Thursday, October 16, 2014 4:57:30 PM
NG Advantage, a Milton company that delivers compressed natural gas to industrial sites that don't have access to the Vermont Gas pipeline, has sold a majority stake in the business to a publicly-traded company for $37.6 million.
Mary Evslin, who co-founded NG Advantage with her husband, Tom, said Wednesday that Clean Energy, based in Newport Beach, Calif., bought a 51 percent share of the company, and purchased the company's compression station in Milton outright.
"We're the largest other shareholder," Mary Evslin said. "There are other investors who invested early on."
Mary Evslin declined to say how much of the company she and her husband continue to own, saying only that it is the second largest share after Clean Energy.
NG Advantage fills void in pipeline
Clean Energy was co-founded by Texas oilman T. Boone Pickens and Andrew Littlefair to provide filling stations for vehicles powered by compressed natural gas. Pickens is the largest shareholder of Clean Energy, a publicly traded company, and remains on the board of the company, but is not involved in day-to-day operations. Littlefair is president and chief executive officer. Spokesman Patric Rayburn said the company has nearly 500 public and private compressed natural gas filling stations in 43 states.
NG Advantage was collaborating with Clean Energy before the company bought a 51 percent share, servicing industrial customers from a Clean Energy filling station in Pembroke, N.H.
Mary Evslin told the Burlington Free Press in September that NG Advantage had already become Clean Energy's biggest customer, buying twice as much compressed natural gas as Los Angeles International Airport, Clean Energy's second biggest customer, which uses natural gas in its fleet of vehicles.
"We have been working with Clean Energy for maybe a year," Mary Evslin said Wednesday. "We have a lot of synergy between the two companies. We're both building new industries."
Whether delivering compressed natural gas to industrial sites, as NG Advantage does, or fueling vehicles, as Clean Energy does, the same compressor station can do the job, Mary Evslin said.
Rayburn said many of Clean Energy's existing filling stations would require only "nominal adjustments" to begin serving customers for NG Advantage, giving NG Advantage the potential to expand nationwide. Mary Evslin said NG Advantage is already researching potential new markets in Ohio, Pennsylvania, West Virginia and elsewhere.
"If in market research we find five or 10 companies in Ohio that need help, we could help those people really quickly, rather than permitting and building a compressor station from scratch," she said.
Nearly $19 million of the purchase price was paid in cash at the closing on Oct. 14, with the balance of $18.6 million paid in the form of an unsecured promissory note issued by Clean Energy. Rayburn said the "key takeaway" from the sale is that the majority of the investment is going to be used to fund future growth of NG Advantage.
"This is going to allow us to hire more staff, which is greatly needed to expand at the rate we need to expand," Mary Evslin
Recent CLNE News
- Clean Energy Announces First Injection of Renewable Natural Gas at Victory Farms Dairy • Business Wire • 04/23/2024 10:30:00 AM
- Clean Energy to Report First Quarter 2024 Financial Results on May 9; Conference Call to Follow at 1:30 p.m. Pacific Time • Business Wire • 04/12/2024 12:00:00 PM
- Clean Energy Appoints Patrick J. Ford to Board of Directors • Business Wire • 03/28/2024 10:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:53:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:51:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:50:25 PM
- Clean Energy Reports Revenue of $106.9 Million and 57.0 Million RNG Gallons Sold for the Fourth Quarter of 2023 • Business Wire • 02/27/2024 09:05:00 PM
- Clean Energy Turns DFW Area into a Renewable Natural Gas Hub • Business Wire • 02/26/2024 11:30:00 AM
- Clean Energy’s Renewable Natural Gas Facility at Marshall Ridge Dairy in Iowa Begins Production • Business Wire • 02/14/2024 11:30:00 AM
- Clean Energy’s Renewable Natural Gas Digester at Tri-Cross Dairy Begins Production • Business Wire • 02/08/2024 11:30:00 AM
- Clean Energy to Report Fourth Quarter 2023 Financial Results on February 27; Conference Call to Follow at 1:30 p.m. Pacific Time • Business Wire • 01/29/2024 01:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/23/2024 09:56:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/23/2024 08:47:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/23/2024 08:41:21 PM
- Clean Energy Begins Producing Renewable Natural Gas at Latest Project • Business Wire • 01/11/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/13/2023 11:35:17 AM
- Clean Energy Announces Up to $400 Million in Financing with Stonepeak to Continue Expansion of Renewable Natural Gas Infrastructure • Business Wire • 12/13/2023 11:30:00 AM
- Clean Energy Opens Renewable Natural Gas Fueling Station in Baltimore • Business Wire • 11/21/2023 11:30:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/09/2023 09:16:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/09/2023 09:10:30 PM
- Clean Energy Reports Revenue of $95.6 Million and 56.7 Million RNG Gallons Sold for the Third Quarter of 2023 • Business Wire • 11/09/2023 09:05:00 PM
- Clean Energy’s First Renewable Natural Gas Facility Begins to Sell Environmental Credits • Business Wire • 10/31/2023 10:30:00 AM
- Food Express Welcomes Truck Equipped with the New Cummins 15-Liter Natural Gas Engine into Fleet • Business Wire • 10/17/2023 10:30:00 AM
- Clean Energy to Report Third Quarter 2023 Financial Results on November 9; Conference Call to Follow at 1:30 p.m. Pacific Time • Business Wire • 10/16/2023 12:30:00 PM
- Clean Energy Shares Up 8.2% on Raymond James's Second Upgrade in Six Months • Dow Jones News • 10/03/2023 04:31:00 PM
FEATURED Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers • AVAI • Apr 29, 2024 8:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM