New orders for Hexagon TUFFSHELL CNG tanks reinforces market shift towards natural gas

Hexagon Lincoln has received over $7.5 million in new orders for its TUFFSHELL CNG fuel tanks, further reinforcing the shift of heavy-duty and transit vehicles towards the use of natural gas.

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Hexagon Composites' wholly owned subsidiary Hexagon Lincoln has recently received more than USD 7.5 million (around NOK 64 million) in new orders for delivery of TUFFSHELL compressed natural gas (CNG) fuel tanks. USD 5 million (around NOK 43 million) is scheduled to deliver in first quarter 2016. The orders are from North American heavy-duty and transit bus customers and signal continuing strength in those markets.

"Recent headlines focused on oil price volatility have overshadowed the fact that natural gas still remains the least expensive option at the pump," says Chet Dawes, Vice President of CNG Automotive Products. "We're seeing the market reaffirm its commitment to natural gas vehicles (NGVs) and Hexagon Composites' leadership position as a supplier."

Since the onset of the North American shale gas revolution in 2008, natural gas prices have been lower than diesel and forecasts have them remaining stable over the next decade and beyond. Affordable and consistent energy costs are essential to fleets with fuel as a large part of their budgets. As a leader in the industry, Hexagon Composites is well positioned to support large fleets as they take advantage of this energy source and remain competitive in their industries.