Plum Energy, LLC, which focuses on the development of small-scale LNG value chains, announced on Wednesday an investment from Avista Capital, a subsidiary of Avista Corp. Avista Corp. is a Spokane/Washington 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% 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.
Founded in 2011, Plum Energy focuses its LNG operations on distributed applications where volumes of less than 150 000 gal./d 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.”
Adapted from press release by Ted Monroe
Read the article online at: https://www.lngindustry.com/small-scale-lng/25042014/avista_corp_invests_in_plum_energy_in_small_scale_lng_deal/