The company engaged in the development of small-scale LNG value chains announced a major investment from Avista Capital, a subsidiary of Avista Corp. which is 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 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 transportation, mining, oil and gas drilling, 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 Kirt Montague, head of Plum Energy. “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.”
Roger Woodworth, vice president and chief strategy officer for Avista, also commented: “We are pleased to help support Plum Energy’s work in the alternative use of a clean fossil fuel such as natural gas. 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.”
Source: Plum Energy