[Context: On March 7, Stabilis Energy, backed The Modern Group, announced the acquisition of fellow onshore LNG supplier Prometheus Energy. Terms were not disclosed. Further details and related links are below.]
Prometheus had previously received investment from Cargill-subsidiary Black River Asset Management and Shell Technology Ventures. The company has raised $39m since 2009, according to securities filings.
PROMETHEUS ENERGY | STABILIS ENERGY
Stabilis Energy Announces Acquisition of Prometheus Energy; Prometheus to Operate as Independent Natural Gas Distribution Subsidiary of Stabilis Nationally; Stabilis to Focus on LNG Production Assets
BEAUMONT, Texas–March 07, 2018–(BUSINESS WIRE)–Stabilis Energy (“Stabilis”) announced that it has completed the acquisition of a majority interest in Prometheus Energy (“Prometheus”). The acquisition combines two of the leading liquefied natural gas (“LNG”) production and distribution companies to form a full-service LNG provider capable of delivering LNG to customers in any end market and location in North America. Terms of the transaction were not disclosed.
Prometheus will operate as the independent LNG distribution subsidiary of Stabilis. Prometheus provides mobile and stationary LNG solutions to industrial, utility, pipeline, high-horsepower and other remote customers. Customer solutions include supporting utilities with natural gas via LNG for flow assurance to address gas interruptions, gas curtailments and critical peak demand during extreme conditions. Prometheus will continue to purchase LNG from multiple producers to optimize fuel cost for its customers.
“We are pleased to announce the acquisition of Prometheus Energy,” said Casey Crenshaw, CEO of Stabilis Energy. “Prometheus was a pioneer in the LNG industry and it remains the premier small-scale LNG distribution and service company in the world. We believe this transaction will allow each company to grow aggressively in LNG production and distribution, respectively.” Jim Reddinger, President and CFO of Stabilis Energy added, “Stabilis’ LNG production plants will continue to provide reliable and cost-effective LNG to all customers and distribution channels.”
Jim Aivalis, CEO of Prometheus Energy added, “Prometheus remains fully committed to its current customers and business model. We are experiencing strong and growing demand for reliable and cost-effective natural gas solutions from our customers. The combination with Stabilis will provide Prometheus with added resources to better serve our customers as their need for LNG expands.”
About Stabilis Energy
Stabilis Energy is a leading supplier of liquefied natural gas (LNG) to the industrial, midstream, and oilfield sectors in North America. Stabilis provides turnkey fuel solutions to help industrial users of diesel and other crude-based fuel products convert to LNG, resulting in reduced fuel costs and improved environmental footprint. Stabilis opened its 120,000 gpd LNG production facility in George West, TX in January 2015 to service industrial and oilfield customers in Texas and the greater Gulf Coast region. Stabilis is vertically integrated from LNG production through distribution and cryogenic equipment rental. Stabilis is headquartered in Beaumont, TX and is privately held.
About Prometheus Energy
Prometheus is a leader providing turnkey natural gas fueling solutions to the gas utility, industrial, power, pipeline and energy sectors in North America resulting in reduced fuel cost and environmental footprint for customers. The company is integrated across the natural gas supply chain from LNG & CNG sourcing, distribution, logistics, onsite equipment and field support. A pioneer in the industrial LNG market, Prometheus is recognized for its industry leadership and execution track record of over 140 successful customer projects and more than 18,000 LNG deliveries. Prometheus Energy is privately held and headquartered in Houston, Texas.