BOSTON — July 2, 2013 — Xpress Natural Gas (XNG) today announced that Saturn Partners has elected to participate as the lead equity investor in the company’s latest round of financing. Including capital raised in this round, XNG has secured a total of approximately $45 million of financing since its inception in 2011.
As the largest provider of both compressed (CNG) and liquefied (LNG) trucked natural gas solutions for businesses and municipalities in the Northeast, XNG is rapidly expanding both its operational capabilities and service footprint to better meet the needs of its customers. XNG currently has customers under contract for service in five U.S. states and the Canadian Maritimes.
The company is the only provider licensed to export trucked CNG by the U.S. Department of Energy, and licensed to import trucked CNG by the National Energy Board of Canada. XNG is committed to enabling businesses, institutions, cities and towns in both countries to lower their energy costs and improve the environment at the same time.
Commenting on the investment, John Nahill, co-founder and president of XNG, said, “We’re pleased that Saturn Partners has joined our group of investors, and also our board of directors. Their broad experience with clean energy development and high-growth business opportunities will be critical in our efforts to more rapidly bring the savings and environmental benefits of natural gas to more businesses and their communities.”
“These resources will allow us to move more aggressively in our efforts to offer cheaper, cleaner natural gas to a wider market, improving both our customers’ bottom lines and their environmental footprint,” said Seth Berry, co-founder and chief administrative officer at XNG. “These funds position our company to deliver the benefits of natural gas beyond the pipeline to large energy users around New England, New York and Southern Canada. We are already at work and will shortly announce our plans for continued expansion later this year.”
Jeff McCormick, Saturn Partners’ managing partner, stated: “We are keenly focused on supporting the XNG management team’s vision to provide clean energy to a broad customer base. We are also excited to see the potential cost savings for XNG customers, as lowering energy bills makes a real difference in the long-term viability of local industry and local families.”
About XNG: Founded in 2011, Xpress Natural Gas (XNG) is the industry leader in rapid and reliable delivery of compressed natural gas (CNG) and liquefied natural gas (LNG) to enterprises throughout New England and the Canadian Maritimes. Through its growing network of virtual pipelines, XNG provides customized, turnkey solutions that allow companies to realize the benefits of natural gas in months, not years. By combining unmatched experience with proprietary technology, XNG guarantees its customers 24/7 service, 365 days a year. For more information visit xng.com.
About Saturn Partners: Saturn Partners (“Saturn”) is a Boston-based venture capital firm focused on investing in innovative technology and services companies being built by exceptional entrepreneurs. Saturn actively targets investments in early-stage companies primarily focused on information technology, specialty energy and advanced materials. For more information, please visit www.saturnasset.com.