Two small merchant LNG companies – one in Richmond, one in Alberta – are merging into one larger company.
Cryopeak LNG Solutions Corporation, which is headquartered in Richmond, today announced it is merging with Ferus Natural Gas Fuels Inc. in Alberta. The newly merged company will be called Cryopeak Energy Solutions Corporation.
Cryopeak also announced it has acquired all the liquefied natural gas assets of Campus Energy Partners Infrastructure LP, which includes an LNG production plant in Dawson Creek, British Columbia.
“Through the merger and acquisition, Cryopeak will be the largest private, vertically integrated, LNG producer and service provider in Canada,” Cryopeak said in a news release.
Cryopeak was founded in 2012 in Richmond, focusing on LNG delivery for power and heat to remote communities and industrial sites, as well as for marine fuel.
It sources LNG from FortisBC, which produces it from its Tilbury Island plant, and trucks it by special LNG containers to remote communities and industrial sites, including mines.
Ferus, based in Alberta, operate a similar kind of business. It produces LNG at its plant in Elmworth, Alberta, and trucks the LNG to remote communities, including in the city of Whitehorse, Yukon.
“Cryopeak will manage three LNG production facilities in Western Canada and operate the largest fleet of LNG transportation, mobile storage, and regasification equipment,” Cryopeak said in its news release.
“This will serve to support the growing market demand for LNG as a lower carbon fuel. Cryopeak will significantly increase its market presence across Canada to support the adoption of LNG for off-grid industries and remote communities.”