Hexagon Composites to Supply CNG Fuel Tanks to European Vehicle Modifier

Hexagon Composites’ subsidiary Hexagon Raufoss has been nominated by an international vehicle modifier to supply CNG fuel tanks. The new NGV car model will enter the European market during second half of 2016.

According to the agreement, the first deliveries are targeted for end of second quarter 2016, and the program is scheduled to run for up to seven years. The estimated overall delivery value is around $18 million.

“The nomination will further strengthen our cooperation with NGV modifiers in Europe,” said Ragnar Holthe, Managing Director of Hexagon Raufoss. “We experience that the increased global focus on emissions drives the demand for compressed natural gas and other alternative fuels by choosing vehicle storage technology that reduces emissions and fuel costs.”