Hexagon Composites’ wholly owned subsidiary Hexagon Lincoln has entered into a joint venture agreement with Allegheny Creative Energy Solutions LLC (ACES) and Resonance Mode, Inc to create a new entity. As the majority shareholder, Hexagon Composites will support the new entity to develop and manufacture compressed natural gas (CNG) fuel solutions for the rail industry.
ACES and Resonance Mode have extensive experience with American railways and have designed prototype CNG tenders, fuel storage, and trackside refueling systems with Hexagon Composites’ bulk-capacity TITAN cylinders. The joint venture’s primary focus will be the US market, but it will provide CNG rail solutions worldwide. CNG as the most economic fuel for locomotives will significantly reduce engine exhaust particulates and improve emissions in their surrounding communities.
“We see great opportunities in the global rail market, even with current oil prices. Long-term competitive fuel pricing and meeting reduced emissions requirements, especially for railways operating in metropolitan areas, are very important market drivers for the adoption of CNG in this segment,” said Frank Häberli, Vice President, Mobile Pipeline, Hexagon Lincoln.
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