NORTH CHARLESTON, S.C.–(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.
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.