LINCOLN COMPOSITES awarded a grant from the United States Department of Energy (DoE)
Ålesund, Norway 14th October 2008 - Hexagon Composites ASA (NO: HEX) announced today that its wholly owned subsidiary, Lincoln Composites, Inc., has been awarded a grant from the United States Department of Energy (DoE) to develop the most effective transport and storage solution for hydrogen in terms of cost, safety, weight, and volumetric efficiency. This project will encompass the development of a tank and corresponding ISO frame that can be used for the storage of compressed hydrogen in a stationary or transport application. The total estimated costs for the project are 6.3 million USD and DoE's cost share is approximately 50%. The project is divided into two phases and the DoE share for Phase 1, to be completed in 2008, is 1 million USD.