Hexagon Agility receives order from global automotive manufacturer

Mar 17, 2021 - Stock Exchange Release

Hexagon Agility has received an order from a global automotive maker to deliver compressed (renewable) natural gas fuel systems for their heavy-duty fleet, one of the largest CNG-powered fleets in the United States.

This order represents an estimated total value of USD 6.5 million (approx. NOK 55 million).

The first pilot truck will be completed in March 2021, and the remaining units will be delivered throughout the second and third quarter of 2021.

“We are pleased to support this global automotive maker in further leveraging low emission CNG heavy-duty trucks as part of its fleet expansion” said Seung Baik, President of Hexagon Agility. “In 2020, Hexagon Agility has successfully enabled its customers to avoid approximately 585,000 tons of greenhouse gas emissions as a result of deploying trucks using our natural gas fuel systems. This is roughly equivalent to removing 115,000 fossil fuel cars from the roads annually,” added Mr. Baik.

About the market

Natural gas emits approximately 27% less carbon dioxide when compared to diesel fuel, according to the U.S. Energy Information Administration. And while electric powered motors may be viable for passenger cars, CNG and renewable natural gas (RNG) make more sense for heavy-duty trucks. The technology is proven and available right now, there is plenty of supply and over 1,000 CNG fueling stations today across the United States - and this number is growing.

Driving energy transformation

Hexagon Agility’s ProCab® unit is a high-capacity light-weight system, that allows trucks to store enough fuel for over 700 miles of driving range without compromising payload. This is more than the average 605 – 650 miles a driver can do in a typical 11 hour driving shift.

Trucks featuring Hexagon Agility’s CNG fuel systems can interchangeably use conventional natural gas or renewable natural gas (RNG). The latter is a non-fossil fuel produced from organic sources including landfills, wastewater treatment plants. Some forms of RNG, such as that produced from dairy waste, can even have a carbon negative effect.

For more information:

Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Hiva Ghiri, VP IR, Hexagon Composites ASA
Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com

About Hexagon Agility

Hexagon Agility, a business of Hexagon Composites, is a leading global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Its product offerings include natural gas storage and delivery systems, Type 4 composite natural gas cylinders, propane, and natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to reduce emissions while saving operating costs. Learn more at www.hexagonagility.com and follow @HexagonAgility on Twitter and Linkedin.

About Hexagon Composites ASA

Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.