5 April 2023: Hexagon Agility, a business of Hexagon Composites, signed a multi-year agreement to supply Mobile Pipeline® X-STORE® modules to Manaseer Oil and Gas, a business of the Manaseer Group and the owner/operator of a leading chain of fuel stations in Jordan. The X-STORE modules will transport clean and cost effective compressed natural gas (CNG) to industrial customers lacking pipeline access, who are motivated to lower their carbon footprint.
This order represents an estimated value of EUR 10 million (approx. NOK 113 million).
“We are proud to be selected by Manaseer to deliver the first lightweight virtual pipeline solutions into Jordan. Manaseer has been a pioneer in the development of energy projects and modern fuel stations employing world class standards for technology, health, safety, and the environment,” said Filippo Munna, Sales Director of Mobile Pipeline EMEAA at Hexagon Agility. “We share a common vision for clean and affordable energy. Our partnership is a testament to our shared purpose of driving energy transformation.”
The X-STORE product line employs Type 4 cylinder technology for large volume CNG transportation and distribution. Hexagon Agility’s lightweight solutions allow customers to transport up to 2.5 times more gas compared to steel tube trailers, significantly reducing operating costs and carbon footprint. With more than 1800 Mobile Pipeline® modules deployed globally since 2006, Hexagon Agility is the world leader in safe and efficient mobile gas transportation. X-STORE meets UN and ADR standards employed in Europe and many Middle Eastern countries.
“Hexagon Agility’s X-STORE solution is a game changer for us. There is a misconception that long distances and high volumes, can only be served by LNG, which carries a high capital investment. Working with Hexagon Agility, we were able to optimize our project around CNG, which offers better economics and scalability,” said Eng. Yasser Manaseer, Founder and CEO of Manaseer Oil & Gas. “The high-capacity modules are very efficient and reduce the number of trips required to transport CNG from remote areas to our customers. Our goal is to build the future for clean and affordable energy throughout Jordan by replacing the use of diesel and heavy fuel oil. This project impacts various economic sectors in Jordan and is projected to create more than 700 new job opportunities. We could not do it without Hexagon.”
About the market
Jordanian industrial and service companies are pursuing cost effective solutions to improve operational expenditures while at the same time reducing carbon footprint. According to Manaseer, CNG delivers 45% savings compared to diesel and heavy fuel oil (HFO). Manaseer has partnered with Hexagon Agility Mobile Pipeline to meet this great market demand. With the use of Mobile Pipeline’s X-STORE®, Manaseer can cost effectively deliver natural gas to its customers from a domestic gas field, significantly reducing diesel imports, furthering the Country’s long-term strategy towards energy independence.
Timing
Deliveries of the modules are scheduled to start in the second quarter of 2024.
For more information
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com
About Manaseer
Manaseer Oil & Gas is the first company in Jordan to manage a chain of modern fuel stations conforming to global standards for technology, health, safety, and environment. Manseer’s fuel stations use the latest technology in fuel pumps for faster and more efficient filling and payment systems using credit cards or prepaid cards, eCash and eFill. The gas stations also offer other services for your vehicles such as oil changes, tire services, car maintenance facilities, and car washes.
About Hexagon Agility
Hexagon Agility, a business of Hexagon Composites, is a leading global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Its product offerings include (renewable) natural gas storage and distribution systems, Type 4 composite natural gas cylinders, propane, and (renewable) natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to reduce emissions while saving operating costs. Learn more at hexagonagility.com and follow @HexagonAgility on Twitter and LinkedIn.
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
