Hexagon Encouraged by Strong North American NGV Market

| Norway, Ålesund

Hexagon Lincoln CylindersNorth American heavy duty and transit bus customers have placed new orders with Hexagon Composites’ wholly owned subsidiary Hexagon Lincoln to the sum of more than USD 7.5 million (around NOK 64 million) for delivery of TUFFSHELL® compressed natural gas (CNG) fuel tanks. Hexagon Lincoln sees the USD 5 million (around NOK 43 million) orders, scheduled for delivery in first quarter 2016, as a sign the market remains robust in this region.

“Recent headlines focused on oil price volatility have overshadowed the fact that natural gas still remains the least expensive option at the pump,” said Chet Dawes, Vice President of CNG Automotive Products. “We’re seeing the market reaffirm its commitment to natural gas vehicles (NGVs) and Hexagon Composites’ leadership position as a supplier.”

Since the onset of the North American shale gas revolution in 2008, natural gas prices have been lower than diesel and forecasts have them remaining stable over the next decade and beyond. Affordable and consistent energy costs are essential to fleets with fuel as a large part of their budgets. Hexagon Composites is well positioned to support large fleets as they take advantage of this energy source and remain competitive in their industries.

(Source: Hexagon Composites)

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