Company Announcements

OSLO, Norway , Oct. 30, 2024 /PRNewswire/ -- Hexagon Agility, a subsidiary of Hexagon Composites ASA (OSE: HEX.OL) and the world's leading provider of (renewable) natural gas (RNG/CNG) fuel systems, has announced a new wave of orders valued at USD 4.3 million. These orders are for RNG/CNG fuel system installations in trucks powered by Cummins' X15N natural gas engine, designed specifically for the North American heavy-duty commercial truck market.

The new orders include over 30 leading Class 8 fleets of which 40% are new adopters of RNG/CNG.

Currently, Kenworth and Peterbilt, two of the top three Class 8 truck OEMs in North America, offer natural gas truck options powered by the X15N engine. Daimler has stated it will start production of its X15N-equipped trucks in 2025.

"With the new 15-liter engine (X15N), RNG trucks now match diesel-like performance in both power and range. Equipped with a fuel system from Hexagon Agility, Class 8 trucks with the X15N can achieve a range of up to 1,200 miles. This unlocks a whole new segment of the truck market enabling cost savings and emission reduction benefits that an RNG truck offers," says Eric Bippus, EVP of Sales and Systems Development at Hexagon Agility. "Following on the heels of positive piloting programs, the breadth of fleets placing new orders and the high quoting activity we are experiencing, signifies that the market is embracing this technology as expected."

Natural gas goes head-to-head with diesel in the heavy-duty sector 

The X15N natural gas engine by Cummins is designed to deliver a range of long-haul applications similar to diesel, while significantly reducing emissions. Powered by RNG/CNG, the X15N is capable of meeting stringent EPA and CARB regulations in 2024 and 2027.

The North American truck market

Approximately 330,000 heavy-duty trucks are sold annually in the North American market. Currently, 100,000 of these trucks make up the addressable market for RNG/CNG solutions. The 9- and 12-liter natural gas engines available today are well-suited for vocational and day cab regional haul applications. This is supported by a robust network of over 1,600 public and private RNG/CNG fueling stations across key transport corridors in North America.

With power ratings up to 500 hp (~370 kW) and torque up to 1850 lb.-ft (~2500 Nm), the X15N engine meets the needs of long haul/heavy load demands for high horsepower and offers a range of up to 1,200 miles (2,000 km), matching the capabilities of diesel. This expansion adds 230,000 heavy-duty trucks to the addressable RNG/CNG market annually.

For more information, please contact:
Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com 

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com

About Hexagon Agility
Hexagon Agility, a business of Hexagon Composites, is a leading global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Its product offerings include (renewable) natural gas storage and distribution systems, Type 4 composite natural gas cylinders, and (renewable) natural gas fuel systems. These products transport clean gaseous fuels and enable vehicles to reduce emissions while saving operating costs. Learn more at hexagonagility.com and follow @HexagonAgility on X and LinkedIn.

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 hexagongroup.com and follow @HexagonASA on X and LinkedIn.

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