Reference is made to Agility Fuel Solutions' (50% owned by Hexagon Composites) announcement of 11 May 2017 relating to the acquisition of certain propane assets of CleanFUEL USA.
Agility Fuel Solutions announced today that its recently-formed Powertrain Systems business unit has acquired the assets of CleanFUEL USA, a leading provider of liquid-injection propane fuel systems for commercial vehicles, as well as propane autogas dispensers and refueling equipment. Agility's Powertrain Systems business unit is also hiring key employees of CleanFUEL USA and will add business locations in Wixom, Michigan to focus on fuel systems, and Georgetown, Texas to focus on refueling equipment. Terms of the transaction were not disclosed.
The acquisition will enable Agility's Powertrain Systems business unit to immediately offer complete propane fuel systems for commercial vehicles based on patented liquid propane injection (LPI®) technology. Agility will also be able to offer turnkey propane fueling packages for both private fleet and retail locations, enabling a complete propane solution for commercial fleets globally.
"This acquisition will enable our Powertrain Systems business unit to accelerate its development and certification of propane fuel systems for OEM engines and vehicles," said Kathleen Ligocki, Chief Executive Officer. "It's a significant step toward our goal of offering a complete toolkit of solutions to enable the global transition toward cleaner transportation options."
"CleanFUEL USA has assembled a portfolio of reliable products and leading technology in the commercial vehicle market in North America," said Brad Garner, President, Powertrain Systems. "We look forward to combining those products and technology with Agility's market and geographic reach, financial strength, and aftermarket service capabilities to make it easy for fleets, OEMs, and propane distributors to benefit from propane's advantages as a clean and affordable transportation fuel."
See attached press release.
Agility Creates New Powertrain Systems Business Unit Agility Fuel Solutions previously announced that they have created a new Powertrain Systems Business Unit to focus on the global propane commercial vehicle market. Read the press release
For more information: David Bandele, CFO, Hexagon Composites ASA Telephone: +47 920 91 483 | david.bandele@hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA Telephone: +47 906 34 977 | solveig.saether@hexagon.no
About Agility Fuel Solutions Agility Fuel Solutions is a leading provider of highly-engineered and cost-effective clean fuel solutions for medium- and heavy-duty commercial vehicles. Its product offering includes natural gas and hydrogen fuel storage and delivery systems, Type 4 composite natural gas cylinders, and propane fuel systems. Agility has been manufacturing and servicing clean fuel solutions for local, regional and long-haul vehicle applications for over 20 years, logging billions of miles on the road per year.
In 2016 Agility Fuel Systems and Hexagon Composites' medium and heavy duty CNG automotive businesses merged to create Agility Fuel Solutions, 50% owned by Hexagon Composites.
About Hexagon Composites Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases. www.hexagon.no
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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