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Hexagon Lincoln tank mounted in Agility system

This picture shows Agility Fuel Systems' behind-the-cab compressed natural gas system for heavy-duty trucks that include Hexagon Lincoln's 27-inch compressed natural gas fuel tanks.

Hexagon Composites on Thursday announced plans to buy out its partner in a joint venture.

The Norwegian company said Thursday it agreed to pay about $124.2 million to acquire Agility Fuel Solutions, which it already owns half of.

Agility Fuel Systems and Hexagon's medium- and heavy-duty compressed natural gas automotive businesses merged in 2016 to create the joint venture, which has both production facilities and a technology center based in Lincoln.

Hexagon said the deal is expected to close in January.

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Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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