Clean Energy, Ferus Natural Gas Fuels, GE Join Forces to Jointly Deliver Liquefied Natural Gas
Clean Energy, Ferus Natural Gas Fuels, GE Join Forces toJointly Deliver Liquefied Natural Gas
HOUSTON & CHICAGO--(BUSINESS WIRE)-- Clean Energy Fuels Corp., Ferus Natural Gas Fuels, GE Ventures and GE Energy Financial Services (NYS: GE) announced today at the High Horsepower Summit in Chicago a consortium to jointly deliver liquefied natural gas ("LNG") in the United States. The consortium, Eagle LNG Partners, will develop regional LNG projects to meet the growing demand for the cleaner-burning, less expensive fuel in industries such as long-haul trucking, rail, mining, marine, and oil and gas services.
John Shepherd, managing director at GE Energy Financial Services said, "Natural gas is revolutionizing the fueling of long-haul trucking and other high-horsepower applications. With massive amounts of domestic reserves, America is facing a generational opportunity to move to a more secure, less expensive and cleaner-burning fuel. Eagle LNG Partners' mission is to provide customers with technology and know-how to confidently make the switch."
Through experience, technical capability and commercial expertise, Eagle LNG Partners will identify strategic US locations to develop, own and operate LNG production projects. Additionally, when required in certain markets such as oil and gas and marine, the consortium is capable of providing its customers with complete LNG solutions including transportation and delivery, on-site storage, gasification and dispensing. Eagle LNG Partners is set up to provide proximal and uninterrupted LNG supply which is critical to its customers' operations.
- Clean Energy brings experience in developing, constructing and operating micro-LNG plants
- Ferus Natural Gas Fuels offers tailored expertise in cryogenic and micro-LNG plants, along with a deep understanding of cryogenic logistics that ensures an uninterrupted fuel supply
- GE Ventures drives commercial and technical innovation
- GE Energy Financial Services provides capital for energy projects
Andrew J. Littlefair, president and CEO of Clean Energy said, "Major companies in the long-haul trucking business have made significant announcements over the last few months about their intentions to convert their own fleets, or the third-party trucks that move their products to natural gas. Along with recent announcements by rail and marine companies, it's easy to understand the need for a significant increase in LNG supply in the United States. We are now joining with our partners to help meet that demand."
Eagle LNG Partners is currently considering projects in Florida, Washington, Colorado, North Dakota, Ohio and Texas. These projects would build upon existing Clean Energy and Ferus Natural Gas Fuels plants and operations, as well as previously announced Clean Energy-GE LNG projects in the Northeast and Midwest, which are expected to be operational in late 2015.
Added Dick Brown, CEO of Ferus Natural Gas Fuels: "We have heard our customers say they want LNG delivered to their point of consumption at a predictable price, with certainty and redundancy of availability. They want someone who has been in the business of owning and operating these plants, with the experience to facilitate the switch to natural gas, and who can deliver and dispense LNG safely and reliably without any disruption to operations."
Customers of Eagle LNG Partners will be operators of high-horsepower equipment in trucking, oil and gas, rail, marine, remote power and mining who now burn diesel or fuel oil and are interested in converting to lower-cost, cleaner-burning natural gas.
Growth of natural gas from unconventional resources such as shales in the United States has created an ideal environment for those considering LNG as a fuel, with more than 100 years of gas reserves at low cost for high-horsepower applications.
About Clean Energy
Clean Energy Fuels Corp. (NAS: CLNE) is the largest provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; and develop renewable natural gas (RNG) production facilities. For more information, visit, www.cleanenergyfuels.com.
About Ferus Natural Gas Fuels
Ferus Natural Gas Fuels (formerly FerusLNG) is privately-held by The Energy & Minerals Group. Ferus Natural Gas Fuels provides end-to-end LNG and compressed natural gas ("CNG") fueling services including production, transportation, storage and delivery to our customers in all end-use industries. Ferus Natural Gas Fuels supplied the first LNG fueled well fracturing job in North America, and, with its partner, is constructing a LNG production facility in Canada expected to be operational in 1Q 2014 to supply LNG to various proximal end-use markets. For more information, visit http://www.ferus.com.
About The Energy & Minerals Group
The Energy & Minerals Group is a highly specialized private equity firm that focuses exclusively on investing across various facets of the global natural resource industry that are integral to the global economy. EMG has $6.2 billion of total investor commitments (including co-investments) with in excess of $3.2 billion deployed across the energy complex since inception. For additional information on EMG, please contact Alexandra Coolidge at 713-579-5029.
About GE Energy Financial Services
GE Energy Financial Services—GE's energy investing business—works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $18 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing and development resources in over 100 countries. For more information, please visit http://www.ge.com/company/ge-ventures.
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