NG AdvantageTM Closes First Round of Equity Financing
Strong Support for Compressed Natural Gas
MILTON, Vt., March 11, 2013-- NG Advantage LLC today announced the initial closing of its first round of outside equity investment. With its Milton, VT natural gas compressor station online and customer deliveries beginning soon, this investment enables NG Advantage to grow quickly to provide the economic and environmental benefits of natural gas to more companies across New England and New York. Support came from an accomplished group of investors with broad experience in the natural gas industry, clean energy development, and disruptive technology across many sectors of the economy.
Investors include Essex Flagship Investors Group, a private investment firm based in Boston comprised of senior professionals with extensive experience investing in, developing, and managing operating businesses in the energy sector. The firm is affiliated with Essex Hydro Associates and Flagship Energy Partners whose principals have a deep knowledge of the North American natural gas infrastructure and end user markets.
Another key investor is Dr. David Donohue, a Boston-based developer of U.S. underground gas storage facilities and founder of IHRDC, the worldwide leader in knowledge, training, and competency development for the oil and gas industry. Dr. Donohue noted that NG Advantage is “facing a great opportunity” to advance innovation in the natural gas sector.
Members of the Clean Energy Venture Group, an investment group that provides seed capital and management expertise to early stage clean energy companies, provided additional investments. "Clean Energy Venture Group is pleased to have participated in the recent capital raise by NG Advantage,” said Steve Kaufman, a partner in Clean Energy Venture Group. “As one of the most active early stage clean energy investment groups with a New England focus, we strongly believe that NG Advantage's environmental and regional economic benefits will have a material impact by reducing emissions from fuel oil usage and helping industries geographically removed from gas pipelines take advantage of lower energy costs."
Experienced bankers and high tech venture capitalists, using their own funds, also invested in this round.
“These resources will allow us to bring cheaper, cleaner natural gas to businesses, improving both their bottom line and their environmental footprint,” said Neale Lunderville, NG Advantage Chief Executive Officer. “These funds position NG Advantage to grow quickly to deliver the benefits of natural gas beyond the pipeline to large energy users around New England and New York. Work is underway for continued expansion later this year.”
Seasoned entrepreneurs Tom and Mary Evslin founded the company in 2011 and Tom Evslin remains Chairman of NG Advantage. “We are deeply gratified with the strong support from these outside investors,” said Evslin. “Their experience across a range of industries will be critical to NG Advantage’s success.”
About NG Advantage LLC: NG Advantage is the leading compressed natural gas (CNG) delivery service in the U.S., bringing the economic and environmental benefits of North American natural gas to enterprise customers without access to a pipeline. With customer contracts signed, its Milton, VT compressor station online, and TITAN trailers from Lincoln Composites ready to go, the Company will begin deliveries in March 2013. The Company’s customers are located across New England. Beginning in mid-2013, the Company will add other compressor stations throughout the region.
NG Advantage compresses natural gas from an existing pipeline into specialized containers and delivers it via public highways – a virtual pipeline – directly to large industrial, commercial, and institutional users, providing them with cheaper, cleaner, and safer fuel. NG Advantage saves customers 30-40% on energy bills annually, reduces their CO2 emissions by 26%, and virtually eliminates harmful pollutants like sulfur dioxide and nitrous oxides.
NG Advantage LLC
Mary Evslin, 1-802-760-1167 x 506
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