Union Bay Capital has provided $5 million in financing to World CNG, a Washington-based company that focuses on compressed natural gas (CNG) vehicle conversions.
World CNG says the funding will help it increase its natural gas vehicle production capacity via conversion facilities in Chicago and Las Vegas. The company is also establishing a distribution center in the southwestern U.S., and some of the funding will go toward NGV R&D projects.
‘Their commitment to advancing affordable and clean-burning natural gas to meet our country's transportation needs is reflected in their aggressive growth strategy and painstaking approach to innovative product development,’ says Kevin Barber, managing director of Union Bay Capital. ‘These factors provide fertile ground for expansion.’
World CNG partners with IMPCO Automotive to offer natural gas conversions on various Ford and GM platforms, as well as provides CNG solutions for vehicles such as the Isuzu NPR; Ford and Dodge vans; the Ford Crown Victoria; and the Chevy Impala.