Hexagon Composites ASA has signed an agreement to acquire the remaining 50% of Agility Fuel Solutions Holdings Inc. The combined business will provide clean energy solutions to a range of end markets around the world, including household, industrial, gas transportation, marine, rail, and light-, medium- and heavy-duty vehicles. The transaction values Agility’s equity at US$250 million. The agreement is expected to close in January 2019.
Hexagon is a provider of composite pressure vessel technology for mobility and storage applications and is headquartered in Aalesund, Norway, The company has production facilities in Raufoss, Norway; Kassel, Germany; Heath, Ohio; and Lincoln, Neb.
Agility Fuel Solutions product offerings include natural gas, hydrogen, and battery electric energy storage and delivery systems, Type 4 composite natural gas cylinders, propane and natural gas fuel systems, and propane dispensers. Agility offers solutions for a variety of vehicle types, including Class 8 trucks, refuse trucks, transit buses, school buses, concrete mixers, and delivery trucks.
The company has production facilities in Salisbury, NC; Lincoln, Neb.; Fontana, Calif.; and Raufoss, Norway with technology centers in Lincoln; Wixom, Mich.; and Kelowna, British Columbia,
Agility Fuel Systems and Hexagon’s medium and heavy duty CNG automotive businesses merged in 2016 to create Agility Fuel Solutions, resulting in Hexagon owning 50% of Agility. The companies have delivered more than half a million cylinders and over forty thousand fuel systems to customers around the globe.