Hexagon Composites' newly acquired subsidiary, xperion Energy & Environment, has received an order for X-STORE® gas container modules from EGAS Pvt. Ltd with a total estimated value of EUR 2.6 million (around NOK 21 million).
EGAS, one of the leading gas distributors in Pakistan, sees increased demand for Mobile Pipeline® Compressed Natural Gas (CNG) solutions for industrial customers in areas not served by pipelines. While natural gas is a limited resource in Pakistan, piped gas to CNG stations and industries are being closed down during the winter season in order to dedicate this fuel to power plants for electricity generation.
Since 2013, EGAS has operated several X-STORE® modules serving oil wells for capturing and compressing flare gas. In 2016 EGAS bought TITAN® modules from Hexagon Composites' US-based subsidiary Hexagon Lincoln.
The Mobile Pipeline® modules are used to supply the captured CNG to industrial users with stable energy demand, such as hotels, fueling stations and the textile industry.
"As EGAS continues its expansion, we are proud to remain as their partner," says Hartmut Fehrenbach, Business Unit Director of Mobile Pipeline® at xperion Energy & Environment. "Lower CNG prices paired with higher transport efficiency improve the competitiveness of Mobile Pipeline® operators and favor our all-composite mobile solutions."
"Both X-STORE® and TITAN® gas modules have proven to be very suitable solutions in our endeavor to support the authorities' ambition of securing Pakistan's natural gas supply," says Hassan Raza, Executive Director at EGAS. "Hexagon Composite is a reliable partner and we expect more cooperation as we continue to expand our business."
The X-STORE® 48-foot modules are scheduled for delivery in the second quarter of 2017.
In October 2016, Hexagon Composites acquired xperion Energy & Environment in Germany to strengthen its position in the global composite pressure cylinder and systems market. xperion Energy & Environment, headquartered in Kassel, Germany, is a leading manufacturer of all-composite high-pressure cylinders for the automotive industry and gas transportation. The X-STORE® modules expand the Hexagon Composites' Mobile Pipeline® product portfolio.
For more information: Solveig D Saether, Communication Manager, Hexagon Composites ASA Telephone: +47 906 34 977 | solveig.saether@hexagon.no
About EGAS EGAS Pvt. Ltd. is Pakistan's first private natural gas sales and distribution company specializing in capturing flared gas at oil wells. The company has gained significant experiences in developing a state of the art delivery method for transporting natural gas. EGAS captures raw gas at oil fields, processes and compresses it into large-scale specialized trucks which then transport the natural gas to industrial and commercial customers.
About Hexagon Composites Hexagon Composites is a publicly listed company with its headquarters in Aalesund, Norway. The Group is a leading global supplier of composite pressure cylinders and systems for storage and transportation of various gases.
Follow us on Twitter: @HexagonASA
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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