Plum Energy Steps Up to Displace Diesel With LNG
25 April 2014 - 2:00AM
Marketwired
Plum Energy Steps Up to Displace Diesel With LNG
Strategic Investment From Avista Corp. to Support Growth
SEATTLE, WA--(Marketwired - Apr 24, 2014) - Plum Energy, LLC,
which is engaged in the development of small-scale liquefied
natural gas (LNG) value chains, today announced an investment from
Avista Capital, a subsidiary of Avista Corp. (NYSE:
AVA). Avista Corp. is a Spokane, Wash.-based energy company
involved in the production, transmission and distribution of energy
as well as other energy-related businesses. In exchange, Avista
Capital received a 20 percent equity share of the company.
Plum Energy is headed by Kirt Montague, a seasoned energy
executive and pioneer in the creation of new "off grid" markets for
natural gas using small-scale LNG solutions. Previously,
Montague was the founder and former CEO of Prometheus Energy, which
he led from its inception in 2003 through the sale of a majority
interest of its equity to the Shell Technology Venture Fund in late
2010.
Founded in 2011, Plum Energy focuses its LNG operations on
distributed applications where volumes of less than 150,000 gallons
per day meet the needs of customers in displacing traditional fuels
like diesel and gasoline with natural gas. These types of
applications include mining, oil and gas drilling, transportation,
agriculture and other off-the-grid industrial or manufacturing
operations.
"Small-scale LNG offers customers a game-changing source of
lower cost, clean burning natural gas for all kinds of commercial
and industrial uses," said Montague. "Avista's investment affirms
the direction of our company and gives us the means to extend the
value of LNG to a broader customer base in North America."
"We are pleased to help support Plum Energy's work in the
alternative use of a clean fossil fuel such as natural gas," said
Roger Woodworth, vice president and chief strategy officer for
Avista. "This fits well with our strategy to make targeted
investments to help us gain valuable insights into building new
growth platforms. The LNG solutions that Plum Energy offers its
customers align well with our company's focus on using domestic
natural gas, and LNG in particular, to reduce our dependence on
foreign oil with a clean fuel that's also competitively
priced."
About Plum Energy LLC Plum Energy LLC (www.plumenergy.com) is
focused on the development of small-scale LNG value chains to
service the industrial and transportation markets. In addition
to developing its own projects, the company provides services to
other companies seeking to develop small-scale LNG projects
involving various aspects of the value chain. Plum's key
management team has extensive experience with, and deep
relationships across, all aspects of the small-scale LNG value
chain, ranging from the design and operation of small-scale LNG
production plants, through the transport and delivery of the
product to the onsite storage and regasification for end users'
applications.
Contact: Ian Burkheimer Director of Business Development Plum
Energy +1-253-237-2106
Avista (NYSE:AVA)
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