Blue Grid, an Athens-based company leading the development of the LNG and alternative fuels market in southeast Europe, has joined the Molgas group of companies after receiving a significant investment.
Blue Grid, incorporated in 2017, is developing alternative fuels supply chains delivering environmental, economic, and operational benefits to a wide range of customers.
The company’s current activity focuses on supplying LNG as a fuel to three main customer segments in industry, road transport and for marine bunkering.
Blue Grid said its broader scope includes LNG, renewable methane and bioLNG.
Molgas is a leading downstream supplier of LNG in Europe, providing volumes to over 200 industrial customers, 34 LNG fuelling stations, as well as a growing number of marine customers.
The company is active in eight countries in Europe, including Norway through its fully owned subsidiary Gasnor, a company acquired from Shell in 2021.
Molgas, which has its headquarters in Madrid, is owned by funds managed by InfraVia Capital Partners, a Paris-based private equity firm specializing in infrastructure investments.
As a new part of Molgas, Blue Grid said it would focus on accelerating growth in LNG and bioLNG supply in the broader region of southeast Europe and the East Mediterranean.
“The Molgas investment comes at an opportune time, considering the imminent commissioning of the Revithoussa truck-loading terminal, anticipated for the summer of 2022, which will allow reliable and competitive supply of LNG to final customers in the SE European region,” said Blue Grid.
The Hellenic Gas Transmission System Operator (DESFA) is the owner of the Revithoussa LNG terminal.
DESFA is also constructing a small-scale LNG reloading jetty on Revithoussa island and it is expected to be operational by the end of 2023.
Piraeus bunkering
Blue Grid said it aimed to be one of the first physical suppliers of LNG to marine customers in the Port of Piraeus, and to this end, is planning to have an LNG bunkering vessel available in alignment with the commissioning of the jetty.
“We are proud to have Molgas onboard, and view this investment as a vote of confidence in the work that we have been doing in the region over the past years” said Sofoklis Papanikolaou, founder and Chief Executive of Blue Grid.
Fernando Sarasola, the Chief Executive of Molgas, said that southeast European was the next frontier for small-scale LNG and alternative fuels.
“Blue Grid is perfectly positioned to capture this market. We are very excited to be joining our forces and I am confident that together we will be bringing a lot of value to a wide range of customers,” added Sarasola.
