Hexagon Composites announces joint venture agreement with Siddha Gas Technik in India

26.05.2016  Stock Exchange Release

Hexagon Composites has entered into a joint venture agreement with Siddha Gas Technik Pvt Ltd to pursue opportunities in India's natural gas market. 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 ASA. "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."

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 Composites 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.

For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483| david.bandele@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no

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.

Siddha Gas Techniks Pvt Ltd is head quartered in the city of Vadorada, Gujaratwas, India. The company was founded in 1984 and pioneered the introduction of sophisticated gas measurement, pressure reduction and filtration systems for the natural gas industry in India.

Follow us on Twitter: @HexagonASA



This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


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