Prometheus Energy and National Grid Complete a Successful Winter Peaking project in Rhode Island
Houston, TX, – April 4, 2018 – Prometheus Energy Group, Inc. (“Prometheus Energy”), a leading supplier of liquefied natural gas (LNG) to the natural gas utility, pipeline, industrial and oilfield services sectors has completed a four (4) month long winter peaking service to augment National Grid’s distribution network in Rhode Island.
National Grid operates liquefied natural gas (LNG) facilities throughout New England and required a temporary LNG storage solution to supply LNG to an existing vaporizer this winter. The facility was operational from December through March to pump LNG to the vaporizer on demand in order to inject additional gas supply into their distribution network during cold winter conditions. Prometheus Energy has provided several similar virtual pipeline applications using LNG for winter peaking, integrity testing, existing pipeline reconstruction and bridging solutions in advance of pipeline connections. Prometheus Energy responded to the National Grid RFP with a unique equipment solution that was able to pump LNG at 750,000 scf per hour to meet the peak demand of National Grid’s network.
“We were faced with a dynamic challenge that required a specific equipment configuration as well as operational experience to complete the project. We selected Prometheus Energy based on these criteria and to provide a safe, reliable and professional service to meet our temporary peak shaving needs.” said Zachary Kinton, Lead Specialist of LNG Operations at National Grid.
“The combination of our proven equipment package and our extensive experience in winter peaking applications, provided National Grid with an effective temporary LNG facility designed to meet their winter demand,” stated Jim Aivalis, CEO of Prometheus Energy. “We worked closely with the National Grid team to ensure the project was designed, installed, and operated safe and reliably to meet the project requirements.”
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.”