Onboard Dynamics Signs Investment Agreement with BP Energy Partners
Investment provides growth capital to accelerate market leading technology for methane reductions from pipelines while lowering greenhouse gas (GHG) emissions
BEND, Ore., Oct. 5, 2021 /PRNewswire/ -- Onboard Dynamics, Inc. ("Onboard Dynamics" or the "Company"), a leading climate-tech provider of unique, patented, mobile natural gas pipeline evacuation and vehicle refueling compression technology and equipment, today announced the signing of an investment agreement between Onboard Dynamics and BP Energy Partners, LLC ("BPEP"). The equity investment from BPEP provides Onboard Dynamics capital to scale its products and service offerings.
Across its series of patented products, Onboard Dynamics manufactures, sells, leases, and provides turnkey service to utilities, local distribution companies (LDCs) and natural gas pipeline operators for blowdown, evacuation, and routine maintenance. Onboard Dynamics' products allow customers to conduct best practices during natural gas pipeline operations, recovery of stranded natural gas from various sources, and natural gas vehicle fleet refueling.
Increased demand for reliable and cost-effective solutions to combat methane leaks from pipelines led to the launch of Onboard Dynamics latest product, the GoVAC™ Flex.
The GoVAC™ Flex is a pipeline evacuation system that provides natural gas pipeline operators a tool to minimize and mitigate methane and greenhouse gas (GHG) emissions during pipeline maintenance, repair, and replacement. Due to its self-contained design, the GoVAC Flex has lower full-cycle emissions than competing evacuation equipment since it is fueled by pipeline natural gas recovered during the evacuation process, eliminating the need for external fuel (e.g., diesel) or electrical power. The GoVAC™ Flex can draw pipeline pressures down to near zero pounds per square inch (psig) and can evacuate natural gas into an adjoining pipeline or compress it into a tube trailer or storage tank for injection or use elsewhere. The system is mobile, flexible in siting, and in addition to pipeline gas, can also utilize, or transport stranded natural gas, responsibly sourced gas (RSG), biomethane or renewable (RNG) for best use.
"This new exciting partnership with BPEP and the synergies with its portfolio companies will allow us to meet the demand of this rapidly growing market", says Rita Hansen, CEO of Onboard Dynamics, "our new product will help customers receive economic value while achieving their environmental and sustainability goals through reduced diesel consumption and the elimination of venting and flaring practices."
"We are pleased to partner with Rita and the Onboard Dynamics' team to aid the natural gas industry in decarbonization and demethanization" states Cole Robertson, Managing Director at BPEP. "The technology allows pipeline operators to reduce methane and GHG emissions during routine operations."
The transaction is expected to close in October 2021.
About Onboard Dynamics, Inc.: Founded in 2013, Onboard Dynamics is leading the climate-tech transition with its unique, patented, mobile, and modular technology platform to responsibly use natural gas. The innovative products based on this platform enable customers to achieve economic value and environmental benefits by simplifying the capture, compression, and transfer of natural gas. Whether deployed at a remote pipeline job site, in an oil or gas production field, at a dairy renewable methane recovery project, or at a fleet yard hosting clean natural gas vehicles, its products can compress natural gas or renewable natural gas from any source for convenient transfer via pipeline or high-pressure tanks for environmentally effective use. For more information, visit Onboard Dynamics' media coverage or connect on Twitter (@OnboardDynamics), Facebook, and LinkedIn. More information can be found at https://onboarddynamics.com/.
About BP Energy Partners, LLC:
BP Energy Partners, LLC (BPEP), is a Dallas, Texas based growth-oriented private equity firm. Since inception, BPEP has focused on a lower carbon future by establishing and growing sustainable and responsible companies in the natural gas value chain including infrastructure, power, logistics, transportation, environmental services, renewable natural gas, midstream, and distribution. BPEP will also invest in low carbon energy solutions and renewables. BPEP collaborates with entrepreneurs, family-owned businesses, project developers, and experienced management teams to provide patient capital, financial and operating expertise, and deep industry relationships. BPEP currently manages over $550 million in committed capital and is actively investing in new opportunities. More information can be found at https://www.bpenergypartners.com/.
SOURCE BP Energy Partners
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