Hexagon Composites
Hexagon Composites ASA is a Norwegian clean-energy technology company that designs and manufactures Type 4 carbon fiber composite cylinders and integrated fuel systems for commercial vehicle fleets, mobile pipeline gas distribution, and industrial gas applications, serving enterprise customers globally under its Hexagon Agility subsidiary.
- Company typePublic
- Founded2000
- HeadquartersAalesund, Norway
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hexagon Composites does
Hexagon Composites' go-to-market is direct enterprise sales to large fleet operators, commercial vehicle OEMs, and industrial gas distributors, with major anchor customers including UPS, Certarus, REV LNG, and Processkontroll under multi-year master service agreements. Revenue is generated primarily through hardware sales of fuel systems and Mobile Pipeline modules, complemented by recurring aftermarket service revenue from FleetCare; pricing is negotiated via custom enterprise contracts with values reaching USD 57.7M for individual orders. The company has been actively restructuring its portfolio and cost base since 2023, divesting Hexagon Ragasco (LPG cylinders), acquiring full ownership of SES Composites, and cutting approximately 25% of its workforce while consolidating Polish production into Germany to lower its EBITDA breakeven amid softening North American natural gas trucking demand.
Hexagon Composites firmographics
Firmographics- Name
- Hexagon Composites
- Legal name
- Hexagon Composites ASA
- Website
- https://hexagongroup.com
- Company type
- Public
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Hexagon Composites ASA is a Norwegian clean-energy technology company that designs and manufactures Type 4 carbon fiber composite cylinders and integrated fuel systems for commercial vehicle fleets, mobile pipeline gas distribution, and industrial gas applications, serving enterprise customers globally under its Hexagon Agility subsidiary.
- Ownership category
- akta.pro rank
Hexagon Composites industry classification
Industry- Product category
- Composite Pressure Cylinders and Alternative Fuel Systems
- NAICS
- Industrial Machinery Manufacturing (33324)
- SIC
- Misc Industrial & Commercial Machinery & Equipment (3590)
- akta.pro primary industry
- Gas Handling Equipment & Storage (Cylinders/Tanks/Valves) (IMAEACAL)
- akta.pro secondary industries
- Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)
Keywords
Where Hexagon Composites is headquartered
LocationHeadquarters
- HQ city
- Aalesund
- HQ country
- Norway
- HQ region
- Europe
Offices6 records
Markets served
Hexagon Composites business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Fuel Systems Sales: Sale of CNG/RNG fuel systems for commercial vehicles to fleet operators and OEMs
- Mobile Pipeline Modules: Sale and lease of TITAN mobile gas distribution modules for virtual pipeline applications
- Aftermarket Services: FleetCare maintenance services, cylinder requalification, parts and support for commercial vehicles
- SES Composites Acquisition: European high-pressure cylinder and systems business acquired from Worthington Enterprises, contributing EUR 28 million in 2024 revenue
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom enterprise contracts |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Hexagon Composites product offering
Product offeringCore offering
Hexagon Composites manufactures high-pressure Type 4 carbon fiber composite cylinders and integrated clean fuel systems sold primarily through its Hexagon Agility subsidiary. Core offerings include CNG/RNG fuel systems for medium- and heavy-duty commercial vehicles, TITAN Mobile Pipeline modules for virtual distribution of compressed gases, and aftermarket FleetCare service and cylinder requalification through Hexagon Digital Wave.
Product overview
Hexagon Composites is a global leader in alternative fuel solutions for fleets and gas transportation, offering a portfolio of products centered on high-pressure composite cylinder technology. The company operates across three main segments: Fuel Systems (alternative fuel systems for commercial vehicles), Mobile Pipeline (gas distribution solutions with the largest transport capacity worldwide), and Aftermarket (FleetCare services and cylinder requalification). Key products include the TITAN and TITAN 450 mobile pipeline modules for CNG/RNG transport, Type 4 composite cylinders for various gas storage applications, and Hexagon Agility fuel systems. The company also provides digital wave cylinder requalification services and expanded its European presence through the 2025 acquisition of SES Composites.
