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Hexagon Composites receives new TITAN order in North America

June 25, 2014

Hexagon Composites' wholly owned subsidiary Hexagon Lincoln has received an order valued at approximately USD 11.8 million (approximately NOK 71 million) from an existing North American client for TITAN(TM) compressed natural gas (CNG) modules to serve as mobile pipelines. In addition to a reduced carbon footprint, it's estimated that the application is displacing more than 50% of its diesel fuel requirement, resulting in a significant reduction in fuel costs. The new TITAN(TM) order, demonstrates how large-capacity, lightweight gas transportation makes economic sense. As industries move toward natural gas, access to pipelines is critical. The TITAN(TM) line is ideal for businesses that require a large consumption of CNG at a high flow rate, but are not currently served by pipelines. Large-capacity, lightweight gas transportation bridges this distance efficiently and cost effectively. "Today you see CNG transportation by road trailer replacing conventional fuels," said Frank HÄberli, Vice President Gas Distribution Products. "Our composite cylinders hold four times more and weigh 75% less than steel tubes. Businesses spend less money to haul more gas. They also see a faster return on their investment." Delivery of the TITAN(TM) modules is scheduled for third quarter, 2014. According to the confidentiality agreement with the customer Hexagon Composites is prevented from publishing the name of the company. Hexagon Composites ASA is a publicly listed company with its headquarters located in Ålesund, Norway. The Group develops and produces composite cylinders for the storage and transport of various gases under pressure. For more information: Frank HÄberli, Vice President Gas Distribution Products, Hexagon Lincoln, Inc. Telephone: +1 402 326 5586 | frank.haeberli@hexagonlincoln.com Solveig D Saether, Communication Manager, Hexagon Composites ASA Telephone: +47 906 34 977 | solveig.saether@hexagon.no This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Hexagon Composites ASA via GlobeNewswire [HUG#1802071]


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Source: Thomson Reuters ONE