New JV to Pursue Natural Gas Opportunities in India

| Norway, Ålesund

Norway-based Hexagon Composites has entered into a joint venture agreement with Siddha Gas Technik Pvt Ltd to pursue opportunities in India’s natural gas market. Siddha Gas Technik brings over 30 years of natural gas systems and service experience to the joint venture, which will sell CNG Automotive and Mobile Pipeline® products.

“Expanding outside of our core markets further positions our Company as the global leading supplier of all-composite fuel cylinders,” says Jon Erik Engeset, President and CEO of Hexagon Composites ASA.

Mrunal Gandhi, Managing Director of Siddha Gas Technik sees new opportunities, “from rural communities to cities”, for natural gas vehicle applications.

The opportunities for storage and transportation of compressed natural gas (CNG) in India are substantial. The metropolitan area of Delhi has adopted an anti-pollution policy, with conversion of public transportation to CNG, and other cities are expected to adopt similar policies in the coming years.

Hexagon Composites will have a majority shareholding of 51% in the joint venture, and will offer its full range of automotive CNG cylinders and systems, Hydrogen cylinders and Mobile Pipeline® solutions.

(Source: Hexagon Composites)

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