Worthington acquires interest in dHybrid Systems
Worthington Industries, the manufacturer of pressure cylinders for CNG and LNG storage, has acquired a majority interest in dHybrid Systems.
dHybrid Systems is a leader in CNG fuel systems. Worthington will own 80% of the equity, with dHybrid retaining 20% and continuing in a leadership role.
Commenting on the acquisition, Andrew Billman, President of Worthington Industries Pressure Cylinders business, said: "The acquisition of dHybrid gives us the opportunity to increase our participation in the fast growing CNG fuel market and enhance the value of our supply chain offering.
"We expect the combination of dHydrid's innovative system designs and Worthington's commercial and manufacturing capabilities to help drive significant growth for this portion of our alternative fuel platform. As a result, we are also analysing the expansion of our composite cylinder manufacturing capacity, including the potential to integrate this new capacity within the fuel systems operations. We expect this approach to increase operational efficiencies and reduce customer lead times."
The main markets for dHybrid’s fuel systems are refuse and heavy-duty trucks. The system designs allow for faster fill receptacles with synchronised filling and lower weight per gallon systems.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/small-scale-lng/20102014/worthington-acquires-interest-in-dhybrid-systems-1628/
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