LNG

InfraVia Capital Partners, the France-based equity firm and owner of Spanish-headquartered Molgas Energy, has become the strategic partners of Dutch LNG bunkering operator Titan Energy Holdings with a capital injection in return for a combined minority stake.

Titan Energy, the Amsterdam-based parent company of Titan Clean Fuels, closed a successful funding round for a 45 percent equity stake with further follow-on rights for Molgas.

The value of the total InfraVia-Molgas-Titan transaction was not disclosed.

Molgas itself was acquired three years ago by InfraVia and is a leader in small-scale downstream LNG and the supply of renewable gas made from waste in Western Europe.

Molgas has been active for over 20 years in providing LNG to industrial, cogeneration, vehicle and maritime customers.

LNG supply fleet

Titan for its part owns and operates a diverse fleet of small-scale LNG and liquid bio-methane supply vessels and barges deployed globally.

The Dutch operator has built up experience of ship-to-ship operations across Northern Europe, the Mediterranean, Southeast Asia, the Cape Verde Islands and the Caribbean.

Titan is also part of a consortium constructing the world’s largest bio-methane liquefaction plant in the Port of Amsterdam, which will produce over 100,000 tonnes of per annum.

“We have been considering a growth partner for some time and believe we have found the perfect partner in InfraVia-Molgas investors,” said Niels den Nijs, Chief Executive of Titan.

“Titan will retain independence, while benefiting from the complementary service offering of Molgas. Legislation and public scrutiny are stimulating the demand for low and zero-emissions fuels with growing momentum,” added Den Nijs.

Capital boost

“The new capital will allow us to accelerate our growth plans and focus all our efforts on the maritime sector exactly at the time of fast-growing market,” the CEO stated.

Fernando Sarasola, Executive Chairman of Molgas, said he was delighted to team up with Titan, which he recognized as the leading independent company in the marine bunkering field.

“Our portfolio of complementary offerings will establish the group as the go-to partner for energy transition LNG and alternative fuels for off-grid industrials, trucking and maritime businesses across Europe,” Sarasola added.

Athanasios Zoulovits, a Partner at InfraVia Capital, said the “critical need for LNG” as a transition fuel for the industrial, mobility and maritime sectors and its efficient pathway to further decarbonisation was becoming increasingly clear.

“Our acquisition of Molgas in 2020 enabled us to get started in this space and Molgas has grown at a fast pace to become a leader in onshore solutions in Western Europe,” stated Zoulovits.

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.