Hexagon Composites ASA Accelerates Clean Fuel Presence with SES Acquisition
Key Ideas
- Hexagon Composites ASA acquires Sustainable Energy Solutions (SES) from Worthington Enterprises for EUR 11.7 million to strengthen its manufacturing capabilities in Europe.
- The deal includes SES's production of high-pressure gas cylinders for hydrogen storage, LPG, and CNG, with key sites in Słupsk, Poland, and Burscheid, Germany.
- Worthington Enterprises will receive EUR 6.1 million in shares from Hexagon Composites and Hexagon Purus as part of the transaction, aiming to boost growth and market access.
- Hexagon's focus on hydrogen technology integration signals a strategic move towards cleaner, more efficient energy solutions, aligning with Europe's zero-emissions goals.
Hexagon Composites ASA has made a significant move in the clean fuel sector by acquiring Sustainable Energy Solutions (SES) from Worthington Enterprises for EUR 11.7 million. This acquisition is geared towards enhancing Hexagon's manufacturing capabilities, particularly in sustainable energy and industrial decarbonization in Europe. SES, a company specializing in high-pressure gas cylinders for hydrogen storage, LPG, and CNG, operates from sites in Słupsk, Poland, and Burscheid, Germany. The deal includes Worthington Enterprises receiving shares worth EUR 6.1 million in both Hexagon Composites and Hexagon Purus. Looking forward, SES is projected to generate around EUR 33 million in revenue in 2025, providing Hexagon with increased production capacity and improved access to key OEM customers across Europe. With the European market moving towards zero-emissions targets, this acquisition comes at a pivotal moment, positioning Hexagon as a key player in developing integrated, hydrogen-ready storage solutions. This strategic move not only reflects a business acquisition but also underlines the company's commitment to accelerating the transition to a greener future and establishing itself at the forefront of clean fuel infrastructure development.