Latest News by Industry
HOUSTON, Dec. 09, 2022 (GLOBE NEWSWIRE) -- VoltaGrid LLC (“VoltaGrid” and “Company”) and Pilot Company (“Pilot”) entered into and closed a definitive agreement for VoltaGrid to acquire substantially all assets of Pilot’s CNG compression, CNG virtual pipeline and CNG logistics platform (the “Acquisition”). Through the Acquisition, VoltaGrid will become the largest vertically integrated portable power generation and clean fuels platform in North America. The combined platform will provide a reliable and cost-effective solution to advance electric completions, remote mining decarbonization, utility grid reinforcements and hydrogen blending partnerships. The Company expects to significantly increase its footprint across the USA by developing a low carbon fuels network to decarbonize key oil & gas basins, active industrial regions, carbon intensive mining operations and the transportation market.
The Acquisition builds off a well-developed relationship that the two companies formed in 2020 in conjunction with Pilot’s investment in VoltaGrid’s low carbon power generation platform. The strength of the vertically integrated platform will significantly increase the overall asset base of VoltaGrid by creating a market leading:
Pilot Company Vice President of Business Development and Strategy John Tully said “ Pilot is excited to continue to support the VoltaGrid platform and remains a dedicated shareholder as the company embarks on its decarbonization efforts across North America. We believe the combined entity will gain from capital efficiencies and synergies that will benefit our team members, stakeholders and customers. ”
Key Focus Drivers for Customer Value Generation:
In conjunction with the Acquisition, the Company has entered into a senior secured revolving credit facility (the “Facility”) that provides immediate access to USD $175 million and up to USD $250 million under certain conditions. The Facility includes support from BMO Capital Markets, The Toronto-Dominion Bank, National Bank of Canada, Scotiabank and Cadence Bank.
BMO Capital Markets acted as Sole Lead Arranger and Administrative Agent for the Facility and as Financial Advisor for the Acquisition.
About VoltaGrid
VoltaGrid is an advanced energy management and generation company that is developing an innovative platform to provide power, energy storage and emissions reductions for the pressure pumping, remote mining, utility, and distributed generation industries. VoltaGrid’s fully integrated artificial intelligence platform provides live emissions tracking, asset carbon intensity, automated back-office management and ESG reporting on a centralized database.
VoltaGrid recently announced the closing of an equity raise of USD $150 million USD that included strategic, follow-on investments from Canada Pension Plan Investment Board (“CPP Investments”), Longbow Capital, Pilot Company and Walter Ventures.
About Pilot
Pilot Travel Centers LLC ("Pilot Company") keeps North America's drivers moving as one of the leading suppliers of fuel and the largest operator of travel centers. Founded in 1958 and headquartered in Knoxville, Tennessee, Pilot Company has grown its network to more than 800 retail and fueling locations and as the third largest tanker fleet in North America, supplies more than 14 billion gallons of fuel per year to the market. Its energy division also supplies DEF, bio and renewable fuels and provides hauling and disposal services to the oil field sector. Pilot Company serves 1.5 million guests per day and provides over 70,000 fleet customers with solutions for fuel, credit, factoring, services and rewards. Its Pilot Flying J Travel Center network includes over 750 locations in 44 states and five Canadian provinces with more than 790 restaurants, 75,000 truck parking spaces, 5,300 deluxe showers, 6,200 diesel lanes and offers truck maintenance and tire service with Southern Tire Mart at Pilot Flying J. The One9 Fuel Network connects a variety of fueling locations to provide smaller fleets and independent professional drivers with everyday value, convenience, credit and perks. More information on locations and rewards are available in the myRewards Plus™ app.
Pilot Company is currently ranked No. 7 on Forbes' list of America's Largest Private Companies. For additional information about Pilot Company, its 28,000 team members and commitment to giving back, visit www.pilotcompany.com.
For more information contact:
Nathan Ough
President & CEO
VoltaGrid LLC
C:1-281-636-3074
E: Nathan.Ough@VoltaGrid.com
Robert Norris
Chief Financial Officer
VoltaGrid LLC
C: (512) 917-1982
E: Robert.Norris@VoltaGrid.com