Saoradh Enterprise Partners (SEP) and X3Energy announced a partnership via X3CNG Colorado to enhance the availability of renewable natural gas (RNG) and supporting services for RNG vehicles in the state.
SEP, a leading cleantech venture capital and research firm based in Boulder, Colorado, acquired a minority ownership interest in X3CNG Colorado through its advanced fuel vehicles and technologies fund. X3Energy, a global energy partner specializing in compressed natural gas (CNG) fueling facilities and energy efficiency services based in Parma, Italy, will retain a majority interest in X3CNG Colorado.
X3CNG Colorado operates the largest network of public-access CNG fueling facilities along the Front Range, which are primarily used by commercial and government fleets. The ownership interest purchased by SEP is the minority interest previously owned by Ward Alternative Energy LLC.
The two owners have pledged to enhance the state’s fueling network through a commitment to support fleets with quality service and sustainability solutions.
All X3CNG Colorado locations will soon offer 100% renewable natural gas (RNG) for select customers. The company has plans to expand this offering to all customers in the near future.
X3CNG Colorado will partner with Redmark, another SEP portfolio company, to deliver comprehensive fueling and vehicle support services for low-emission advanced fuel vehicles.
“We are enthusiastic to partner with Saoradh Enterprise Partners in a shared commitment to deliver sustainable and efficient fuels,” said Giovanni Baroni, CEO of X3Energy. “Colorado is an excellent area for advanced fuel incentives, and we see great opportunities here to further develop the fueling infrastructure – particularly for renewable natural gas.”
“With the new $5.4 billion transportation bill, Colorado is well on its way to having robust incentives and support for advanced fuels like RNG,” said Paul Nelson, Managing Partner of SEP. “By adding X3CNG to our portfolio, we hope to support Colorado fleets with a pathway to quickly and easily lower emissions by expanding the availability of RNG.”