HC2 Holdings, a diversified holding company, announced that its energy portfolio company American Natural Gas (ANG) has acquired ampCNG, a natural gas fuel provider, for $41 million.
ANG is funding the acquisition through a combination of cash and the issuance of debt and preferred shares at the portfolio company level.
The acquisition of ampCNG’s 20 natural gas fueling stations, located primarily in the Southeastern U.S. and Texas, expands ANG’s network reach to over 60 stations, making it one of the largest owners and operators of compressed natural gas (CNG) stations in the country. ANG also expects to achieve certain synergies through the acquisition, and the expanded network should significantly strengthen ANG’s ability to serve its customers.
“We are excited to bring ampCNG into the ANG family, as we believe it perfectly complements our overall company mission of supporting America by making natural gas readily available for commercial and public vehicle fueling,” said Drew West, Chief Executive Officer & Founder of ANG. “As we all strive to improve our air quality and our environment, this acquisition is another step forward to a more sustainable future. Near-Zero emission CNG vehicles, paired with renewable natural gas, provide for a massive reduction in greenhouse gas emissions and diminish the adverse health impacts from the transportation sector. The expansive nature of ANG’s national network, coupled with our exclusive focus on CNG and Renewable Natural Gas (RNG), continues to fuel a healthier and cleaner future.”
ANG will continue to build, operate, and maintain its natural gas fueling stations with its unwavering commitment to customer satisfaction by providing a reliable network of stations and a clean solution. Simultaneously, ANG will continue to pursue its goal of providing 100% RNG by 2020.
Source: Company Press Release