Ingevity announces strategic partnership with renewable natural gas platform GreenGasUSA Holdings, LLC
April 27 2021 - 4:15PM
Business Wire
Ingevity Corporation (NYSE:NGVT) has announced a strategic
partnership with and investment in GreenGasUSA Holdings, LLC
(GreenGas), an integrated renewable natural gas (RNG) solutions
provider helping customers reduce their environmental impact.
Charleston, South Carolina-based GreenGas contracts with
agricultural farms, landfills and industrial and municipal
wastewater treatment facilities to collect and treat biogas from
the organic waste of their operations that it then sells as
pipeline-quality, low-carbon RNG. GreenGas also provides
compression, transportation and delivery of natural gas directly to
customers through its wholly owned pipeline injection point or as
part of its virtual pipeline services. With this investment,
Ingevity now holds a less than 50% ownership in GreenGas.
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Renewable natural gas: the clean energy
source helping customers reduce their carbon footprint.(Photo:
Business Wire)
Initially, Ingevity’s funding will enable GreenGas to further
develop biogas capture and cleanup systems at facilities where
harmful methane-producing organic waste can be converted to RNG
instead of being flared off or escaping into the atmosphere.
GreenGas founder Marc Fetten will continue as GreenGas CEO,
overseeing growth strategy and business development efforts.
Ingevity will now play an active role in exploring and
accelerating the application of its activated carbon-based,
low-pressure adsorbed natural gas (ANG) technology for the storage
and transport of natural gas as part of the GreenGas model. The
collaboration will also be integral in facilitating RNG use within
Ingevity’s ANG vehicle platform by offering fleet customers broader
access to the benefits of RNG as a transportation fuel, which
Natural Gas Vehicles of America notes reduces greenhouse gas (GHG)
emissions by up to 125%. Looking to the future, Ingevity is
uniquely positioned to leverage its expertise as an operating and
technology partner for GreenGas, while the investment also helps
Ingevity gain a foothold in the rapidly expanding RNG industry.
“Our partnership with GreenGas is yet another step forward as we
advance ‘Ingevity 2.0’ and explore value-added applications for our
activated carbon in growing markets like RNG,” said John Fortson,
president and CEO at Ingevity. “We are excited to work with Marc
and his team to understand where our technology and expertise can
help broaden the reach of RNG as an environmentally and
economically viable energy solution and enhance the innovative
offerings of GreenGas.”
“Ingevity stood out as the perfect strategic partner as we
continue to provide customers with a growing variety of
decarbonization and waste-to-value solutions,” said Marc Fetten,
GreenGas founder. “Ingevity’s strong commitment to executing
strategies that create measurable environmental impacts will serve
as a strong foundation for our partnership. The company’s proven
track record as a collaborative partner with operational experience
in leveraging its activated carbon technology to drive the
commercialization of its market-leading ANG platform will help to
accelerate our mission to reduce GHG emissions. We look forward to
continuing to scale our product and service offerings with
Ingevity.”
About GreenGasUSA Holdings, LLC:
Formed in 2019 by Marc Fetten, GreenGas provides low- and
zero-emitting energy solutions to industrial, commercial and
residential users committed to reducing their environmental
footprint. This includes supplying compressed natural gas (CNG) as
an alternative to higher-cost and higher-emitting fuels such as oil
or propane; operation of a virtual pipeline fleet for CNG and RNG
across the U.S.; production of RNG from a variety of waste sources;
as well as pipeline injection services. GreenGas currently owns a
natural gas injection point in Georgetown, South Carolina that
serves as a primary renewable energy aggregation hub enabling
farmers to participate in the renewable gas industry and providing
income to an important sector in the U.S. economy.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify,
protect, and enhance the world around us. Through a team of
talented and experienced people, we develop, manufacture and bring
to market solutions that help customers solve complex problems and
make the world more sustainable. We operate in two reporting
segments: Performance Chemicals, which includes specialty chemicals
and engineered polymers; and Performance Materials, which includes
high-performance activated carbon. These products are used in a
variety of demanding applications, including asphalt paving, oil
exploration and production, agrochemicals, adhesives, lubricants,
publication inks, coatings, elastomers, bioplastics and automotive
components that reduce gasoline vapor emissions. Headquartered in
North Charleston, South Carolina, Ingevity operates from 25
locations around the world and employs approximately 1,750 people.
The company is traded on the New York Stock Exchange (NYSE: NGVT).
For more information visit www.ingevity.com.
Cautionary Statements About Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” or similar expressions.
Forward-looking statements may include, without limitation, the
potential benefits of the GreenGas investment, expected financial
positions, results of operations and cash flows; financing plans;
business strategies and expectations; operating plans; and the
impact of COVID-19. Actual results could differ materially from the
views expressed. Factors that could cause actual results to
materially differ from those contained in the forward-looking
statements, or that could cause other forward-looking statements to
prove incorrect, include, without limitation, risks that the
expected benefits from the GreenGas investment will not be realized
or will not be realized within the expected time period, adverse
effects from the COVID-19 pandemic; adverse effects of general
economic and financial conditions; risks related to international
sales and operations; and the other factors detailed from time to
time in the reports we file with the SEC, including those described
under "Risk Factors" in our Annual Report on Form 10-K and other
periodic filings. These forward-looking statements speak only as of
the date of this press release. Ingevity assumes no obligation to
provide any revisions to, or update, any projections and
forward-looking statements contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210427006128/en/
Amy Chiconas
843-746-8197 amy.chiconas@ingevity.com
Investors: Bill
Hamilton 843-740-2138
investors@ingevity.com
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