Applied Natural Gas Fuels Raises Capital for LNG Plant Expansion, USA
Westlake Securities, LLC, a middle-market investment bank, announced the completion of a debt and equity placement for Applied Natural Gas Fuels, Inc.
Proceeds will be used to refinance existing debt and expand production capacity of the Company’s liquefaction processing plant located in Topock, AZ (on I-40 near the California/Arizona border). The Plant is one of the three primary LNG production facilities in the western U.S. with capacity sufficient to service retail, wholesale and industrial end users.
Established in 1995, Applied Natural Gas Fuels, Inc. is one of two primary vehicle-grade LNG producers in the United States. The Company produces, distributes, and sells LNG to transportation, industrial and municipal markets in the western United States and northern Mexico. The Company owns a fleet of 34 cryogenic tank trailers which are used to transport LNG from the Plant to customer sites. The Company also operates two retail LNG fueling stations and eight mobile fueling units.
Brian Gilmore, a Managing Director at Westlake Securities, said it was a pleasure to work with all of the parties involved. “With domestically produced natural gas trading at less than $20 per barrel of oil equivalent, Westlake is excited about the increasing adoption of LNG fueled engines for use in the transportation, energy and industrial sectors.”
Westlake Securities, LLC acted as sole placement agent for this offering.
LNG World News Staff, September 24, 2012; Image: Applied Natural Gas Fuels