Merger Creates Efficient Commercial Vehicle Fuel
Element Expands Footprint in Natural Gas Transportation
Element Partners is pleased to announce the expansion of Agility Fuel Systems through a strategic merger with Agility’s largest supplier, Hexagon Lincoln. Hexagon is the global leader in the manufacturing of carbon fiber cylinders for natural gas vehicles (NGVs) and Agility is the leader in natural gas fuel systems for commercial vehicles. The combined company will be known as Agility Fuel Solutions and will be led by Agility’s current CEO, Kathleen Ligocki, and her executive team. The new entity will be owned equally by Hexagon Composites, a public company on the Oslo Stock Exchange, and Agility's current investors. It will remain headquartered in Santa Ana, California.
"This merger combines two market leaders with strong backgrounds in engineering creativity, profitable growth and operational excellence. Natural gas is an economical and environmentally attractive fuel for medium- and heavy-duty vehicles, addressing the world's environmental health with significantly lower emissions of greenhouse gases, NOx and particulate matter... It is a game changer for the global economy, especially when combined with renewable sources and pricing stability relative to conventional liquid fuels... Agility is proud of our successful relationship with Hexagon, and together we will target driving adoption of clean natural gas systems in commercial vehicle markets around the world."
Kathleen Ligocki, CEO of the newly merged company
"This transaction is a natural progression of our long-standing relationship with Hexagon, and emphasizes Element’s and Agility’s commitment to global leadership in natural gas transportation for commercial vehicles... In addition, it increases scale and vertical integration for the companies, and helps us establish distribution and sales presence in new international territories, including the EU, Brazil and India.”
Sam Gabbita, General Partner at Element Partners.
Agility Fuel Systems, headquartered in Santa Ana, California, is the leading developer and manufacturer of natural gas fuel systems for medium- and heavy-duty vehicles in North America. Agility's highly engineered, proprietary natural gas fuel systems store, manage and deliver natural gas to the engine and enable the safe and effective use of natural gas as a vehicle fuel for local, regional and long-haul applications.
Hexagon Composites is a publicly listed company with its headquarters in Aalesund, Norway. It operates one of the world's most advanced facilities for designing, testing and manufacturing all-composite cylinders for gas applications. It is a globally leading supplier in the industry and sets the standard for excellence in efficiency, safety and durability.
Element Partners is a leader in growth equity investments at the intersection of Sustainability and Technology. With offices in Wayne, PA and San Francisco, CA, Element manages a series of growth equity investment funds focused on sustainability innovation and technologies in large industrial markets, including energy, water, transportation, agriculture and manufacturing.