Ingevity Corporation (NGVT) announced that it will be partnering and investing in GreenGasUSA Holdings, LLC to enhance its shared goal of reducing environmental impacts associated with energy sourcing.NGVT rose 1.1% to $75.37 per share Wednesday morning.
GreenGas will be able to use Ingevity’s funding to prevent methane-producing organic waste from escaping into the atmosphere and contributing to a high carbon footprint. GreenGas’s founder, Marc Fetten, stated that, “Ingevity stood out as the perfect strategic partner,” as the company has a, “strong commitment to executing strategies that create measurable environmental impacts,” and a, “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.” GreenGas hopes to use the partnership with Ingevity to scale both its product and service offerings.
What This Means for NGVT?
Ingevity’s partnership with GreenGas will allow Ingevity to utilize its expertise to help expand GreenGas and its role in reducing greenhouse gas emissions and its high carbon footprint.
Additionally, Ingevity is able to gain an important position within a rapidly expanding industry, RNG (renewable natural gas) solutions. As Ingevity’s President and CEO, John Fortson, states, its “partnership with GreenGas is yet another step forward as [they] advance ‘Ingevity 2.0’ and explore value-added applications for our activated carbon in growing markets like RNG.” He continues by stating that the partnership can, “help broaden the reach of RNG as an environmentally and economically viable energy solution.”
Ingevity Corp has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on NGVT!
Ingevity Corp is a chemical manufacturer based in the United States. It conducts its operations through two segments, namely Performance Chemicals and Performance Materials. The bulk of its revenue is generated by the Performance Chemicals segment which deals with the manufacture and sale of specialty chemicals which find their use in a range of processes such as asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, and publication inks. The Performance Materials segment, on the other hand, focusses on automotive carbon products used in automobiles. The Company sells its products worldwide, with special emphasis on North America.