Hexagon Purus amends battery cell supply, removes $12.9m pre-payment

Hexagon Purus ASA announced that its subsidiary, Hexagon Purus Systems USA LLC, has entered into a second amendment to its multi-year battery cell supply agreement. This amendment eliminates a previously outstanding pre-payment obligation of $12.9 million in full, while ensuring continued supply of battery cells.

The initial multi-year agreement for lithium-ion battery cells was first disclosed on April 18, 2023, with a subsequent amendment on October 25, 2024.

The amended agreement stipulates that any Inflation Reduction Act (IRA) incentives or credits from the supplier's production of battery cells will now accrue directly to the supplier, not Hexagon Purus. Hexagon Purus specializes in zero-emission mobility solutions.