American Natural Gas LLC in Saratoga Springs has added 20 natural gas fueling stations in eight states to its portfolio with the acquisition of ampCNG LLC of Chicago.
\nAmerican Natural Gas (ANG) is a diversified holding company of HC2 Holdings Inc. AmpCNG, is a natural gas fuel provider. The acquisition cost $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, officials said.
\nThe acquisition of ampCNG\u2019s 20 natural gas fueling stations, located primarily in the Southeastern U.S. and Texas, expands ANG\u2019s network reach to over 60 stations, making it one of the largest owners and operators of compressed natural gas (CNG) stations in the country, officials said.
\nANG also expects to achieve certain synergies through the acquisition, and the expanded network should significantly strengthen ANG\u2019s ability to serve its customers.
\nANG employs 25 people at its headquarters on Railroad Place in Saratoga Springs. It has another 20 technicians and support staff who work around the country.
\n\u201cWe 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,\u201d said Drew West, CEO and founder of ANG. \u201cAs 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.
\n\u201cThe expansive nature of ANG\u2019s national network, coupled with our exclusive focus on CNG and Renewable Natural Gas (RNG), continues to fuel a healthier and cleaner future.\u201d
\nANG will continue to build, operate, and maintain its natural gas fueling stations with its commitment to customer satisfaction by providing a reliable network of stations and a clean solution, the company said. Simultaneously, ANG will continue to pursue its goal of providing 100 percent RNG by 2020.
\nAccording to the company, natural gas is the cleanest burning alternative fuel available that has the power to run heavy-duty vehicles. It is quieter, safer, less expensive, and abundant in America.
\nCNG fleets can explore ANG\u2019s nationwide network and register to receive station alerts at www.americannaturalgas.com\/stations\/.
\nHC2 Holdings, Inc. is a publicly traded diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. It has an array of operating subsidiaries across eight reportable segments, including construction, marine services, energy, telecommunications, life sciences, broadcasting and insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
American Natural Gas LLC in Saratoga Springs has added 20 natural gas fueling stations in eight states to its portfolio with the acquisition of ampCNG LLC of Chicago. American Natural Gas (ANG) is a diversified holding company of HC2 Holdings Inc. AmpCNG, is a natural gas fuel provider. The acquisition cost $41 million. ANG is […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-33694","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\n