Hexagon Agility, a business of Hexagon Composites, signed a master services agreement in June 2020 with a global logistics customer to deliver compressed natural gas (CNG) fuel systems for medium and heavy-duty trucks.
Hexagon Agility received the second order in 2021 which represents an estimated total value of USD $6.7 million (approx. NOK 57.4 million). Deliveries of the fuel systems are scheduled to start in the first quarter of 2021.
Collectively the two orders placed in 2021 represent an estimated total value of USD 13.5 million (approx. NOK 116 million).
As a low carbon fuel, CNG can result in reductions of greenhouse gas (GHG) emissions compared to diesel of over 20% when using conventional natural gas, or 90% or more when using renewable natural gas (RNG) produced from landfills, dairy farms and other bio sources.
"We are very pleased to see the strong commitment from this global customer as they demonstrate their dedication to transitioning their fleet to clean fuels. CNG and RNG play an important role in the future of commercial trucking. Sustainable fleets are at an inflection point and it makes both environmental and economic sense to deploy natural gas trucks right now, and the low cost and maturity of the technology make it possible to do so at a large scale," said Seung Baik, President, Hexagon Agility.
