European small-scale LNG player Molgas, backed by French infrastructure fund investor InfraVia, continues to expand its business and has purchased a 45 percent stake in Dutch LNG supplier Titan.
According to a statement by Titan, the company’s parent firm Titan Energy Holding closed a funding round for the 45 percent equity stake with further follow-on rights from Molgas Energy.
The Dutch firm did not reveal the price tag of the deal.
The investment in Titan aims to accelerate the global uptake of alternative fuels like bio-LNG in the maritime sector and complements Molgas’ build-out of alternative fuels supply across Europe and beyond, the statement said.
Titan owns two converted 12,000-cbm LNG bunkering vessels, two FlexFuelers, both with a 1,500 cbm capacity, and it also charters other LNG bunkering vessels.
In addition to vessels, Titan also revealed plans to build a large bio-LNG plant in the Amsterdam port and joined forces with Nordsol for another bio-LNG plant.
On the other hand, with this move Molgas continues to expand its small-scale LNG business.
The company has significantly expanded its operations in the last three years, including the industrial sector, truck filling stations, and bunkering.
Back in 2020, InfraVia acquired Madrid-based Molgas in a deal worth about 120 million euros ($131 million).
After that, the Madrid-based group completed a deal with LNG giant Shell to buy Norway’s Gasnor in 2021 and also acquired a controlling stake last year in Greece’s Blue Grid.
Molgas also recently revealed a series of appointments in its leadership team.
Fernando Sarasola, who has been at the helm of Molgas as CEO since 2008, took over the role of executive chairman of the company’s board, while the founder and CEO of Athens-based Blue Grid, Sofoklis Papanikolaou, has been appointed as CEO of Molgas and will also join the board of directors of the company.
UK move
Molgas also said in a separate statement on Friday that it has officially become a member of the UK Ports.
This development will boost the group’s existing footprint in the UK, particularly in terms of LNG supply as a marine fuel across various ports, it said.
“We see this cooperation with UK Ports as an important step to jointly develop the infrastructure for LNG and bio-LNG bunkering across the UK for our existing clients and the future upcoming demand across this area,” Molgas said.