Midwest LNG and Clean Energy Provider Kinetrex Acquired by Equity Firm
Parallel49 Equity announced the acquisition, in partnership with management, of Kinetrex Energy from Citizens Resources. As the leading supplier of LNG in the Midwest, Kinetrex operates two LNG production facilities in Indianapolis, each with 1 billion cubic feet of cryogenic storage capacity. LNG allows Kinetrex to take natural gas wherever it needs to go, providing fueling solutions to the transportation, commercial, industrial, agricultural and power markets, replacing costlier and less environmentally friendly fuels such as diesel, propane and waste oil.
In addition to LNG, the company also designs, markets and implements traditional pipeline natural gas and renewable natural gas (RNG) solutions for its customers. Kinetrex is a growing player in connecting and supplying RNG to the nation’s transport markets. RNG is derived from abundant renewable sources, including organic waste in landfills, wastewater treatment plants and agricultural operations, and emits approximately 90 percent less greenhouse gas as compared to diesel fuel.
“Since starting Kinetrex, we have become the leading Midwest provider of high quality LNG as a clean and alternative energy fuel source, said Aaron Johnson, who will continue in his role as the CEO. “We are confident that Parallel49 Equity will help accelerate our growth strategy so as to achieve the same success in the RNG and PNG markets that we have enjoyed in the LNG market.”