Hexagon Composites’ CNG Automotive Products Division, which includes medium- and heavy-duty vehicle composite cylinder manufacturing operations and its bus systems business unit, and Agility Fuel Systems, a leader in natural gas fuel system solutions for commercial vehicles, will merge to form Agility Fuel Solutions. The new entity will be owned equally by Hexagon Composites and Agility’s current investors. Agility Fuel Solutions will continue to transform the global medium- and heavy-duty vehicle industry with clean fuel technologies.
The strategic integration of fuel systems and cylinders will provide value by reducing up-front costs for clean technology, accelerating commercialization of new product ideas, and driving faster returns on investments.
The combined company will have production sites in the US, Norway, and Brazil, with technical centers located in Lincoln, Nebraska and Kelowna, British Columbia. Agility Fuel Solutions will manufacture cylinders for use in its systems, as well as for direct sale with offices in the US, Canada, Latin America, Norway, India, and Southeast Asia.
“This merger combines two market leaders with strong backgrounds in engineering creativity, profitable growth and operational excellence” said Kathleen Ligocki, named CEO of the newly merged company, Agility Fuel Solutions. “Agility is proud of our successful relationship with Hexagon, and together we will target driving adoption of clean natural gas systems in commercial vehicle markets around the world.”
“Natural gas is a key component of the global green shift, and we remain committed to providing the industry with the highest quality products to optimize its use.” said Jon Erik Engeset, President and CEO of Hexagon Composites ASA.
Natural gas is an economical and environmentally attractive fuel for medium- and heavy-duty vehicles, addressing the world’s environmental health with significantly lower emissions of greenhouse gases, NOx and particulate matter. It is a game changer for the global economy, especially when combined with renewable sources and pricing stability relative to conventional liquid fuels.
Hexagon’s Mobile Pipeline®, Hydrogen Products and Light-Duty Vehicles divisions will continue to operate as Hexagon Composites. The transaction,subject to final board approvals and completion, is expected to close in the 3rd quarter of 2016.
(Source: Hexagon Composites)