10 August 2023: As previously disclosed, Hexagon Agility, a business of Hexagon Composites, signed a multi-year agreement in March 2021 with Certarus, a leading full-service provider of bulk gas transport, to supply Mobile Pipeline® modules for compressed gases.
Under this agreement, Hexagon Agility has received an additional order estimated at USD 54 million (approx. NOK 553 million). This is the largest single order for Mobile Pipeline ever received.
As the industry leader, Certarus enables customers without pipeline access to transition to lower carbon energy, including compressed natural gas, renewable natural gas (CNG/RNG), and hydrogen rapidly driving customer decarbonization.
“We are accelerating the adoption of low carbon fuels with use of Hexagon Agility’s next generation TITAN modules,” said Curtis Philippon, President and CEO of Certarus. “The demand for our offering continues to rapidly grow as customer urgency to reduce emissions and secure reliable energy cost effectively is consistently driving us to improve our capabilities and scale our platform. The TITAN modules have been the backbone of our fleet and we are excited to expand our operations with the new TITAN 450 that will allow us to deliver more gas with fewer trips.
Driving energy transformation
“We’re proud to have worked with Certarus for over a decade to drive energy transformation,” said Miguel Raimao, Vice President of Mobile Pipeline at Hexagon Agility. “Our newest innovation, the TITAN 450, is a game-changer. It expands our portfolio of gas transport solutions at a critical time when the world is increasingly turning to RNG as an immediate and cost-effective carbon negative solution.”
The new modules will be used by Certarus to transport CNG/RNG to decarbonize industrial applications; provide critical utility support during demand peaks and pipeline outages and connect RNG production facilities to natural gas pipelines.
Higher capacity, lighter design, lower emissions
TITAN 450 enables the safe transport of almost half a million standard cubic feet of CNG/RNG in a 40-foot module, resulting in a lower carbon footprint and reduced operating costs. The new product employs the latest technology in Type 4 composite cylinders and high-strength frame design. It delivers 25% greater gas capacity, while being 20% lighter in the same 40-foot length.
As with the current generation of TITAN products, the modules are approved for a variety of gases including CNG, RNG, Helium, and Hydrogen.
Timing
Deliveries of the new orders will commence in Q1 2024.
For more information:
Karen Romer, SVP Communications, Hexagon Composites ASA
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 Certarus
Certarus is the North American leader in providing on-road low carbon energy solutions through a fully integrated CNG, RNG, and hydrogen platform. Certarus operates the largest virtual pipeline fleet in North America, with over 730 trailers by the end of 2023, to safely deliver clean burning fuels to energy, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Certarus is leading the energy transition and helping customers lower operating costs and improve environmental performance. With the largest fleet of mobile storage units in North America, Certarus is uniquely positioned to meet the growing demand for low and zero emission energy distribution. Learn more at certarus.com.
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. Its product offerings include (renewable) natural gas storage and distribution systems, Type 4 composite natural gas cylinders, 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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Ingrid Aarsnes, VP IR & ESG, Hexagon Composites ASA on 10 August 2023 at 06:44 am CEST.
