Hexagon Composites

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.

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

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

• Composite cylinder manufacturing
• Alternative fuel systems
• Mobile gas pipeline
• Commercial vehicle fuel systems
• High pressure gas storage

Headquarters

HQ city

Aalesund

HQ country

Norway

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Fuel Systems Sales: Sale of CNG/RNG fuel systems for commercial vehicles to fleet operators and OEMs
2. Mobile Pipeline Modules: Sale and lease of TITAN mobile gas distribution modules for virtual pipeline applications
3. Aftermarket Services: FleetCare maintenance services, cylinder requalification, parts and support for commercial vehicles
4. SES Composites Acquisition: European high-pressure cylinder and systems business acquired from Worthington Enterprises, contributing EUR 28 million in 2024 revenue

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core 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

Named customers7 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Specialty Fleet ServicesminorStrategic or Co-development Partner · 11 November 2024Acquisition 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 EnterprisescoreStrategic or Co-development Partner · 29 May 2024Complex 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.
• UPScoreChannel Partner/ Reseller/ Distributor · 1 February 20243-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.
• CertaruscoreChannel Partner/ Reseller/ Distributor · 1 March 2021Multi-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 TechnologycoreStrategic or Co-development Partner · 1 January 200917-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

Others

• 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

• Xx.com/HexagonASA
• YouTubeyoutube.com/channel/UC18GxGWlMHuNK0VNeOaR6lw
• LinkedInlinkedin.com/company/2728112/admin

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hexagon Composites