18 August 2021
Stock Exchange Release
Hexagon Digital Wave, a business of Hexagon Composites has signed a commercial service agreement with a North American Type-4 (renewable) natural gas (RNG/CNG) transportation module OEM. The agreement covers Modal Acoustic Emission (MAE) requalification of their RNG/CNG modules. MAE enables the requalification of Type-4 cylinders without removal from the module, resulting in reduced downtime and operator overhead. The commercial service agreement has a potential value of USD 2 million (approx. NOK 17 million).
Driving Energy Transformation
“This commercial service agreement is another step in creating a unified expectation of safety and testing standards in the gaseous transport industry,” says Ryan Pennock, Head of Marketing and Business Development at Hexagon Digital Wave. “Our goal is to create a benchmark in digital safety in the compressed gas transportation sector, a vision OEMs, operators, and end users alike will benefit from. Signing this commercial service agreement is another step on this journey.
About the technology
MAE uses advanced electronics and sensors that capture broadband waveforms and specialty algorithms to identify if there are any structural integrity flaws present in composite pressure vessels. MAE is compliant to the Department of Transportation / Pipeline of Hazardous Materials Safety Administration and Transport Canada regulations. Testing using the MAE technology eliminates venting of contents to the atmosphere thereby minimizing environmental impact.
A significant increase in customer demand for compressed gas transport is driving module owners to seek safe, yet time efficient, methods of cylinder requalification. Hexagon Digital Wave’s MAE technology meets these needed requirements, and when deployed alleviates pain points for owners / operators and module OEMs alike.
Requalification is set to begin in the third quarter of 2021.
Karen Romer, SVP Communications, Hexagon Composites Telephone: +47 950 74 950 | firstname.lastname@example.org
Hiva Ghiri, VP Investor Relations Telephone: +47 958 66 790 | email@example.com
About Hexagon Digital Wave Hexagon Digital Wave, a subsidiary of Hexagon Composites ASA, is a manufacturer of Ultrasonic Examination (UE) cylinder testing equipment, Modal Acoustic Emission (MAE) testing equipment and a provider of associated inspection services. With applications worldwide, Hexagon Digital Wave serves government entities, academic institutes, and private clients in the compressed gas and pressure vessel industries.
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
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act