Hexagon Composites, the Norway-based company that develops and produces composite pressure cylinders and systems for the storage and transportation of various gases, says it has entered into a joint venture agreement with Siddha Gas Technik Pvt Ltd. to pursue opportunities in India’s natural gas market.
According to Hexagon, Siddha Gas Technik brings over 30 years of natural gas systems and service experience to the joint venture, which will sell compressed natural gas (CNG) automotive and Mobile Pipeline products.
Hexagon asserts that the opportunities for storage and transportation of CNG in India are substantial, and significant investments are being made to increase the share of natural gas in the country’s energy supply. Specifically, the metropolitan area of Delhi has adopted an anti-pollution policy, with conversion of public transportation to CNG, and other cities are expected to adopt similar policies in the coming years.
Hexagon Composites will have a majority shareholding of 51% in the joint venture and will offer its full range of automotive CNG cylinders and systems, hydrogen cylinders and Mobile Pipeline solutions.