Agility Fuel Solutions, a business of Hexagon Composites, has signed an exclusive three-year agreement with the global leader in logistics, UPS to supply compressed natural gas (CNG) fuel systems for medium and heavy-duty trucks as well as terminal tractors. The agreement represents a total value of USD 65 million to USD 95 million (approx. NOK 595 to 870 million) over the three-year period.
"We are proud to continue our collaboration with UPS, a front-runner in clean transportation," says Seung Baik, President of Agility Fuel Solutions. "With our range of proven and reliable clean fuel technologies and aftermarket support capabilities, we will assist UPS in reaching its sustainability targets."
As part of the new agreement, Agility will provide complete end-to-end natural gas systems for heavy-duty gas trucks, terminal tractors and medium-duty walk-in vans, which are UPS's familiar brown delivery trucks. These will include on-board CNG fuel storage and management as well as Agility's certified natural gas engine fuel systems.
"UPS continues to expand and improve our smart logistics network by implementing new technologies and creating a highly flexible, data-driven, and sustainable network," says Juan Perez, Chief Information and Engineering Officer at UPS. "That is why we intend for 25 percent of our vehicles purchased in 2020 to run on alternative fuels."
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com
Seung Baik, President, Agility Fuel Solutions
Telephone: +1 949 236 2251 | sbaik@agilityfs.com
Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. UPS is committed to operating more sustainably - for customers, the environment and the communities we serve around the world. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide.
Learn more at www.ups.com or www.pressroom.ups.com and follow @UPS_News on Twitter
About Agility Fuel Solutions
Agility Fuel Solutions, a wholly-owned subsidiary of Hexagon Composites ASA, is a leading global provider of clean fuel solutions for medium- and heavy-duty commercial vehicles. Its product offerings include natural gas, hydrogen, and battery electric energy storage and delivery systems, Type 4 composite natural gas cylinders, propane and natural gas fuel systems, and propane dispensers. Agility has been manufacturing and servicing safe and reliable clean fuel solutions for commercial vehicle fleets and OEMs for more than 20 years, logging billions of miles on the road per year.
Learn more at www.agilityfuelsolutions.com and follow @AgilityFuel 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
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
