Hexagon Agility, a business of Hexagon Composites, signed an agreement in June 2021 with Xpress Natural Gas LLC (XNG), a leading full-service provider of compressed and renewable natural gas in the United States, to deliver Mobile Pipeline modules to transport clean natural gas.
Under this agreement, Hexagon Agility received its second order from XNG, which represents an estimated value of USD 2.8 million (approx. NOK 25 million). Collectively, the orders placed by XNG in 2021 have an estimated total value of USD 10.8 million (approx. NOK 97 million).
Driving energy transformation
"TITAN 53 trailers have enabled us to make clean natural gas accessible and affordable to our customers, keeping businesses running and homes warm through the cold winter months," said Jeffrey Ciampa, Chief Operating Officer at XNG. "Hexagon's products have proven to be high-quality - safe, reliable and high performance."
TITAN 53 modules offer the highest capacity in North America and will serve multiple projects to communities and industries that do not have access to natural gas or lack sufficient pipeline capacity to meet anticipated demand.
"We applaud XNG for continuing to connect industry and communities to clean natural gas," said Seung Baik, President of Hexagon Agility. "We are very pleased to support XNG in achieving our common vision of driving energy transformation through cost-effective clean energy options."
About the market
Mobile Pipeline is vital to driving energy transformation away from petroleum fuels to clean and renewable natural gas. Companies like XNG have been a leader in the industry, enabling customers without pipeline access to adopt natural gas and meet their environmental goals.
Natural gas is today's low carbon, cost effective alternative energy. Renewable natural gas (RNG) is pipeline quality gas fully compatible with today's infrastructure and Mobile Pipeline equipment. Because RNG is the only carbon negative energy it is being rapidly adopted to drive decarbonization of industrial and vehicle fleet operations.
With more than 1,700 Mobile Pipeline modules now deployed around the world, Hexagon Agility continues to set the standard for safety, reliability, and performance.
Timing
The modules are expected to be delivered in the fourth quarter of 2021.
For more information:
Karen Romer, SVP Communications, Hexagon Composites Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Hiva Ghiri, VP Investor Relations Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com
About Xpress Natural Gas
Founded in 2011, XNG provides an alternative energy source for businesses without access to a gas pipeline. By transporting compressed natural gas in both the U.S. and Canada, XNG provides a consistent and reliable, low-carbon energy source for its broad customer base. The company's business model enables CNG to be delivered to over 40 customer sites around the clock, 365 days a year. As a leading provider of CNG, the company is positioned for exponential growth in customer installments throughout 2021 and beyond.
For more information about Xpress Natural Gas: www.xng.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 us on social media.
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
