1.6 million in 2050.
About Hexagon Purus
Hexagon Purus enables zero emission mobility for a cleaner
energy future. The company is a world leading provider of hydrogen
Type 4 high-pressure cylinders and systems, battery systems and
vehicle integration solutions for fuel cell electric and battery
electric vehicles. Hexagon Purus' products are used in a variety of
applications including light, medium and heavy-duty vehicles,
buses, ground storage, distribution, refueling, maritime, rail and
aerospace.
Learn more at www.hexagonpurus.com and follow @HexagonPurus on
Twitter and LinkedIn
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Hexagon Purus Asa (LSE:0AC1)
Historical Stock Chart
From Oct 2024 to Nov 2024
Hexagon Purus Asa (LSE:0AC1)
Historical Stock Chart
From Nov 2023 to Nov 2024