Differentiator
Problem solved
Functional benefit
Brands
- Mobile Pipeline: Gas distribution solutions with the largest transport capacity worldwide enabling safe transport of CNG, RNG or other industrial gases
- TITAN 450
- FleetCare
- Hexagon Purus
Products and services
- TITAN Mobile Pipeline Modules High-capacity mobile gas transport modules using Type 4 composite cylinders for safe transport of CNG, RNG, and other industrial gases to locations without pipeline infrastructure. The TITAN 450 next-generation delivers 25% greater gas capacity and 20% weight reduction versus the prior generation in a 40-foot module.
- CNG/RNG Fuel Systems for Commercial Vehicles Alternative fuel systems for medium- and heavy-duty commercial vehicles (trucks and buses) integrating Type 4 composite cylinders with natural gas engines (e.g., Cummins X15N), enabling OEMs and fleet operators to switch from diesel to CNG/RNG.
- Type 4 Composite Cylinders High-pressure carbon fiber composite cylinders with plastic liner for storage and transportation of compressed gases including CNG, RNG, hydrogen, and industrial gases. Hexagon is the world's largest producer of high-pressure composite cylinders with six decades of technology experience.
- FleetCare Aftermarket Service Aftermarket parts, service, support, and fuel systems installation for commercial vehicle fleets, delivered through Hexagon Agility's FleetCare mobile service network across the US and Canada (expanded via the Specialty Fleet Services acquisition).
- Cylinder Requalification and Testing Services High-pressure cylinder requalification, inspection, and testing services delivered by Hexagon Digital Wave from its Kelowna, Canada engineering and manufacturing facility for industrial gas and commercial cylinder customers.
Quantifiable outcome
- 1.8 million metric tons CO2 equivalents avoided in 2024
- +2 more outcomes
Companies that use Hexagon Composites
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles4 records
Hexagon Composites technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Hexagon Composites partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- Specialty Fleet ServicesminorAcquisition by Hexagon Agility expanding FleetCare mobile service capabilities in US and Canada. Leading natural gas mobile service provider enhances support network for natural gas fleets.
- Worthington EnterprisescoreComplex transaction involving sale of Hexagon Ragasco (LPG cylinders) and acquisition of 49% stake in Worthington's Sustainable Energy Solutions (SES) business. SES is European supplier of high-pressure cylinders for CNG, hydrogen, and industrial gases. 2025 acquisition of full SES Composites completed for EUR 5.1 million.
- UPScore3-year master service agreement extension for RNG fuel systems for medium- and heavy-duty trucks. Hexagon Agility has supported UPS deployment of over 100,000 near-zero emission vehicles globally. New orders totaling USD 57.7 million for RNG fuel systems including X15N natural gas engine integration.
- CertaruscoreMulti-year agreement for Mobile Pipeline modules; largest single order valued at USD 54 million for TITAN 450 next-generation modules. Certarus operates largest virtual pipeline fleet in North America with over 730 trailers.
- Processkontroll Green Technologycore17-year partnership driving biomethane infrastructure expansion across Nordic region. Processkontroll is Nordic region's leading supplier of green energy gas infrastructure; Hexagon Agility supplies cylinders for mobile gas distribution modules. Partnership has enabled 300+ green gas installations and 6,000th cylinder milestone.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Hexagon Composites competitors and assessment
Company assessmentOthers
- Plug Power: Plug Power (NASDAQ: PLUG) operates a hydrogen ecosystem including production, storage, and refueling. While primarily a fuel cell and hydrogen infrastructure company, it is thematically adjacent as the broader hydrogen economy expands opportunities for Hexagon's Type 4 cylinder technology in hydrogen transport and storage.
Direct peers
- Hexagon Purus: Hexagon Purus (Oslo: HPUR) was deconsolidated from Hexagon Composites in 2023 and operates in hydrogen Type 4 cylinders and battery storage systems. Shares the same composite cylinder technology heritage and manufacturing know-how, serving adjacent clean energy markets; Hexagon retains a 34.6% stake.
