Hexagon Composites receives significant Mobile Pipeline order for distribution of biomethane in the UK
23.02.2016 Stock Exchange Release
Hexagon Composites' wholly owned subsidiary Hexagon Lincoln has received an order for its SMARTSTORE® modules for the distribution of biomethane. The order is from a new customer and totals USD 3.8 million (around NOK 32 million). The gas will be produced from residual waste in the food industry and distributed to fuel multiple manufacturing plants of a high-tech industry cluster in the United Kingdom.
Biomethane is one of the key fuels enabling the global green transition. Biogas is created by the decomposition of organic matter from landfills, food production, and agriculture waste. Once cleaned of other gases, biomethane is identical to natural gas, and can be used with the same infrastructure and technology. Capturing this gas keeps it out of the atmosphere and creates a renewable fuel source.
"As the world increases its focus on reducing greenhouse gases, we expect the market for transportation of biomethane to grow substantially," says Frank Haeberli, Vice President Mobile PipelineTM. "All of our Mobile PipelineTM solutions are suited for the storage and transport of this renewable fuel."
Use of biomethane in the UK is growing, especially with the Renewable Heat Incentive (RHI), which provides financial rewards for buildings that generate heat with renewable sources. Since biomethane production isn't generally located on the pipeline grid, Hexagon Composites' Mobile PipelineTM products are ideal for transporting the fuel to customers.
While biomethane transport in the UK is a new market for the Mobile PipelineTM division, SMARTSTORE® has been used for this application in Scandinavia for many years, and in Southeast Asia since last year. The UK order will be delivered in the second half of 2016.
For more information:
Frank Haeberli, Vice President Mobile PipelineTM Division, Hexagon Lincoln, Inc.
Telephone: +1 402 326 5586 | firstname.lastname@example.org
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | email@example.com
Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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