Hexagon Composites ASA has signed an agreement to acquire the remaining 50% of Agility Fuel Solutions Holdings Inc. By joining two leading players in clean energy, the two companies will become an even stronger force in driving energy transformation globally by promoting the alternatives of natural gas, biogas, hydrogen, propane, and electrification.
The combined business will provide clean energy solutions to a wide 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 $250 million (NOK 2.1 billion) on a 100% basis. The signing of the agreement took place on November 8, with closing expected in January 2019.
Hexagon is a world-leading provider of composite pressure vessel technology for a wide range of mobility and storage applications. Hexagon promotes the energy transition towards a low-carbon society. Hexagon, headquartered in Aalesund, Norway, has production facilities in Raufoss, Norway; Kassel, Germany; Heath OH; and Lincoln NE. In addition, Hexagon has sales offices in Europe, North America and Asia.
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 40,000 fuel systems to customers around the globe.
Agility has production facilities in Salisbury NC; Lincoln NE; Fontana CA; and Raufoss, Norway with technology centers in Lincoln; Wixom MI; and Kelowna BC, Canada, and maintains sales offices in North America, South America, India, the United Kingdom, and Norway.