Spain’s Molgas invests in Greek small-scale LNG firm Blue Grid

Spain’s Molgas, owned by French private equity firm InfraVia Capital Partners, has invested in Greece’s small-scale LNG firm, Blue Grid.

Blue Grid said on Wednesday it has joined the Molgas group of companies, after receiving a “significant investment” from the latter.

Molgas has acquired a controlling stake in Blue Grid, the Greek company told LNG Prime in an emailed statement.

Blue Grid did not reveal any other details of the deal.

This is another move by Molgas following last year’s deal with Shell to buy Norway’s LNG supplier, Gasnor, as the company continues to build a small-scale LNG network in Europe.

Molgas now supplies 6TWh of LNG per year to over 200 industrial customers, 34 fueling stations, as well as a growing number of marine customers, by utilizing 2 LNG bunkering vessels and 9 satellite terminals across the Norwegian coastline, the statement said.

On the other side, Blue Grid supplies LNG to consumers in manufacturing and shipping.

The company has last year also joined forces with one of the largest fuel retailers in Greece, Elinoil, to create BlueFuel, the country’s first LNG fuel supplier for road transport.

Following Molgas’ investment, Blue Grid said it would focus on “accelerating growth in LNG and bio-LNG supply in the broader region of SE Europe and the Eastern Mediterranean.”

The firm would also actively develop bio-methane and bio-LNG production capabilities, as well as hydrogen production activities, it said.

LNG bunkering vessel in Greece

According to Blue Grid, Molgas’ investment comes at an “opportune time”, considering the imminent commissioning of the Revithoussa truck loading facility.

The station, expected to go online in the summer of 2022, will allow supply of LNG to customers in the SE European region.

Greece’s DESFA, the Revithoussa terminal owner and operator, is also constructing a small-scale LNG reloading jetty on the island of Revithoussa, expected to be operational by the end of 2023.

Blue Grid said it aims 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 on board, 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 CEO of Blue Grid.

Fernando Sarasola, CEO of Molgas, added that “the Southeastern European region is the next frontier for small-scale LNG and alternative fuels, and Blue Grid is perfectly positioned to capture this market.”

(Updated on Thursday, March 31, 2022, to say that Molgas has purchased a controlling stake in Blue Grid.)

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