Hexest Materials AS

What Hexest Materials AS does

Hexest Materials AS is a 100% state-owned Estonian defense industry company, established on May 28, 2025 by the Republic of Estonia and administered by the Estonian Ministry of Defence. Headquartered at Rotermanni tn 8 in central Tallinn, the company was created to address a documented shortage of military-grade explosives across NATO and EU defense supply chains since 2022, and to develop domestic Estonian defense-industrial capacity.

The company's single core asset is the development of the Baltic region's first RDX (cyclonite) military explosives production facility in Estonia, targeting production start in 2028. RDX is a high-energy military explosive used in warheads, missiles, and munitions. The company is currently in the planning, team-building, and capital-development phase; it has no operating production, no disclosed customers under contract, and is seeking a strategic investor to acquire a 49% stake (while the government retains 51% majority) through a selective tender managed by KPMG. A preferred but undisclosed technology partner has been selected to enable facility construction and competitive entry into the defense sector.

The intended business model is business-to-government (B2G) hardware sales of military explosives to NATO and EU member-state defense ministries via direct government procurement, bilateral defense agreements, and NATO cooperative procurement frameworks. Revenue is not yet generated; the company is pre-revenue and explicitly positioning itself for production in 2028. Leadership comprises CEO Randel Veerits, CFO Fred Metsma, and CTO Indrek Tulp, with a Supervisory Board chaired by Henry Uljas. The company became a member of the Estonian Defence and Aerospace Industries Association (EDIA) in December 2025 and conducted bilateral engagement with the Polish Ministry of Defence in March 2026 to support international partner development.

Name

Hexest Materials AS

Legal name

Hexest Materials AS

Website

https://hexestmaterials.ee

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Hexest Materials AS is an Estonian state-owned defense company developing the Baltic region's first RDX military explosives production facility, targeting 2028 production start to supply NATO and EU defense ministries via government procurement channels.

Ownership category

akta.pro rank

Product category

Military Explosives Manufacturing

NAICS

Explosives Manufacturing (32592), Chemical Manufacturing (325)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480)

akta.pro primary industry

Explosives, Energetics & Pyrotechnics (Military-Grade) (IMABAHAK)

akta.pro secondary industry

Military-Grade Explosives & Energetic Materials (IMAEALAE)

Keywords

• Military explosives manufacturing
• Defense industrial production
• RDX cyclonite production
• Munitions supply chain
• Baltic defense industry

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain

Revenue model

1. Military Explosives Sales: Revenue will be generated from the sale of RDX military explosives to NATO and allied defense forces. The company is currently pre-revenue and in the capital development phase, with targeted production start in 2028.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Hexest Materials AS is establishing a military-grade RDX (cyclonite) explosives manufacturing plant in Estonia, intended to be the Baltic region's first such facility. The company will produce and sell RDX high-energy military explosives used in warheads, missiles, and munitions to NATO and EU defense ministries and allied military forces. The facility is currently in planning and construction, with targeted production start in 2028.

Product overview

Hexest Materials AS is a state-owned defense industry company developing a single core product: the Baltic region's first RDX military explosives production facility in Estonia. The company is currently in the planning and construction phase, with target production start in 2028, and is seeking a strategic investor for the project.

Differentiator

Problem solved

Functional benefit

Products and services

• RDX Military Explosives Production Facility A military-grade RDX (cyclonite) explosives manufacturing plant being established in Estonia, representing the Baltic region's first such facility. The plant will produce RDX high-energy military explosives for use in warheads, missiles, and munitions, addressing the shortage within EU and NATO defense supply chains. Target customers are NATO and EU member-state defense ministries and allied military forces.

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core, major and supporting.

