NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES OF AMERICA, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Reference is made to the stock exchange announcement made by Hexagon Purus ASA (the "Company") on 1 March 2023 regarding the successful completion of a capital raise comprising a private placement of 18,518,519 new shares at a price of NOK 27.00 per share, raising gross proceeds of approximately NOK 500 million (the "Private Placement"), and a private placement of convertible bonds raising gross proceeds of approximately NOK 800 million. In the announcement, it was stated that the Company's Board of Directors would consider carrying out a subsequent offering of up to 2,750,000 new shares at the same subscription price as in the Private Placement (the "Subsequent Offering").

The Company's Board of Directors has resolved not to proceed with the Subsequent Offering.

The background for the cancellation is that the Company's shares have traded below the subscription price in the Private Placement for a substantial period of time and at significant volumes. Existing shareholders wishing to reduce the dilutive effect of the Private Placement have thus had the opportunity to purchase shares in the market at prices below the price which would have been the subscription price in the Subsequent Offering.

For additional information, please contact:
Mathias Meidell, Investor Relations Director, Hexagon Purus Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

About Hexagon Purus
Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act