Applied Natural Gas Fuels Inc., a company that focuses on producing and distributing liquefied natural gas (LNG) for the transportation and industrial markets, has received debt and equity financing on behalf of investment bank Westlake Securities LLC.
Applied Natural Gas Fuels intends to use the funds to refinance existing debt and expand production capacity at its Topock, Ariz.-based liquefaction processing plant. The company operates two retail LNG fueling stations and eight mobile fueling units. It also owns and operates a fleet of 34 cryogenic tank trailers that transport LNG from the Arizona facility to customer sites.
‘With domestically produced natural gas trading at less than $20 per barrel of oil equivalent, Westlake is excited about the increasing adoption of LNG-fueled engines for use in the transportation, energy and industrial sectors,’ says Brian Gilmore, a managing director at Westlake Securities.
Applied Natural Gas Fuels Inc., which was founded in 1995, mainly serves markets in the western U.S. and northern Mexico.