Says Private Money Shows Effectiveness of Obama Stimulus
Kent, Wash.-based World CNG reports funding of $5 million from Seattle-based Union Bay Capital, and says that the private money was made possible in large part by federal support under the American Recovery and Reinvestment Act of 2009.
“World CNG’s evolution and expansion is a powerful case study in the effectiveness of the 2009 economic stimulus package,” says company president and CEO Garret Alpers.
World CNG was involved in two ARRA initiatives, he says: Seattle’s CNG taxi incentive program and Chicago’s green taxi program. The two “essentially launched our business and in less than three years,” he told F&F, “we were able to more than triple our workforce, develop a strong national presence in the industry, and position the company to attract growth capital from the private sector.”
A New Southwest Distribution Center
Plans include enhanced conversion facilities in Chicago and Las Vegas, and a new distribution center in the southwestern U.S. “to foster efficient and environmentally sustainable internal supply chain practices.” R&D will focus on reducing the upfront cost of natural gas vehicles.
World CNG describes itself as “a national leader in natural gas vehicle conversion services, converting thousands of cars, vans, and trucks for a variety of public and private fleets across the United States. The company’s strong presence in nine major U.S. markets is backed by a national sales team and industry-leading product design and technical execution.”
Union Bay Capital managing director Kevin Barber praised World CNG’s “aggressive growth strategy and painstaking approach to innovative product development.
“These factors provide fertile ground for expansion and we are excited about working with World CNG to take advantage of a very promising market opportunity,” Barber says in the finding announcement.
“Over the past two years World CNG has focused on sound strategies for expanding our footprint and formulating performance-based solutions to drive down the cost of CNG conversions and make natural gas vehicles more accessible to more users,” Alpers says in the release. “This new injection of funding accelerates World CNG’s trajectory of significantly shaping America’s natural gas vehicle industry.”
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Source: World CNG with Fleets & Fuels follow-up