Neogas of Brazil Raises $20 Million from IFC and ALAC
To fund $90 million investment plan through 2015
RIO DE JANEIRO, Oct. 8. 2013 /PRNewswire/ -- 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 $20 million 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."
About Neogas
Founded in 2001, Neogas is a pioneer in the development of unique technologies and control systems for the transport and delivery of compressed natural gas (CNG), providing service to industrial, vehicular, and residential segments and to power generation projects. Neogas facilitates the use of natural gas in regions without access to natural gas pipelines, supplying customers with clean, safe and economic fuel while also reducing their greenhouse gas emissions. "In 2013, Neogas helped its clients avoid emissions equivalent to more than 133,000 tons of carbon dioxide into the atmosphere," notes Neogas Chief Operating Officer Antonio de Azevedo.
About Global Environment Fund
GEF is a leading alternative asset investment management firm, investing exclusively in private sector businesses serving the growing global demand for clean energy, resource efficiency, environmental services and sustainable resource management. GEF's dedicated investment programs span three asset classes: Private Equity (growth capital), Real Assets (sustainable timberlands) and Infrastructure (energy generation, environmental control, urban environment and transportation). GEF integrates a collaborative global approach, sector specific expertise, long‐term investment horizon and a deep understanding of growth drivers to partner with great management teams to build exceptional businesses worldwide. Established in 1990, GEF manages approximately $1 billion in capital and has more than 30 investment professionals based in Washington, DC, Beijing, Johannesburg, Cape Town, Mumbai and Sao Paulo. For further information and a listing of GEF's public and private portfolio companies, please visit our website, www.globalenvironmentfund.com.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit www.ifc.org
About the IFC African, Latin America and Caribbean Fund:
The IFC ALAC Fund is a $1 billion investment fund that invests alongside IFC in equity investments in Sub-Saharan Africa, Latin America and the Caribbean. It provides long-term growth capital for private enterprises in these regions.
SOURCE Neogas of Brazil
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