Hexagon Purus and Panasonic Energy have agreed to amend terms for battery cell supply agreement

    Hexagon Purus and Panasonic Energy have agreed to amend terms for battery cell supply agreement

(25 October 2024 – Oslo, Norway) Reference is made to the stock exchange release by Hexagon Purus (“the “Company”) on 18 April 2023, where Hexagon Purus Systems USA LLC, a subsidiary of the Company, and Panasonic Energy Co., LTD (“Panasonic”) signed a multi-year agreement for the supply of lithium-ion battery cells from Panasonic’s new facility in Kansas, USA. The agreement included a requirement for Hexagon Purus to pre-pay approximately USD 43 million (of which approximately USD 8.6 million has been paid to date) for capacity reservation purposes, subject to the achievement of certain milestones.

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.

As already stated in the stock exchange release on 18 April 2023, the supply of battery cells from Panasonic’s new facility in Kansas are expected to commence in 2026, and the battery cells will be compliant with the United States-Mexico-Canada (USMCA) trade agreement as well as eligible for Inflation Reduction Act (IRA) incentives.

For more information:

Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: [phone] | [e-mail]

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 X and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.