Hexagon Composites ASA Expands European Footprint with Acquisition of SES Composites

In a strategic move that underscores its commitment to expanding its presence in the alternative fuels sector, Hexagon Composites ASA has announced the full acquisition of Sustainable Energy Solutions (SES) Composites, the alternative fuels business unit of Worthington Enterprises. This acquisition marks a significant milestone for Hexagon, a company based in Aalesund, Norway, known for its expertise in designing, developing, manufacturing, and selling composite pressure cylinders across various applications.

The acquisition follows Hexagon’s earlier announcement on May 29, 2024, where it disclosed the purchase of a 49% stake in SES. This initial investment was part of a broader strategy linked to the sale of Hexagon Ragasco, a segment of Hexagon Composites. Today’s announcement of the full acquisition signifies Hexagon’s intent to deepen its involvement in the European alternative fuels market.

SES Composites, a leading European supplier of high-pressure cylinders and systems for the storage and distribution of compressed gases, is renowned for its manufacturing capabilities in Słupsk, Poland. The company specializes in producing composite cylinders and systems, which are crucial for the storage and distribution of compressed gases, including those used in alternative fuels.

This acquisition is expected to generate significant synergies for Hexagon, enhancing its product offerings and strengthening its market position in Europe. By integrating SES Composites’ expertise and manufacturing capabilities, Hexagon aims to bolster its portfolio of high-pressure composite cylinders and solutions, particularly for hydrogen applications and compressed natural gas (CNG) fueled light-duty vehicles.

Hexagon Composites ASA operates through three main segments: Hexagon Purus, Hexagon Mobile Pipeline & Other, and Hexagon Ragasco LPG. The company’s focus on developing and supplying high-pressure composite cylinders aligns well with the capabilities of SES Composites, making this acquisition a strategic fit.

Financially, Hexagon Composites ASA has shown resilience despite market fluctuations. As of July 10, 2025, the company’s close price stood at 17.68 NOK, with a market capitalization of 3.71 billion NOK. The company’s 52-week high was 48.8 NOK on November 6, 2024, while the low was 15.46 NOK on June 18, 2025. The price-to-earnings ratio was reported at -2.29, reflecting the company’s current financial dynamics.

In summary, Hexagon Composites ASA’s acquisition of SES Composites is a strategic move that not only enhances its product offerings but also solidifies its presence in the European alternative fuels market. This acquisition is expected to drive synergies and position Hexagon as a key player in the industry, leveraging its expertise in composite pressure cylinders to meet the growing demand for alternative fuel solutions.