World CNG Secures $5 Million Growth Capital Investment, Positioning Company for Continued Expansion
Funding to expand natural gas vehicle conversion capabilities and introduce new technology
Kent, Wash. (February 6, 2013) – World CNG, a company specializing in alternative fuel vehicle technology and conversions, today announced the receipt of $5 million in funding from Seattle-based Union Bay Capital, a leading institutionally backed private investment firm. World CNG plans to use the infusion of growth capital to accelerate product research and development, expand and upgrade its natural gas vehicle conversion facilities, and more deeply penetrate its core market.
Founded in 2008 and headquartered near Seattle, World CNG specializes in conversions of light- and medium-duty passenger and cargo vehicles to use compressed natural gas (CNG) instead of conventional gasoline or diesel. In the past two years, World CNG has emerged as a national leader in natural gas vehicle conversion services, converting thousands of cars, vans, and trucks for a variety of public and private fleets across the United States. The company’s strong presence in nine major U.S. markets is backed by a national sales team and industry-leading product design and technical execution.
“We have been impressed by World CNG’s leadership position in America’s natural gas vehicle market,” stated Kevin Barber, Managing Director of Union Bay Capital. “Their commitment to advancing affordable and clean-burning natural gas to meet our country’s transportation needs is reflected in their aggressive growth strategy and painstaking approach to innovative product development. These factors provide fertile ground for expansion and we are excited about working with World CNG to take advantage of a very promising market opportunity.”
Funding from Union Bay Capital is the foundation of a plan for World CNG to significantly boost its CNG vehicle production capacity in key regional markets, with new and enhanced conversion facilities in Chicago and Las Vegas. The company will also establish a distribution center in the southwestern United States as part of their continuing efforts to foster efficient and environmentally sustainable internal supply chain practices.
In addition, a portion of the funding is earmarked for research and development projects aimed at reducing the upfront costs of natural gas vehicles.
“This capital investment marks an exciting stage in our company’s development,” said Garret Alpers, World CNG President and CEO. “Over the past two years World CNG has focused on sound strategies for expanding our footprint and formulating performance-based solutions to drive down the cost of CNG conversions and make natural gas vehicles more accessible to more users. This new injection of funding accelerates World CNG’s trajectory of significantly shaping America’s natural gas vehicle industry.”
About World CNG:
Escalating economic and environmental costs of transportation fuels affect businesses and municipalities of all sizes, but especially those with fleets of vehicles that consume thousands of gallons of fuel every year. World CNG’s mission is to provide these fleets with vehicles that save money on fuel and maintenance costs and produce significantly fewer harmful emissions than conventional gasoline or diesel vehicles. World CNG specializes in the aftermarket conversion of light- and medium-duty passenger and cargo vehicles to use compressed natural gas instead of conventional gasoline or diesel. With over 25 years of experience in the development, fabrication, and installation of alternative fuel systems, World CNG is a well-established leader in the alternative fuel vehicles industry. Catering primarily to public and private fleets and transit and paratransit groups, World CNG’s product line covers the entire spectrum of fleet vehicles.
About Union Bay Capital:
Union Bay Capital is an institutionally backed investment fund providing growth capital to exceptional technology companies. Union Bay Capital is an innovative firm which offers a range of minimally dilutive, non-restrictive financing solutions tailored to each company’s unique circumstance and market opportunity. The fund targets investments of $1 to $10 million in a broad range of sectors including software, digital media, mobile, internet and business services. Representative investments include Next IT, ComiXology and Lighthouse eDiscovery.
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You can download the above press release here: PR-FundingFeb2013.pdf (194 KB)