• Preferred Technology Partner (unnamed)coreTechnology or Integration · 10 April 2026The company has selected a preferred technology partner for the facility. The focus in recent months has been on negotiating with this key technology partner. The expertise of the technology partner will enable Hexest Materials to successfully enter the defence sector, be competitive, and generate revenue. The partner's identity has not been publicly disclosed.
• Polish Ministry of DefencemajorStrategic or Co-development Partner · 27 March 2026Representatives of Hexest Materials visited the Polish Ministry of Defence on March 27, 2026 as members of an official delegation. CEO Randel Veerits noted the visit was substantive and strategically important, providing insight into a Polish defense industry company operating in a field aligned with Hexest Materials' future development plans. This visit strengthened bilateral defense industry cooperation between Estonia and Poland.
• Polish Defence Industry CompanymajorStrategic or Co-development Partner · 27 March 2026Hexest Materials representatives visited a Polish defence industry company operating in explosives production, which aligns with Hexest Materials' planned development in the same field. The visit provided valuable insight into industry operations and best practices.
• Estonian Defence and Aerospace Industries Association (EDIA)coreStrategic or Co-development Partner · 1 December 2025Hexest Materials AS became a member of the Estonian Defence and Aerospace Industries Association from December 2025. Membership strengthens both the innovation capacity of the sector and national defence cooperation. As a member, Hexest Materials can contribute to the development of the industry, participate in working groups and joint development projects, and strengthen its role in the Estonian defence ecosystem.
• KPMG (advisors)supportingImplementation/ SI/ Consulting PartnerHexest Materials has engaged contracted consultants from KPMG acting on its behalf to carry out the selective tender process for selecting a strategic investor. KPMG advisors include Hanno Lindpere, Dmitry Ševoldajev, and Matīss Rekerts.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Chemring Group PLC: Chemring Group is a UK-listed defense company specializing in military explosives, propellants, pyrotechnics, and countermeasures. It operates dedicated energetics production facilities and sells directly to NATO defense ministries, making it a direct comparable to Hexest Materials' planned RDX operations.
• Eurenco: Eurenco is the leading European manufacturer of military explosives including RDX, HMX, and nitroglycerine, operating production facilities in France, Sweden, and Germany. It is the most direct strategic competitor to Hexest Materials as the primary non-US Western supplier of military-grade RDX, addressing the same NATO/EU defense customer base that Hexest is targeting.
• Nammo AS: Nammo is a Nordic defense company specializing in ammunition, rocket motors, and military demilitarization, jointly owned by Norway and Finland. As a Northern European defense industrial peer with state ownership elements, it operates in an adjacent energetics category and serves many of the same NATO customers that Hexest is targeting.
• Explosia a.s. Explosia is a Czech state-owned manufacturer of military explosives, propellants, and ammunition components, supplying Czech and NATO armed forces. It is a direct regional comparable to Hexest Materials as a state-owned military explosives producer in Central Europe serving NATO defense customers.
• NITROERG S.A. NITROERG is a Polish military explosives manufacturer producing a range of nitroglycerine-based and other military-grade explosives, serving Polish Armed Forces and allied customers. Hexest Materials has already engaged with Polish Ministry of Defence and visited Polish explosives producers, indicating direct competitive and partnership overlap in the regional market.

Broad incumbents

• General Dynamics Ordnance and Tactical Systems: General Dynamics Ordnance and Tactical Systems manufactures a wide range of military munitions, explosives, and propellant charges for U.S. and allied forces. As a major Western incumbent in the military energetics supply chain, it represents both a competitive threat and a reference point for the operating model Hexest is building.
• Rheinmetall AG: Rheinmetall is a major German defense company with extensive munitions and propellant capabilities, supplying NATO armed forces across multiple weapons platforms. While not a pure explosives manufacturer, it is a major buyer and sometimes producer of military-grade energetics, making it a relevant broad incumbent in the same defense supply chain Hexest is targeting.
• BAE Systems, Inc. BAE Systems is a major global defense prime with munitions and energetics manufacturing capabilities including at BAE Systems Bofors and BAE Systems Land & Armaments. It competes in the broader defense explosives supply chain that Hexest is targeting and is a potential supplier to NATO procurement agencies that Hexest will also serve.
• MAXAM Corp Holding S.L. MAXAM is a Spanish multinational producing civil and military explosives, ammunition, and blasting systems across Europe and Latin America. Its defence division competes in the military energetics market with broad geographic reach into NATO customer bases, making it a relevant broad incumbent comparable to Hexest's positioning.

Others

• Société Nationale des Poudres et Explosifs (SNPE) subsidiaries & successors: SNPE's energetics operations were consolidated into Eurenco but its legacy footprint and related French state-owned defense chemistry entities remain part of the same European military explosives ecosystem. Linked to the reference heritage of organized state-supported military explosives production in Europe that Hexest is now mirror-establishing in Estonia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hexest Materials AS