31 May 2016
31 May 2016
Hexagon Composites has entered into a joint venture agreement with Siddha Gas Technik to pursue opportunities in India's natural gas market.
Hexagon Composites that Siddha Gas Technik brings over 30 years of natural gas systems and service experience to the joint venture, which will sell CNG Automotive and Mobile Pipeline products.
"Expanding outside of our core markets further positions our Company as the global leading supplier of all-composite fuel cylinders," says Jon Erik Engeset, President and CEO of Hexagon Composites. "We are excited to bring our technology to India."
"Hexagon Composites' technology enables our vision of using natural gas to satisfy the energy requirements of many different applications throughout the country, from rural communities to cities," says Mrunal Gandhi, Managing Director of Siddha Gas Technik. "This joint venture is an exciting opportunity for us."
According to Hexagon, the opportunities for storage and transportation of compressed natural gas (CNG) in India are substantial. Investments are made to significantly increase the share of natural gas in the country's energy supply. The metropolitan area of Delhi has adopted an anti-pollution policy, with conversion of public transportation to CNG, and other cities are expected to adopt similar policies in the coming years.
Hexagon will have a majority shareholding of 51% in the joint venture, and will offer its full range of automotive CNG cylinders and systems, Hydrogen cylinders and Mobile Pipeline solutions.
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