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The companies announce that they will merge Hexagon Composites' CNG Automotive Products Division, which includes medium- and heavy-duty vehicle composite cylinder manufacturing operations and its bus systems business unit, with Agility 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 merger is positioned to drive innovation in the industry, while better serving the global market and expanding its product offerings worldwide. 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.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 is expected to close in the 3rd quarter of 2016.More information: www.hexagon.no