Hy24 has committed to investing in Hexagon Purus’ convertible bond private placement, according to a news release.
The private placement issued by the Norwegian equipment and technology firm is up to NOK 1bn with pre-commitments of NOK 850m from strategic investors Mitsui, Hy24 and Hexagon Composites.
Hexagon Purus manufactures cylinders and systems for the storage and transportation of pressurized hydrogen. The capital raise was successfully completed this month.
The proceeds will be used to support Hexagon Purus’s global zero emission mobility scale up plans, the release states. Hy24 joins existing strategic investors Mitsui and Hexagon Composites.
The investment is the first out of HY24’s Equipment Fund, which is focused on midstream and supply chain in scaling the global hydrogen economy.
Mitsui has committed to subscribe for, and will receive an allocation of, NOK 500 million principal amount of Convertible Bonds as part of an MOU entered in March. The Mitsui MOU has a total monetary scope of up to NOK 2bn.
