Hexagon Composites Acquires SES to Boost Hydrogen Storage Capacity in Europe

Hexagon Composites ASA is stepping up its game in Europe’s clean fuel infrastructure scene, locking in full ownership of Sustainable Energy Solutions (SES) from Worthington Enterprises. Why? To scale up its production of high-pressure composite gas cylinders — the kind that make hydrogen storage viable and practical as alternative fuels take center stage.

The Big Move

Back on July 14, 2025, Hexagon announced it would scoop up the remaining 51% of SES — having already grabbed a 49% stake back in May 2024. The full acquisition deal tags in at around EUR 11.7 million in enterprise value, with a net purchase price of EUR 6.1 million. But instead of cash, Worthington’s getting a piece of the future — shares in both Hexagon Composites and Hexagon Purus. If everything stays on track, the deal wraps up by Q3 2025. SES brings some serious industrial muscle to the table: a modern cylinder manufacturing plant in Słupsk, Poland and a valve assembly facility over in Burscheid, Germany. Both are locked in key energy corridors, giving Hexagon some braggable geographic leverage as Europe doubles down on sustainable energy and industrial decarbonization.

What It Really Means

• Hexagon now has full reins on SES, meaning it can streamline its hydrogen storage business top to bottom.
• Strategically located facilities in Poland and Germany plug Hexagon right into Europe’s green transport ecosystem and key OEM partners.
• SES is projected to hit EUR 33 million in revenue with EUR 2 million EBITDA in 2025 — a major leap from just EUR 700K EBITDA in 2024.
• Worthington's exiting the day-to-day, but still stays in the game with equity through stock holdings.

Zooming Out: Strategy at Play

This isn’t some quiet reshuffling of the org chart. It’s a sharp, strategic swing by Hexagon to cement itself as a European heavyweight in clean fuel infrastructure — especially in hydrogen mobility and CNG. They’ve already offloaded Hexagon Ragasco to Worthington in a prior deal, letting both brands hone in on what they do best. For Hexagon, this full acquisition lines them up to offer the full package: composite gas cylinders that are smarter, lighter, and built for scale. With in-house production both expanding and integrating, they’ll be better able to meet rapid-fire demand from automakers and industrial players moving toward zero-emission tech.

Why You Should Care

Europe’s cracking down on emissions and investing big in clean energy infrastructure, and that means technologies like SES’s hydrogen-ready composite tanks are about to see major demand. Poland offers a nimble and cost-effective manufacturing base, and Germany — especially North Rhine-Westphalia — keeps leading the charge in sustainable energy adoption. Zoom out even further, and this move is part of a broader shift. Industry giants are starting to choose sides: go deep and dominate one niche or try to be everything to everyone. Worthington’s decided to trim its ops and stick to its core strengths, while Hexagon’s betting big on being a full-stack solution provider in clean fuel infrastructure.

Tech Talk: What SES Brings to the Table

SES isn’t just a bolt-on acquisition — it's packed with innovation. Their carbon fiber-reinforced polymer cylinders are designed to safely store gases like hydrogen, LPG, and CNG at high pressures while staying lightweight, making them ideal for both stationary and on-the-go setups. Approved for vehicles, these cylinders will play a vital role in scaling the energy transition — whether it’s for commercial fleets or industrial storage.

Final Thoughts

Bottom line: this deal isn’t just about Hexagon growing its footprint in Europe — it’s a full-on power move toward owning the future of hydrogen storage and low-emission fuel logistics. With SES now fully in its corner, Hexagon is positioning itself to be the go-to provider for OEMs as clean fuels move mainstream. As the industry continues to consolidate, the playbook is becoming clear: win with focus, partner for scale, and invest in tech that’s future-proof. And with this acquisition, Europe’s evolving clean fuel infrastructure just added serious velocity.