June 20, 2016 - 2:30 AM EDT
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TITAN® XL North America order for large-capacity industrial natural gas solutions

Hexagon Composites' wholly owned subsidiary Hexagon Lincoln announces an order for TITAN® XL trailers from Xpress Natural Gas LLC (XNG) with a total estimated value of USD 8 million (around NOK 66 million).

This order represents a significant expansion to XNG's already substantial TITAN® fleet, which the company uses as its standard trailer to deliver natural gas to industrial, commercial and municipal customers throughout the United States and Canada. The order coincides with the expected US DOT approval of the TITAN® XL and includes an option to further purchase additional trailers worth up to USD 16 million (approximately NOK 133 million). Deliveries are scheduled to commence in fourth quarter 2016.

"Our customers are focused on utility-grade gas solutions to convert their operations to natural gas," says John Nahill, CEO of Xpress Natural Gas. "The TITAN® XL will enable us to offer greater reliability through volume efficiencies, and is another example of our ongoing commitment to bring low-cost, cleaner natural gas to companies and gas utility partners across North America."

"Our Mobile Pipeline® products enable industries to take advantage of reduced NOx and particulate emissions within their community even when they are not located near pipelines," says Frank Häberli, Vice President Mobile Pipeline® Division, Hexagon Composites. "The TITAN® XL further allows the operation of a Mobile Pipeline® in places where physical pipeline build either is too costly or environmentally challenging."

The TITAN® XL, introduced to Latin America in 2015, represents the globally largest volume road trailer for the transportation of compressed natural gas (CNG). Its unique, ultra-light carbon fiber Type 4 cylinders allow it to meet the GVWR (Gross Vehicle Weight Rating) limitations of several US states.

The order from XNG is contingent on receiving an extension of the current US DOT special permit by 15 July for Hexagon Composites' TITAN® to also include TITAN® XL.
 
For more information:
Frank Häberli, Vice President Mobile Pipeline® Division, Hexagon Lincoln Inc
Telephone: +1 402 326 5586 | [email protected]

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | [email protected]

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | [email protected]

Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases. www.hexagon no

Follow us on Twitter: @HexagonASA and @TITAN_Tank

Xpress Natural Gas (XNG) provides rapid and reliable delivery of liquid natural gas (LNG) and compressed natural gas (CNG) to customers throughout the United States and Canadian Maritimes through their network of virtual pipelines. Headquartered in Boston, Massachusetts, XNG enables industrial companies, commercial institutions and municipalities to lower energy costs and reduce their environmental impact. www.xng.com

For more information please contact:
Matt Smith, EVP Sales and Marketing, Xpress Natural Gas LLC. 
Telephone: +1 857-233-5329 | [email protected]



This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions 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

HUG#2021651

Source: Thomson Reuters ONE (June 20, 2016 - 2:30 AM EDT)

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