(PR Newswire) Neogas of Brazil, a leading provider of natural gas logistics services to energy consumers without access to a natural gas pipeline, with existing operations in Brazil, Peru, Mexico and Colombia, has completed a growth investment fundraising of US$20m with IFC, a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund, LP (“ALAC”).
“We are delighted to welcome IFC and ALAC as investors in Neogas,” says Benjamin Sessions, Chairman of the Board of Neogas and Managing Director at Global Environment Fund, the majority shareholder of Neogas. “The investment is a recognition of the extensive efforts of management and staff to develop an attractive business and to identify impressive growth opportunities. Neogas has grown at an average annual rate of more than 50% since 2006, and this new capital positions the company to continue on an accelerated growth path.”
“IFC’s support to Neogas builds on our strategy to promote climate smart energy sources in Latin America”, said Atul Mehta, IFC Director for Global Manufacturing, Agribusiness and Services. “With a strong management team and technology offering, this growing company has great potential to make a positive impact on people and businesses throughout the region.”
The new funds will be used to support the company’s 2013-2015 investment plan of $90 million, and will be applied in the various countries where it has operations, as part of its international expansion process.
“We are committed to providing our customers with safe and efficient delivery of cleaner natural gas, which also provides substantial economic savings to alternative fuels,” notes Neogas Executive Director, Norberto Lassner, “Allowing our customers to lower energy costs and improve competitive positioning. For many customers, natural gas is a better quality fuel in addition to the cost savings.”