Spain's Molgas buys 45% stake in Dutch Titan Clean Fuels
SUMMARY
The funding agreement includes support for Titan's liquefied biomethane (LBM/bio-LNG) and LNG initiatives, with a focus on the maritime and industrial sectors.
By Shardul SharmaSpanish gas company Molgas has bought a 45% stake in Dutch LNG bunkering firm Titan Clean Fuels, Titan said on December 14.
Titan Energy Holding, the parent company of Titan Clean Fuels, has successfully closed a funding round, securing a 45% equity stake with further follow-on rights from Molgas, supported by infrastructure fund investor InfraVia Capital Partners.
Molgas is involved in small-scale downstream LNG and renewable gas supply and distribution in Western Europe.
"We have been considering a growth partner for some time and believe we have found the perfect partner in InfraVia and Molgas. Titan will retain independence while benefiting from the complementary service offering of Molgas," Titan CEO Niels den Nijs said.
The funding agreement includes support for Titan's liquefied biomethane (LBM/bio-LNG) and LNG initiatives, with a focus on the maritime and industrial sectors. Titan currently operates a diverse fleet of small-scale LBM/LNG supply vessels globally and is part of the consortium building the LBM liquefaction plant in the Port of Amsterdam.
The Dutch plant, with a capacity of 200,000 metric tons/year, will be supplied with biogas mostly by BioValue, one of the Netherlands' biggest suppliers of the fuel, under a recently signed contract. The remainder will come from other European installations linked to the existing gas grid. Germany's Linde will undertake basic engineering for the project, and will provide its proprietary liquefaction technology.
The project is expected to be completed by 2025.
