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 funding the acquisition through a combination of cash and the issuance of debt and preferred shares at the portfolio company level, officials said.
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, officials said.
ANG also expects to achieve certain synergies through the acquisition, and the expanded network should significantly strengthen ANG’s ability to serve its customers.
ANG 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.
“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, CEO and 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 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.
According 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.
CNG fleets can explore ANG’s nationwide network and register to receive station alerts at www.americannaturalgas.com/stations/.
HC2 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.
