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Today’s announcement

• First step toward a strategic cooperation between CIMC ENRIC and Hexagon Composites

• CIMC ENRIC together with Hexagon takes the lead in China to provide safe and cost-efficient storage solutions for hydrogen both on vehicles and trailers

• The alliance will expand Hexagon’s Type 4 global footprint to the strategically important Chinese market

• Further strengthens both parties´ presence in South East Asia, an emerging market for zero emission transportation

• Accelerates the adoption rate of Fuel Cell Electric Vehicles (FCEVs)

• The transaction is expected to close in Q3 2020, with the partnership being fully operational by 2021

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Cityscape - Beijing CBD Photo: iStock / for illustration purposes only

Signing ceremony today

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Xiang Gao

Chairman of the Board CIMC ENRIC

Xiaohu Yang

General Manager & Executive DirectorCIMC ENRIC

Jon Erik Engeset

President & CEO Hexagon Composites ASA

Morten Holum

PresidentHexagon Purus

About the Chinese market

• World's largest auto market - and its exports are

increasing

• Government set policies to have one million Fuel Cell Electric Vehicles (FCEVs) on the road - and more

than 1,000 hydrogen refueling stations by 2030

• Represents a multi-billion dollar opportunity for hydrogen storage vessels on vehicles and trailers

• Shifting abundant hydrogen resources to

transportation– Reducing greenhouse gas emissions and improve air quality

– Increasing energy independence

– Promoting cost-efficient storage for surplus renewable energy

from wind and solar

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Strong growth in FCEVs and hydrogen infrastructure expected in China over the next decade

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ESTIMATED FLEET SIZE OF CHINESE FCEVS1 ESTIMATED NUMBERS OF CHINESE

HYDROGEN REFUELING STATIONS1

250

90

500

2030E2020E

10 101

2025E

MDV & HDV

LDV

10

100

750

CAGR

+54%

1 Based on companies market studies

(‘000)

280-300

2022E 2025E 2030E

2,700-3,000

420-500

CAGR

+33%

Southeast Asia

• Alliance of Southeast Asian Countries (ASEAN) ambition to

achieve 23% renewable energy integration into its energy

system by 2025, and even more by 2030

• Singapore to take the lead in promoting cleaner air by using

Hydrogen

• All ASEAN countries with strong focus on renewable energy and cleaner air

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First hydrogen filling station in Southeast AsiaPhoto:The Star

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About Hexagon

• Delivers safe and innovative solutions for a cleaner energy

future

• Extensive experience in pressure vessel development since the early 1960s

• State-of-the-art design of fuel systems for hydrogen, battery

electric and hybrid mobility applications

• Light, medium and heavy-duty vehicles, distribution, ground

storage, marine, rail and backup power solutions

• Strong international presence with facilities in Norway,

Germany, USA and Canada, and sales representation in

some of the world’s most important clean energy markets in

Europe, Asia and the Americas

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About CIMC ENRIC

10Source: CIMC ENRIC

CONTAINERS VEHICLES AIRPORT

FACILITIES

OFFSHORE ENERGY,

CHEMICAL AND

FOOD

EQUIPMENT

TRACK

EQUIPMENT

LOGISTICS

EQUIPMENT

PROPERTY FINANCE

• CIMC ENRIC is a producer of energy, chemical and food

equipment and a provider of offshore engineering services

• Revenues (2019) of RMB 13.7 billion (USD 2.0 billion)

• CIMC ENRIC is headquartered in Shenzhen, China and

listed on the Main Board of Hong Kong Stock Exchange (HKSE)

• Founded in Shenzhen, China in 1980. CIMC is a global

provider of equipment and solutions mainly to the logistics and energy industry

• In 2019, CIMC’s revenues reached RMB 85.8bn (USD

12.2 billion) and it employed approx. 50,000 people

• 20+ member enterprises at home

and abroad

• 10,000+ employees globally

• ISO Liquid tank container

(No. 1 worldwide)

• High pressure gas tube-trailer

(No.1 in China)

• Cryogenic liquid transport equipment (No.1 in China)

• LNG, CNG and LPG transport

equipment (No. 1 in China)

CIMC ENRIC

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Compelling industrial partnership

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• Chinese leader in Type 1/Type 2/Type 3

pressure vessel technology

• Strong relationships with Chinese vehicle

OEMs, gas distributors and Chinese

regulators

• Trusted and reliable energy equipment

brand in China that has complementary

technology to our own.

• Solid, $2 billion company, listed on the

Hong Kong stock exchange, with over

10,000 employees

• Successful track record of

international alliances

• Global leader in Type 4 pressure vessel

technology, a key enabler for growth in the

Chinese FCEV market

• State-of-the-art design of fuel systems for

hydrogen, battery electric and hybrid mobility

applications

• Expertise spans light, medium and heavy-duty

vehicles, ground storage, distribution, marine,

rail and backup power solutions

• Solid track record of innovating with global

vehicle OEMs on FCEV projects

Highlights of the alliance

• Accelerate the adoption of zero emission transportation

• Expand Hexagon’s footprint to the strategically important

Chinese market

• Reduce greenhouse gas emissions and improve air quality

• Together become the largest provider of hydrogen storage and distribution solutions in China and Southeast Asia

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Tram in Guangzhou,ChinaPhoto: iStock / for illustration purposes only

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Contacts:

Investors/Analysts:

David Bandele, CFO, Hexagon Composites

Telephone: +47 920 91 483 | david.bandele@hexagongroup.com

Media:

Karen Romer, SVP Communications, Hexagon Composites

• Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

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