Hexagon Agility, a business of Hexagon Composites, signed a master services agreement in June 2020 with a global logistics customer to deliver compressed natural gas (CNG) fuel systems for medium and heavy-duty trucks.
Hexagon Agility received the second order in 2021 which represents an estimated total value of USD $6.7 million (approx. NOK 57.4 million). Deliveries of the fuel systems are scheduled to start in the first quarter of 2021.
Collectively the two orders placed in 2021 represent an estimated total value of USD 13.5 million (approx. NOK 116 million).
As a low carbon fuel, CNG can result in reductions of greenhouse gas (GHG) emissions compared to diesel of over 20% when using conventional natural gas, or 90% or more when using renewable natural gas (RNG) produced from landfills, dairy farms and other bio sources.
"We are very pleased to see the strong commitment from this global customer as they demonstrate their dedication to transitioning their fleet to clean fuels. CNG and RNG play an important role in the future of commercial trucking. Sustainable fleets are at an inflection point and it makes both environmental and economic sense to deploy natural gas trucks right now, and the low cost and maturity of the technology make it possible to do so at a large scale," said Seung Baik, President, Hexagon Agility.
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.
