Agility Fuel Systems and Hexagon Composites have finalized their merger, which unites Hexagon Composites' CNG Automotive Products Division (includes medium- and heavy-duty vehicle composite cylinder manufacturing operations and its bus systems) with Agility to form the new company Agility Fuel Solutions.
The new entity is owned equally by Hexagon Composites and Agility's current investors. Agility Fuel Solutions said it is positioned to transform the global medium- and heavy-duty industry with clean fuel technologies.
The strategic integration of the two companies will result in Agility Fuel Solutions having over 400 employees at five manufacturing facilities in North America, South America and Europe, two research and development centers, and sales offices on four continents ready to serve the global market, its customers and its stakeholders, the companies said. The merger will reduce up-front costs for clean transportation technology, expediting the commercialization of new product ideas, accelerating returns on investments, and driving the adoption of natural gas in the world's commercial fleets, they added.
"We are excited to combine two industry leaders to establish Agility Fuel Solutions which will allow us to continue to lead the global adoption of clean fuels through unmatched engineering, innovation and best value to our customers," said Kathleen Ligocki, CEO Agility Fuel Solutions.
"We look forward to this new chapter in Hexagon Composites' and Agility Fuel Systems' successful relationship. Agility Fuel Solutions is perfectly positioned to lead the global commercial vehicle market's transition to natural gas," said David Bandele, Chairman of the Board, Agility Fuel Solutions and Chief Financial Officer, Hexagon Composites.
Hexagon's Mobile Pipeline, Hydrogen Products and Light-Duty Vehicles divisions will continue to operate as Hexagon Composites.