Hexagon Purus ASA has entered into an agreement to divest its aerospace division, Hexagon Masterworks Inc., to Space Exploration Technologies Corp. (SpaceX) for an enterprise value of approximately USD 15 million, reflecting a strategic realignment of its portfolio and a significant transfer of high-performance composite pressure vessel expertise into SpaceX s manufacturing base.

The transaction encompasses 100% of the shares of Masterworks, a North American supplier of Type 4 composite overwrapped pressure vessels (COPVs) used in aerospace and space launch systems, while Hexagon Purus retains its hydrogen mobility business and corresponding customer contracts.

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.

Morten Holum, CEO of Hexagon Purus, says, 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. 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.