Hexagon Composites ASA (OSE:HEX) has been awarded an order for X-STORE® Mobile Pipeline modules from a leading industrial gas services company, with a total value of EUR 6.8 million (around NOK 65 million).
Hexagon's Mobile Pipeline modules were selected to supply compressed natural gas (CNG) to distilleries outside the gas grid in the United Kingdom. The natural gas will be transported with Hexagon's ADR* approved lightweight composite transportation modules by road to the distilleries. The natural gas will replace diesel to improve air quality and reduce fuel costs for the end client.
"We are committed to providing solutions that benefit clients both from an economic and environmental standpoint. By manufacturing the lightest and largest pressure tanks available in the market, we are enabling customers to reduce operating costs while driving down greenhouse gas emissions," says Miguel Raimao, Vice President Mobile Pipeline in Hexagon. "We are excited to have been chosen to be a part of this world class project team, which is at the core of our purpose of Driving energy transformation."
"With this new order, we see a growing interest from the UK, one of the promising clean fuels markets in in the world," says Jon Smith, President of Hexagon Mobile Pipeline.
Deliveries of the X-STORE® modules are scheduled to commence in the second quarter of 2019 and continue through third quarter of 2019.
* The European Agreement concerning the International Carriage of Dangerous Goods by Road (ADR)
For more information:
Jon Smith, President, Hexagon Lincoln LLC
Telephone: +1 402 470 4045 | jon.smith@hexagonlincoln.com
Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | hiva.ghiri@hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no
About Hexagon Composites
Hexagon Composites delivers safe and innovative solutions for a cleaner energy future. We are adapting our leading composite pressure vessel technology for a wide range of mobility and storage applications.
For more information, please visit www.hexagon.no
Follow us on Twitter: @HexagonASA
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via Globenewswire
Source: Thomson Reuters ONE
(December 12, 2018 - 9:02 AM EST)
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