Divestment of aerospace business to SpaceX

05 Feb 2026 17:29 CET

(Oslo, Norway, 5 February 2025) Hexagon Purus ASA ("Hexagon Purus" or the
"Company"), a world leading manufacturer of zero-emission mobility and
infrastructure solutions, has through one of its wholly owned subsidiaries
entered into an agreement to divest its aerospace business to Space Exploration
Technologies Corp. ("SpaceX"). The transaction comprises the sale of 100% of the
shares of Hexagon Masterworks Inc. ("Masterworks"), which supplies high-pressure
composite storage cylinders for aerospace and space launch applications in North
America, and for hydrogen mobility applications. The hydrogen business is not
part of the transaction perimeter, and Masterworks' existing hydrogen customer
contracts are intended to be transferred to other parts of Hexagon Purus prior
to closing.

The transaction implies an enterprise value of approximately USD 15.0 million,
comprising (i) a cash consideration of USD 12.5 million payable at closing, and
(ii) a contingent cash earn-out of USD 2.5 million, subject to applicable
closing conditions and customary adjustments. A requisite number of bonds under
the Company's 2023 and 2024 bond agreements have undertaken to approve closing
of the transaction.

The aerospace business has developed well in recent years and has now reached a
stage where an industrial owner with a dedicated aerospace focus is deemed to
best support its future. At the same time, the Company does not expect the
hydrogen mobility market in North America to represent significant potential in
the near-to-medium term. The divestment is therefore aligned with the Company's
ongoing portfolio review - the transaction will strengthen the Company's
financial position and extends the liquidity runway.

"I am pleased that we have found a new home for Masterworks with an owner that
views our composite cylinder expertise as world-class and intends to integrate
the business into its supply chain to support its long-term growth", says Morten
Holum, CEO of Hexagon Purus. "I want to sincerely thank the Masterworks team for
their dedication and hard work in developing the business to this point. While
it is never easy to part with a business that has performed well, this
transaction strengthens Hexagon Purus' financial position and allows us to focus
on our core strategic priorities."

Philpott Ball & Werner, LLC acted as financial advisor and TCF Law Group, PLLC
and Advokatfirmaet Schjødt acted as legal advisors to the Company in connection
with the transaction.

This information is considered inside information pursuant to the EU Market
Abuse Regulation. This stock exchange announcement was published by Mathias
Meidell, IR Director, Hexagon Purus ASA, on 5 February 2025 at 17:29 CET.

For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

About Hexagon Purus ASA
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.

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