Hexagon 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 to 70 million.
Rick Rashilla, senior vice president of Hexagon Composites' Hydrogen Automotive business, said: "This is a major contract for Hexagon and for the growing FCEV industry. Hexagon Composites is committed to investing resources into the success of this project and for the adoption of Hydrogen 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 hydrogen tank developer for the FCEV industry."
Jack Schimenti, executive vice president of Hexagon Composites, said: "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 hydrogen space.”
Hydrogen is a clean and safe energy carrier that can be used as fuel for power in a wide range of applications, and can be easily stored on a large scale. The life cycling properties of all-composite pressure cylinders, with plastic liners and carbon fibre structure, make them more suitable for storage of hydrogen than metal lined alternatives.
