Recently, the European hydrogen equipment giant Hexagon Purus officially announced the sale of 100% equity in the aerospace business of its subsidiary Hexagon Masterworks Inc. (abbreviated as "Masterworks") to the commercial space giant SpaceX, owned by Elon Musk, for approximately $15 million. This transaction signifies Hexagon Purus's further focus on its core hydrogen energy business, while SpaceX strengthens its layout in key segments of the space supply chain.
The transaction amount is clearly detailed, totaling approximately $15 million, and is specifically composed of two parts: first, upon completion of the closing, SpaceX will pay $12.5 million in cash; second, the remaining $2.5 million will be paid in cash or cash equivalents, subject to applicable closing conditions and industry practices.
It is understood that Masterworks's core business focuses on the R&D and manufacturing of high-pressure composite gas cylinders for the aerospace sector, while also engaging in hydrogen energy vehicle-related products in the North American market, with mature expertise in high-pressure composite technology. Hexagon Purus explicitly stated that to protect the interests of hydrogen energy business clients, all existing hydrogen energy client contracts of Masterworks will be gradually transferred to other hydrogen energy-related business units under Hexagon Purus before the transaction is completed, ensuring smooth business transition without affecting client cooperation and performance.
As a globally leading hydrogen energy equipment enterprise, Hexagon Purus's core development focus is to achieve zero-emission mobility and build a cleaner energy future. Its core products include Type IV high-pressure hydrogen cylinders and systems, battery systems, as well as vehicle integration solutions for fuel cell EVs and pure EVs. These are widely applied across various scenarios, covering light-duty, medium-duty, and heavy-duty vehicles, buses, ground energy storage, hydrogen distribution, hydrogen refueling stations, maritime, railway, and aerospace sectors.
The sale of Masterworks's aerospace business is a key measure by Hexagon Purus to advance its portfolio optimization. It aims to divest non-core assets, improve financial conditions, extend cash flow sustainability, and concentrate more resources on core strategic directions such as high-pressure hydrogen storage tanks and hydrogen system integration, further consolidating its leadership in the global zero-emission mobility solutions sector. For SpaceX, Masterworks's high-pressure composite gas cylinder technology precisely meets its urgent need for high-performance, lightweight high-pressure tanks in the development of large launch vehicles like Starship and future space systems. This acquisition will help SpaceX enhance its vertical integration capabilities in the space supply chain and reduce dependence on external suppliers.
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