Hexagon Purus Maritime, a wholly owned subsidiary of Hexagon Purus, has received
a purchase order for a hydrogen fuel storage system from Hvide Sande Shipyard, a
Danish shipyard building and servicing a wide range of vessel types.

Hexagon Purus Maritime's hydrogen fuel storage system incorporating type 4
hydrogen cylinders will be used as fuel storage onboard the training ship
SKULEBAS. The training ship is owned by Vestland County in Norway and operated
by Maaløy Upper Secondary School to educate future mariners in Norway.

Driving Energy Transformation

"Hvide Sande Shipyard is proud of being part of Vestland County's hydrogen
project. This project fits perfectly with our vision of being a leading provider
of zero-emission technology and our previous experience from both battery and
methanol technology, says Mike Bylov Torsland, Senior Project Manager in Hvide
Sande Shipyard. "We look forward to cooperating with Hexagon Purus on this
ambitious hydrogen project".

"Hexagon Purus is at the forefront of developing innovative hydrogen storage
solutions for the maritime industry. We are thrilled to deliver our zero-
emission onboard storage technology to educate the future officers and sailors
of the Norwegian maritime industry", says Robert Haugen, Managing Director of
Hexagon Purus Maritime. "We continue to see strong interest in our hydrogen
storage technology as the maritime sector accelerates its decarbonization
efforts. This order further validates our strong market position as an early-
mover in zero-emission technology for the maritime industry".

About the market

In 2023, the International Maritime Organization (IMO) adopted a revised
strategy to reduce greenhouse gas (GHG) emissions from international shipping.
The revised strategy includes a common ambition to (i) reach net-zero GHG
emission by or around 2050 and (ii) indicative milestones that call for reducing
total GHG emissions of up to 30% by 2030 and 80% by 2040 measured from GHG
emission levels in 2008.

Making green hydrogen available for use in the maritime industry is critical to
reduce GHG emissions. As hydrogen, a key contributor to the energy transition,
continues to build momentum globally, more than 30 countries have released
hydrogen roadmaps. USD 320 billion in direct investments into hydrogen projects
have been announced through 2030 and more than 1,000 hydrogen projects have been
announced globally to date. Green hydrogen is projected to supply up to 25% of
the world's energy needs by 2050.

Timing

Delivery of the hydrogen fuel storage system is scheduled for Q2 2024.

For more information:

Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com
(mailto:mathias.meidell@hexagonpurus.com)

Eli Turander, Global Communications Director, Hexagon Purus
Telephone: + 953 35 795 | eli.turander@hexagonpurus.com

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.

Hexagon Purus Maritime, a wholly owned subsidiary of Hexagon Purus, provides
compressed hydrogen fuel storage systems for maritime applications, helping to
decarbonize the maritime industry. Hexagon Purus combines maritime experience
with extensive hydrogen storage expertise to provide a holistic approach to zero
emission maritime solutions. Hexagon Purus is at the forefront of developing
innovative hydrogen storage solutions with lightweight composite cylinders that
are ideal for maritime applications.

Learn more at www.hexagonpurus.com (http://www.hexagonpurus.com) and follow
@HexagonPurus on Twitter and LinkedIn.