New Business Unit Tackles ‘New High-Growth Market Niche’
Hexagon Composites has set up a new business unit for hydrogen storage and transportation systems. The firm says it’s already taken a significant role in shaping the hydrogen storage industry with contracts supporting OEMs, fueling station builders, and research laboratories, and is “well positioned across the hydrogen value chain with cylinders for passenger and commercial vehicles, ground storage, transportation and backup power solutions.”
“Based on our proven Type 4 technology, hydrogen cylinders are some of our most future-oriented products,” Hexagon Composites CEO Jon Erik Engeset said in a release.
“The establishment of a separate business unit,” he said, “is done to further strengthen our organizational capability to lead the development of a new high-growth market niche.”
FCVs and Their Related Infrastructure
Hexagon notes that with its strong presence in compressed natural gas vehicles and CNG fuel cylinders, fuel cell vehicles represent “a natural expansion for the company.” And as FCVs drive demand for a hydrogen fueling infrastructure, “the fatigue-resistant cycling properties of composite pressure cylinders make them more suitable for storage than steel alternatives.”
The new business unit is headed by Rick Rashilla, currently VP of the global hydrogen team at Hexagon Lincoln, who will report to Jack Schimenti, president of the Hexagon’s high-pressure cylinders business area.
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Source: Hexagon Composites with Fleets & Fuels follow-up