6 June 2020
Stock Exchange Release
Hexagon Mobile Pipeline®, a Hexagon Composites subsidiary, has received a substantial contract for TITAN® 53 transport modules from Xpress Natural Gas LLC (XNG) a leading full-service provider of compressed natural gas (CNG). The strategic agreement has a total value of USD 7.3 million (approx. NOK 70.2 million) and includes additional purchase and rental options through 2021. The TITAN® 53 large-capacity Mobile Pipeline® modules will serve virtual interconnect projects providing natural gas to communities and industries that do not have access to sufficient pipeline capacity in the US.
“Since XNG started operations in early 2013, Hexagon’s Titan products have proven to be high-quality products that deliver safety, reliability and performance,” says John Nahill, CEO and co-founder of Xpress Natural Gas. “The higher volume of TITAN®53 means that we can serve our customers with fewer trailers and miles driven and that is key to our success. We appreciate the expertise and responsiveness of the Hexagon team. They understood our needs and met our expectations for a comprehensive solution.”
Hexagon’s Mobile Pipeline® products provide customers around the globe with transportation, storage, and distribution solutions. After nearly a decade of deployments of TITAN® products, a continued increase in customer demand is driving a need to move greater volumes of compressed gases including natural gas, hydrogen, and industrial gases on every trip. The TITAN®53 module launched in 2018 still provides the highest CNG capacity available at the 80,000-pound gross vehicle weight limit. The cylinders are manufactured by Hexagon with industry leading experience in the design, development and testing of composite pressure vessel technology.
“XNG is a pioneer of the mobile pipeline industry. Virtual Interconnect is one of the most challenging applications in our industry due to the high volumes of gas delivered. XNG has proven they can do this safely and reliably day after day, year after year. We are proud of the trust they have placed in us to meet their equipment needs. At the end of the day, it’s about keeping businesses running and homes warm through the cold winter months and that is consistent with our vision of “Clean Air Everywhere” and “Driving Energy Transformation”, says Miguel Raimao, Vice President, Mobile Pipeline® at Hexagon Lincoln.
Deliveries of the TITAN®53 modules are scheduled for the fourth quarter of 2020.
Contacts: Miguel Raimao, VP, Mobile Pipeline® Americas, Hexagon Lincoln LLC Telephone: +1 719-761-5797 | firstname.lastname@example.org
Karen Romer, SVP Communications, Hexagon Composites Telephone: +47 950 74 950 | email@example.com
David Bandele, CFO, Hexagon Composites Telephone: +47 920 91 483 | firstname.lastname@example.org
About XNG Xpress Natural Gas (XNG) provides rapid and reliable delivery of liquid natural gas (LNG) and compressed natural gas (CNG) to customers throughout the United States and the Canadian Maritimes through their network of virtual pipeline. With more than 70 million gasoline gallon equivalent (GGE) under contract for 2017, XNG is the largest private distributor of CNG in the United States, helping business, institutions, and utilities to lower energy costs and reduce their environmental impact. For more information about Xpress Natural Gas: www.xng.com
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 including light-, medium- and heavy-duty vehicles, ground storage, distribution, marine, rail and backup power solutions.
With extensive experience in pressure vessel development since the early 1960s, our long and proud history is rooted in innovation and change. We have a strong international presence with facilities in Norway, Germany, USA and Canada, and sales representation in some of the world’s most important clean energy markets in Europe, Asia and the Americas.