Basalt Infrastructure Partners LLC announced that the third flagship Basalt fund (Basalt III) has entered into a definitive agreement to acquire Xpress Natural Gas (XNG).
XNG is a fully integrated Compressed Natural Gas (CNG) provider operating in the United States and Canada. The company provides reliable, low-carbon energy solutions to utility, commercial and industrial end-users.
“We are excited about the opportunity to work with the XNG management team to continue the company’s growth trajectory, while maintaining focus on reliable and safe operations,” stated David Greenblatt, Partner of Basalt, exclusive advisor to the Basalt funds. “XNG is well positioned to support end-users who benefit from the company’s leading CNG network, while reducing carbon emissions.”
“We could not be more excited about joining the Basalt portfolio and gaining access to a world class team and resources. XNG’s significant growth in the C&I, Utility and Virtual Pipeline markets has only been constrained by its access to capital,” said John Nahill, CEO of XNG. “Basalt and Basalt III together bring the market knowledge, operational experience and financial backing necessary to meet our ever evolving and growing customer demand.”