‘Lead Position as Type 4 CNG Tank Supplier to the Passenger Car Segment’
Hexagon Composites has disclosed a seven-year contract worth an estimated $90 million U.S. (approximately 525 million Norwegian kroner) for Type IV compressed natural gas fuel cylinders from its Hexagon Raufoss unit for a major international car manufacturer.
“This nomination puts Hexagon Composites in the lead position as Type 4 CNG tank supplier to the passenger car segment,” Hexagon Raufoss sales and marketing director Jørn Helge Dahl said in a release.
“This further gives traction to CNG as an alternative fuel solution,” he said.
An initial product development phase is to commence in the third quarter. First deliveries are planned for the beginning of 2017, and the program is scheduled to run for up to seven years.
Ragnar Holthe is managing director, automotive at Hexagon Raufoss.
David Bandele is CFO at parent Hexagon Composites.
Type IV CNG cylinders are manufactured by Hexagon Raufoss in Raufoss, Norway, north of Oslo, and by affiliate Hexagon Lincoln in Lincoln, Neb.
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Source: Hexagon Composites with Fleets & Fuels follow-up