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Hexagon Composites announces joint venture agreement with Siddha Gas Technik in India

News International-French

26 May 2016

The company has entered into a joint venture agreement with Siddha Gas Technik 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.

"Hexagon Composites' technology enables our vision of using natural gas to satisfy the energy requirements of many different applications throughout the country, from rural communities to cities", says Mrunal Gandhi, Managing Director of Siddha Gas Technik.

The opportunities for storage and transportation of compressed natural gas (CNG) in India are substantial. Investments are made to increase the share of natural gas in the country's energy supply. 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.

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