Composite pressure cylinder supplier Hexagon Composites ASA signed an agreement to acquire the remaining 50% of Agility Fuel Solutions Holdings Inc., which promotes the alternatives of natural gas, biogas, hydrogen, propane and electrification to power a range of industries.
Senior managers will stay on at Agility, which will keep its name and be a business unit within Hexagon.
Agility Fuel Systems and Hexagon’s medium- and heavy-duty compressed natural gas vehicle businesses merged in 2016 to create Agility Fuel Solutions, resulting in Hexagon owning 50% of Agility.
The latest transaction values Agility’s equity at $250 million. The agreement was signed on Nov. 8, with closing expected in January.