17 February 2023: As previously disclosed, Hexagon Agility, a business of Hexagon Composites, signed a master services agreement in October 2019 with UPS, the world's premier package delivery company and a leading provider of global supply chain management solutions, to supply renewable natural gas (RNG) fuel systems for medium- and heavy-duty trucks.
Under this agreement, Hexagon Agility received new 2023 orders totaling USD 19 million (approx. NOK 197 million) for delivery of RNG fuel systems for heavy-duty trucks. This is in addition to the USD 25.6 million of previously announced orders from April 2022.
RNG results in significant reductions of greenhouse gas (GHG) emissions when compared to other clean energy solutions available today. In North America, RNG is supported by abundant natural gas pipeline infrastructure which allows for its immediate use today, and for decades to come. Hexagon Agility is enabling the adoption of RNG to cost effectively combat climate change.
"In the past decade Hexagon Agility has supported the deployment of over 70,000 near-zero emission vehicles globally," said Eric Bippus, Senior Vice President of Global Sales and Marketing at Hexagon Agility. "We commend UPS' ambitious commitment to combat climate change by leveraging the benefits of RNG in North America."
About the market
According to NGVAmerica in 2021, RNG accounted for 64% of all on-road fuel used in natural gas vehicles in the United States. In California that figure goes up to over 97%. Fuel providers and RNG producers are rapidly expanding output and availability of RNG at the pump. There are over 1200 natural gas fueling stations across North America.
Timing
Deliveries of the new orders will commence in the first quarter of 2023.
For more information:
Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | ingrid.aarsnes@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 (renewable) natural gas storage and distribution systems, Type 4 composite natural gas cylinders, propane, and (renewable) natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to reduce emissions while saving operating costs. Learn more at 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 hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
