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, TX, March 7, 2018 – 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.” Crenshaw continued, “Stabilis’ LNG production plants will continue to provide reliable and cost-effective LNG to all customers and distribution channels.”
Prometheus Energy Group, Inc. Announces a Strategic Transaction Expanding its LNG Distribution Footprint in North America
Prometheus to Acquire Stabilis Energy’s LNG Distribution and Services Business for Customers Across North America Outside of Texas and the Gulf Coast
HOUSTON, Sept. 27, 2017 /PRNewswire/ — Prometheus Energy Group, Inc. (“Prometheus”), a leading supplier of liquefied natural gas (“LNG”) fueling solutions and services announced that it has signed definitive agreements to acquire Stabilis Energy’s LNG distribution and services business in North America outside of the Texas and Gulf Coast regions. The transaction further expands Prometheus’ ability to better serve customers in the gas utility, pipeline, energy, process and remote power generation markets. Included in the transaction, Stabilis Energy will acquire Prometheus’ 20,000 gpd LNG production facility in Lisbon, Utah. The terms of the transaction were not disclosed.
“We believe this further strengthens our platform providing LNG supply, distribution and technical services to customers across all of North America and specifically within the Rocky Mountain Region,” said Jim Aivalis, CEO and President of Prometheus. “This transaction allows Prometheus to focus on its core competencies of providing total natural gas fuel and delivery solutions to customers utilizing LNG or CNG.” Read More…