Prometheus Energy Delivers on Multi-Year LNG Agreement with Massachusetts Institution to Reduce Utility Costs and Key Air Emissions: Positions Itself to Support Expansion into NY State
HOUSTON, Feb. 2, 2015 /PRNewswire/ -- As temperatures plunge across the US and the hearty residents of the Northeast weather another polar vortex filled winter, Prometheus Energy Group, Inc. ("Prometheus Energy") is helping energy users fight back with an unlikely solution. Similar to fighting fire with fire, they are battling the bitterly cold weather with an even colder cryogenic fuel; liquefied natural gas ("LNG"). Building off the success of last year's regional activity, Prometheus Energy is now engaged in multiple local LNG supply agreements, including the above referenced turnkey LNG service. At this particular site, LNG is used to fuel numerous steam boilers and a cogeneration facility providing a cleaner burning, reliable, and better priced natural gas fuel solution throughout the winter months. This turnkey LNG service includes a Prometheus Energy designed onsite LNG storage and regasification unit (shown below), onsite LNG inventory management and finally, transportation and supply of LNG.
With the recent passage of "6 NYCRR Part 570 - Regulation of Liquefied Natural Gas Facilities," New York state, as of February 26, 2015, will allow its commercial, industrial and institutional energy users to tap into the economic and environmental upside that LNG can immediately deliver. This project, located less than 100 miles from the eastern border of New York, is a perfect example of the value this legislation will bring to New York consumers in need. For facilities with limited or no access to existing natural gas pipeline, LNG offers a more competitive and less volatile price solution with immediate environmental upside.
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Prometheus Energy successfully began this commercial operation on November 14, 2014, ahead of the initial schedule. Analysts project that this collaborative effort has the potential to reduce the customer's annual diesel consumption by 1.5 million gallons of ultra-low sulfur diesel, representing a reduction in greenhouse gas emissions of 4,400 metric ton CO2e per year. In addition, it anticipates saving the customer up to $2,000,000 in fuel savings over the next two years, enabled by Prometheus' turnkey LNG supply and services.
"Prometheus Energy is honored to be a key partner in delivering a safe, reliable and an economically sustainable natural gas fueling solution for this industry leading facility," stated Jim Aivalis, President and CEO of Prometheus Energy. "Furthermore, this project, which further expands our presence in commercial and industrial markets, also coincides with Prometheus completing its 10,000th LNG tanker truck delivery to our high-horsepower and industrial LNG customers throughout North America. We are looking forward to replicating this model with key customers in New York State in the coming months." Prometheus Energy has also been recognized in the industry as a winner of the 2014 Oil and Gas awards for Midstream Company and recognized by Platt's Energy as a finalist in the 2014 Global Energy Awards.
About Prometheus Energy
Prometheus Energy is one of the largest and fastest growing suppliers of liquefied natural gas (LNG) to the industrial sector in North America. Prometheus provides turnkey fuel solutions to convert industrial users of diesel, propane and other crude-derived fuels to clean, domestic, secure LNG, resulting in reduced fuel cost and environmental footprint. The company is vertically integrated from LNG production through logistics, distribution, onsite equipment and field support. A pioneer in the industrial LNG market, Prometheus is recognized for its industry leadership. Prometheus Energy is privately held by Shell Technology Ventures Fund 1 B.V. and Black River Asset Management LLC, a wholly owned but independently managed subsidiary of Cargill. For more information and to calculate fuel savings associated with LNG, please visit www.PrometheusEnergy.com or contact [email protected].
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SOURCE Prometheus Energy Group, Inc.
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