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Research

Hexicon Q1'24: Focus is on the MunmuBaram project

By Lucas MattssonAnalyst
Hexicon
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Hexicon’s Q1 report did not provide any major surprises, although we view it positively that the company showed better cost control than expected during the quarter. However, the main focus in the short term is the process of establishing a long-term ownership structure for the MunmuBaram project, which could help Hexicon secure short-term financing and will be critical to assessing future capital requirements. However, considering that the parameters of the possible divestment remain unknown and the challenging market environment will put pressure on the project development, we stay on the sidelines and wait for a more attractive risk/reward profile.

Hexicon is a project developer in offshore wind power, with the goal of opening up new markets in countries with deep water. The company is also a technology provider with TwinWind, a patented floating wind design. The technology enables increased use of global wind power and can thus contribute to increased access to renewable energy. Hexicon operates in several markets in Europe, Africa, Asia and North America.

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