Hexagon Composites

Regulatory Filings • Feb 17, 2023

Hexagon Agility receives fuel system orders for UPS heavy-duty renewable natural gas trucks

Hexagon Agility receives fuel system orders for UPS heavy-duty renewable natural gas trucks

17 February 2023: As previously disclosed, Hexagon Agility, a business of

Hexagon Composites, signed a master services agreement in October 2019 with UPS,

the world's premier package delivery company and a leading provider of global

supply chain management solutions, to supply renewable natural gas (RNG) fuel

systems for medium- and heavy-duty trucks.

Under this agreement, Hexagon Agility received new 2023 orders totaling USD 19

million (approx. NOK 197 million) for delivery of RNG fuel systems for heavy-

duty trucks. This is in addition to the USD 25.6 million of previously announced

orders from April 2022.

RNG results in significant reductions of greenhouse gas (GHG) emissions when

compared to other clean energy solutions available today. In North America, RNG

is supported by abundant natural gas pipeline infrastructure which allows for

its immediate use today, and for decades to come. Hexagon Agility is enabling

the adoption of RNG to cost effectively combat climate change.

"In the past decade Hexagon Agility has supported the deployment of over 70,000

near-zero emission vehicles globally," said Eric Bippus, Senior Vice President

of Global Sales and Marketing at Hexagon Agility. "We commend UPS' ambitious

commitment to combat climate change by leveraging the benefits of RNG in North

America."

About the market

According to NGVAmerica in 2021, RNG accounted for 64% of all on-road fuel used

in natural gas vehicles in the United States. In California that figure goes up

to over 97%. Fuel providers and RNG producers are rapidly expanding output and

availability of RNG at the pump. There are over 1200 natural gas fueling

stations across North America.

Timing

Deliveries of the new orders will commence in the first quarter of 2023.

For more information:

Karen Romer, SVP Communications, Hexagon Composites ASA

Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites ASA

Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com

About Hexagon Agility

Hexagon Agility, a business of Hexagon Composites, is a leading global provider

of clean fuel solutions for commercial vehicles and gas transportation

solutions. Its product offerings include (renewable) natural gas storage and

distribution systems, Type 4 composite natural gas cylinders, propane, and

(renewable) natural gas fuel systems. These products transport clean gaseous

fuels and enable vehicles to reduce emissions while saving operating costs.

Learn more at hexagonagility.com and follow @HexagonAgility on Twitter and

LinkedIn.

About Hexagon Composites ASA

Hexagon delivers safe and innovative solutions for a cleaner energy future. Our

solutions enable storage, transportation and conversion to clean energy in a

wide range of mobility, industrial and consumer applications. Learn more at

hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.