Agility Fuel Systems, the leader in natural gas fuel systems for commercial vehicles, and Hexagon Composites, the global leader in composite cylinders for natural gas vehicles (NGVs), have finalized their merger effective October 3, 2016.
The merger unites Hexagon Composites' CNG Automotive Products Division, which includes medium- and heavy-duty vehicle composite cylinder manufacturing operations and its bus systems, with Agility to form the new company, Agility Fuel Solutions. The new entity is owned equally by Hexagon Composites and Agility's current investors. Agility Fuel Solutions, with its technical expertise, manufacturing capabilities and global footprint, is uniquely positioned to transform the global medium- and heavy-duty industry with innovative clean fuel technologies.
The strategic integration of the two companies will result in Agility Fuel Solutions having over 400 employees at five manufacturing facilities in North America, South America and Europe, two research and development centers, and sales offices on four continents ready to serve the global market, its customers and its stakeholders. The merger will reduce up-front costs for clean transportation technology, expediting the commercialization of new product ideas, accelerating returns on investments, and driving the adoption of natural gas in the world's commercial fleets.
"We are excited to combine two industry leaders to establish Agility Fuel Solutions which will allow us to continue to lead the global adoption of clean fuels through unmatched engineering, innovation and best value to our customers," said Kathleen Ligocki, CEO Agility Fuel Solutions.
"We look forward to this new chapter in Hexagon Composites' and Agility Fuel Systems' successful relationship. Agility Fuel Solutions is perfectly positioned to lead the global commercial vehicle market's transition to natural gas," said David Bandele, Chairman of the Board, Agility Fuel Solutions and Chief Financial Officer, Hexagon Composites.
Natural Gas is an economical and environmentally attractive fuel for medium- and heavy-duty vehicles, addressing the world's environmental health with significantly lower emissions of greenhouse gases, NOx and particulate matter. It is a game changer for the global economy, especially when combined with renewable sources, and provides superior pricing stability relative to conventional liquid fuels.
Hexagon's Mobile Pipeline, Hydrogen Products and Light-Duty Vehicles divisions will continue to operate as Hexagon Composites.
