Hexagon Composites builds momentum in the South American market
Hexagon Composites ASA's business unit, Lincoln Composites has signed a contract with Especialistas en Gas del Peru S.A.C. (EGP), a subsidiary of Grupo Energy; for the supply of 40 foot TITAN(TM) high-pressure tanks and storage modules for use within Peru. The contract is worth around USD 5 million.
This newest TITAN(TM) order serves as the gateway into a booming natural gas bulk-transportation market within Peru. The existing natural gas pipeline infrastructure does not provide access to the entirety of the urban and rural areas that are striving to take advantage of the cost-effective, clean-burning fuel. The government and private-industry focus on increasing natural gas usage in both the vehicular and industrial market has led to a significant need for bulk-transportation solutions in the Peruvian market.
With the introduction of the TITAN(TM) module, private industries in Peru that once relied on burning heavy fuels for power generation are now able to contract with EGP for the delivery of natural gas. EGP will use existing CNG mother stations connected to the pipeline infrastructure to load over 7300 kg of CNG on the TITAN(TM) storage modules for transport to their industrial users.
"We have been focusing on Peru as a critical market for the TITAN(TM) modules. The urgency with which the companies in the country are looking to utilize compressed natural gas demands an efficient solution for transporting large quantities of the fuel. The TITAN(TM) makes it possible to transport large amounts of gas to remote locations that would otherwise not prove economical," said Lincoln Composites' Vice President of International Sales, Frank Haberli.
Image and press release available at:
www.hexagon.no
For more information:
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | E-mail: solveig.saether@hexagon.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.