Basalt Infrastructure Partners to Acquire Xpress Natural Gas
NEW YORK – Basalt Infrastructure Partners LLC (“Basalt”) announced today that the third flagship Basalt
fund (“Basalt III”) has entered into a definitive agreement to acquire Xpress Natural Gas (“XNG” or the
XNG is a fully integrated Compressed Natural Gas (“CNG”) provider operating in the United States and Canada. The Company provides reliable, low-carbon energy solutions to utility, commercial and industrial end-users.
“We are excited about the opportunity to work with the XNG management team to continue the Company’s growth trajectory, while maintaining focus on reliable and safe operations”, stated David Greenblatt, Partner of Basalt, exclusive advisor to the Basalt funds. “XNG is well positioned to support end-users who benefit from the Company’s leading CNG network, while reducing carbon emissions.” “We could not be more excited about joining the Basalt portfolio and gaining access to a world class team and resources. XNG’s significant growth in the C&I, Utility and Virtual Pipeline markets has only been constrained by its access to capital”, said John Nahill, CEO of XNG. “Basalt and Basalt III together bring the market knowledge, operational experience and financial backing necessary to meet our ever evolving and growing customer demand.”
Consummation of the transaction remains subject to customary closing conditions, including expiration or termination of applicable regulatory waiting periods. The terms of the transaction are not being disclosed. This transaction will mark Basalt III’s third investment, after Habitat Solar and Full Fibre Limited. National Bank Financial Inc. served as exclusive financial adviser to Basalt and Kirkland & Ellis served as its legal adviser. RBC Capital Markets served as exclusive financial adviser to Xpress Natural Gas and Wilmer Cutler Pickering Hale and Dorr LLP served as its legal adviser.
Basalt is the exclusive investment advisor to the Basalt funds, comprising Basalt I, Basalt II and Basalt III. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Assets, Detroit Thermal, Hyperion Power, Helios Power, Black Bear Transmission, and Habitat Solar.
For more information, please visit www.basaltinfra.com.
About Xpress Natural Gas
Founded in 2011, XNG provides an alternative energy source for businesses without access to a gas pipeline. By transporting compressed natural gas in both the U.S. and Canada, XNG provides a consistent and reliable, low-carbon energy source for its broad customer base. The company’s business model enables CNG to be delivered to over 40 customer sites around the clock, 365 days a year. As a leading provider of CNG, the company is positioned for exponential growth in customer installments throughout 2021 and beyond.
For more information, please visit www.xng.com.
Xpress Natural Gas Expects to Expand Customer Base on Olympic Peninsula
The principle “energy attracts energy” seems to be at work at Satsop Business Park. Built as a nuclear power plant that was never finished, fueled or fired, the Satsop Business Park must have a special energy of its own. It keeps attracting various power-related industries. The latest, Xpress Natural Gas, (XNG), was up and running last fall serving its anchor customer – Port Townsend Paper Corporation – and is already looking to expand. “We’re taking calls on a regular basis and I think that will increase as people become aware of what we’re doing and the money we can save them,” said Matt Smith, XNG’s Executive Vice President of Sales and Marketing. “We’re in discussions with more than a dozen companies or institutions about setting up for our gas services in the next 12 months.”
Xpress Natural Gas wins $200,000 grant for new fleet
A Boston company building a compressed natural gas fueling station in Susquehanna County has received a $200,000 grant to purchase vehicles.
XNG Receives $200,000 Grant for Leadership in Alternative Fueling
The Pennsylvania Department of Environmental Protection (DEP) has awarded more than $1.9 million to Pennsylvania schools and businesses for projects using alternative fuels and infrastructure. The Alternative Fuels Incentive Grant (AFIG) awards grants for projects to improve air quality through alternative fuel use.
Xpress Natural Gas Expands Management Team
Xpress Natural Gas LLC (XNG), a full-service compressed (CNG) and liquified natural gas (LNG) provider with operations throughout the United States and eastern Canada, has announced the hiring of two key executives into leadership roles.
Governor Wolf Announces 88 New Jobs with Xpress Natural Gas Fueling Station in Susquehanna County
Xpress Natural Gas will build a natural gas fueling station in Susquehanna County. Governor Tom Wolf made the announcement on Thursday morning. According to the Governor's Office Xpress Natural Gas, LLC is a pioneer of the “virtual pipeline” that provides a network of compression stations and lightweight, high-capacity trailers. The new construction will create 88 new high wage jobs. Designed to daily fuel up to 100 trailers that the company uses to deliver compressed natural gas to customers across the Northeast and Mid-Atlantic states, XNG will construct a 130,000-square-foot fueling station on 20 acres of land in Forest Lake Township, Susquehanna County.
PT Paper first manufacturer in state to switch to CNG
The Port Townsend Paper Corp. has become the first large manufacturer in the state to switch from oil to compressed natural gas (CNG). Mill officials say this conversion should reduce its current greenhouse gas emission levels by 25 percent. The mill also is the anchor client for Xpress Natural Gas of Boston, which built a $5 million facility, the first such facility in the state, in the Satsop Business Park in Elma, Washington, specifically to service the Port Townsend mill.
Xpress Natural Gas Announces Its First CNG Customer in New York
NEW YORK and BOSTON — May 1, 2014 —Xpress Natural Gas (XNG) today announced that it has expanded its operations into New York. XNG will supply Schweitzer-Mauduit International’s (SWM) Ancram, New York facility, with Compressed Natural Gas (CNG). CNG is an efficient and cost effective alternative to oil. It is estimated businesses can save 30 to 40 percent on energy costs by converting to CNG.
XNG Partners with Hess Energy Marketing and Direct Energy Business
BOSTON and NEW YORK — Nov. 26, 2013 — Xpress Natural Gas (XNG) today announced plans to partner with Hess Energy Marketing (HEM), which was recently acquired by Direct Energy Business (DEB), to deliver compressed natural gas (CNG) to off-pipeline industrial and commercial businesses and institutions in the state of New York.
Xpress Natural Gas Wins Proposal to Serve University of Maine at Machias
BOSTON and MACHIAS, Maine — Oct. 1, 2013 —Xpress Natural Gas (XNG) submitted the top-scoring proposal in response to University of Maine System’s (UMS) Request for Proposal for a Multi-Campus Thermal Energy Agreement. The proposed project will pertain to University of Maine at Machias (UMM). Following a final agreement between the two parties, work will commence in spring 2014 with the goal to have all buildings on campus piped and operating on natural gas before the start of the 2014-15 academic year.
Xpress Natural Gas Announces New Service to Cary Medical Center
BOSTON and Caribou, ME — September 10, 2013 — Xpress Natural Gas (XNG) today announced a new partnership with Cary Medical Center in Caribou, Maine, to provide the hospital with clean and affordable compressed natural gas (CNG). The transition from heating oil to CNG, slated for the fall, will not only lessen the hospital’s carbon footprint, but it will also contribute to the local economy by bringing CNG-related construction and maintenance jobs to the community.