- Worthington Enterprises: Worthington Enterprises (NYSE: WOR) directly competes with Hexagon in high-pressure cylinders and CNG/RNG fuel systems through its Sustainable Energy Solutions (SES) and Stanton Systems businesses, which were previously partially owned by Hexagon before the 2025 full acquisition. Most direct comparable in core product lines and customer base.
- Quantum Fuel Systems: Quantum Fuel Systems (a Worthington Enterprises brand via its fuel systems business) supplies Type 4 CNG and hydrogen fuel systems for medium- and heavy-duty commercial vehicles, directly competing with Hexagon Agility in OEM fuel system integration and aftermarket support.
- Luxfer Holdings: Luxfer Holdings (NYSE: LXFR) manufactures high-pressure gas cylinders including composite and aluminum types for industrial gases, alternative fuels, and aerospace/defense. Directly competes with Hexagon in Type 4 composite cylinders for CNG, hydrogen, and specialty gas applications.
Emerging players
- Ballard Power Systems: Ballard Power Systems (NASDAQ: BLDP) is a leading hydrogen fuel cell manufacturer for commercial vehicles. While not a direct cylinder competitor, it represents the alternative zero-emission powertrain technology that competes with CNG/RNG systems powered by Hexagon's cylinder technology for the same fleet decarbonization use case.
- Clean Energy Fuels: Clean Energy Fuels (NASDAQ: CLNE) operates the largest network of CNG/RNG fueling stations in North America and is a major downstream customer for Hexagon's Mobile Pipeline and Fuel Systems technology, while also operating its own virtual pipeline fleet—partial competitor and channel partner.
Broad incumbents
- Chart Industries: Chart Industries (NYSE: GTLS) is a much larger industrial gas equipment manufacturer offering cryogenic equipment, distribution systems, and mobile pipeline solutions. While broader in scope, it competes directly with Hexagon's Mobile Pipeline business in gas transport modules and distribution infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Hexagon Composites social profiles
Digital presenceHexagon Composites compliance and trust
Trust signalCompliance5 records
Hexagon Composites financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hexagon Composites leadership team
Management profileNumber of profiles
Profiles10 records
Hexagon Composites subsidiaries and ownership
Company hierarchySubsidiaries5 records
Hexagon Composites funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hexagon Composites M&A and investment
M&A and investmentM&A1 record
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hexagon Composites
What does Hexagon Composites do?
Hexagon Composites manufactures high-pressure Type 4 carbon fiber composite cylinders and integrated clean fuel systems sold primarily through its Hexagon Agility subsidiary. Core offerings include CNG/RNG fuel systems for medium- and heavy-duty commercial vehicles, TITAN Mobile Pipeline modules for virtual distribution of compressed gases, and aftermarket FleetCare service and cylinder requalification through Hexagon Digital Wave.
Is Hexagon Composites a public or private company?
Hexagon Composites is a public company. It is classified as public and is currently operating.
When was Hexagon Composites founded?
Hexagon Composites was founded in 2000. It employs 11 to 50 people.
Where is Hexagon Composites based?
Hexagon Composites is headquartered in Aalesund, Norway, in the Europe region.
How does Hexagon Composites make money?
Four revenue lines are on record. Fuel Systems Sales are the primary driver. The others are mobile Pipeline Modules, aftermarket Services and SES Composites Acquisition.
Who are Hexagon Composites's main competitors?
Plug Power is listed as an others. Direct peers are Hexagon Purus, Worthington Enterprises, Quantum Fuel Systems and Luxfer Holdings. Emerging players are Ballard Power Systems and Clean Energy Fuels. Chart Industries is listed as a broad incumbent.
Does Hexagon Composites have an API?
No public API is recorded for Hexagon Composites.
What industry is Hexagon Composites in?
Hexagon Composites's product category is Composite Pressure Cylinders and Alternative Fuel Systems. Its primary akta.pro industry code is IMAEACAL, Gas Handling Equipment & Storage (Cylinders/Tanks/Valves), with a secondary code of EUALALAA, Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage). Its NAICS code is 33324 and its SIC code is 3590.