This March, NG Advantage LLC, based in Milton, Vermont, will begin delivering compressed natural gas (CNG) to New England factories and large institutions not located on a gas pipeline with the help of financing recently closed with the Vermont Economic Development Authority (VEDA,) KeyBank (NYSE: KEY,) and the Greater Burlington Industrial Corporation (GBIC).
‘ With the help of this funding, our customers will soon be saving 30 to 40 percent over last year’ s fuel bills, while at the same time significantly reducing carbon emissions,’ said Neale Lunderville, Chief Executive Officer. ‘ We wish to thank VEDA, KeyBank and GBIC for their strong support of our company.’
Lunderville noted that NG Advantage’ s signed customers are all big energy users that range from aggregate material processing to wood products manufacturing. ‘ By delivering CNG from our Milton, Vermont compressor station via specialized composite trailers, NG Advantage creates a ‘ pipeline on wheels’ that allows unconnected companies to get the economic and environmental benefits of natural gas,’ said Lunderville.
VEDA, Vermont’ s statewide economic development finance lender, was founded to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to Vermont industrial, commercial and agricultural enterprises. ‘ VEDA’ s support of NG Advantage’ s innovative natural gas transfer project is a perfect example of how private sector investment leverages public financing to help Vermont businesses thrive in a changing economy,’ said Jo Bradley, Chief Executive Officer of the Vermont Economic Development Authority (VEDA). ‘ Through transporting natural gas directly to their customers, NG Advantage will help Vermont businesses reduce their carbon footprint and lower fuel costs. Within three years of start-up, NG Advantage plans to create more than 60 new direct jobs ‘ good news for Vermont’ s economy.’
KeyBank, one of the nation's largest bank-based financial services companies, also participated in NG Advantage’ s financing package. Donald L. Baker, market president for Vermont, commented that KeyBank’ s loan to NG Advantage ‘ is a sign of the bank’ s belief in the economic strength of the region and the innovative spirit of Vermont’ s entrepreneurs. NG Advantage’ s new business model will reinvigorate Vermont’ s manufacturing industry by lowering manufacturers’ multi-million dollar annual energy bills by between 30-40%. This gives our Vermont companies a huge boost.’
GBIC, the state-certified regional economic development corporation for Chittenden County, provided mortgage financing for the Milton compression facility site. NG Advantage’ s first compression facility is located in the Catamount Industrial Park, which is owned by GBIC. Frank Cioffi, President of GBIC, endorsed NG Advantage’ s new financing saying, ‘ GBIC’ s primary economic market focus is the region's value-added industry sectors and the region's economy-driving businesses. We are pleased to have NG Advantage in our industrial park because the company surely does add value to Vermont’ s industrial sector and its product will directly affect the bottom line of many of our leading industries and institutions ... who are Vermont’ s largest employers.’
About NG Advantage LLC: NG Advantage is the leading compressed natural gas (CNG) delivery service in the U.S. ‘ bringing the economic and environmental benefits of North American natural gas to enterprise customers without access to a pipeline. With customer contracts signed, compressors on site, trailers from Lincoln Composites ready to go, and construction nearly completed on its compressor station, the Company will begin deliveries in March 2013 in Vermont and Massachusetts, with expansion planned into New Hampshire and adjacent northern New York soon after. The company will add the new compression facility sites later in 2013.
NG Advantage compresses natural gas from an existing pipeline into specialized containers and delivers it via public highways ‘ a virtual pipeline ‘ directly to large industrial, commercial, and institutional users, providing them with cheaper, cleaner, and safer fuel. NG Advantage saves customers 30-40% on energy bills annually, reduces their CO2 emissions by 26%, and virtually eliminates harmful pollutants like sulfur dioxide and nitrous oxides.
Photo: Governor Douglas, Neale Lunderville, Tom Evslin and Governor Shumlin at the NG Advantage groundbreaking in Milton last October.