Hexagon Composites ASA Expands as US Natural Gas Truck Market Prepares to Grow Threefold; To Participate in One of the Largest Small-Cap Conferences in the US
Hexagon's world leading composite cylinder technology enables the safe delivery of clean gaseous energy to homes and industries and decarbonizes transportation on land and at sea.
Hexagon Agility, a fully owned subsidiary, is the market leader in
Hexagon addressable market expected to expand three-fold from 2024
"The launch of the Cummins X15N, 15-liter engine will triple the addressable market for natural gas trucks in the heavy-duty sector over the next few years," says
Hexagon expects demand for the new engine will ramp-up gradually during 2024 and the Company's addressable market for natural gas long-haul trucks will increase at pace with the segment when this new engine is widely available. Hexagon Agility's current capacity expansion program will substantially increase cylinder volumes for heavy-duty truck applications. Production start for the new line is set for the first quarter of 2025, to coincide with the increased market demand.
About the
Approximately 330,000 heavy duty trucks are sold annually in the North American market*. 100,000 of these trucks make up the addressable market for renewable natural gas (RNG/CNG) solutions currently. The current 9- and 12- liter natural gas engines on the market are a good match for the usage patterns of these trucks – vocational and day cab regional-haul applications, mainly. This is supported by a strong RNG/CNG filling station network of 1500+ stations across all key transport corridors in North America.
The introduction of the Cummins X15N will unlock the long-haul market segment, adding 230,000 heavy duty trucks to the addressable RNG/CNG market annually.
In addition to the
- RNG (
Renewable Natural Gas ) Forum: 9-11 April inQuebec , Canada - Truck World Ontario: 18 April in Mississauga,
Ontario , Canada - ACT (Advanced Clean Transportation) Expo: 20-22 May in
Las Vegas , NV
For more information:
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
*Source:
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