The composite cylinder specialist is currently developing the tanks to support anticipated production activities as early as the 2020 timeframe. Production is planned to run for at least five years. Hexagon estimates the combined value for development and serial production to be in the range of $50-70m.
“This is a major contract for Hexagon and for the growing FCEV industry,” said Rick Rashilla, Senior Vice-President of Hexagon Composites’ H2 Automotive business. “Hexagon Composites is committed to investing resources into the success of this project and for the adoption of H2 in combination with fuel-cell technology as a low-carbon alternative fuel for mobility applications. This selection further confirms our leading position as a light duty H2 tank developer for the FCEV industry.”
Jack Schimenti, Executive Vice-President of Hexagon Composites, added, “We are pleased to secure yet another major contract from a leading OEM and maintaining market leadership based on our integrity, attention to safety and delivering to customer specifications. By receiving our third serial production commitment, it cements the value proposition and long-term potential we see in the H2 space.”