Applied Natural Gas Fuels, Inc. announced that it has secured $5 million in additional senior secured debt financing from Medley Capital, affiliate of one of the Company’s existing senior lenders and principal shareholder.
The Company intends to use the proceeds from this financing to purchase strategic liquefied natural gas (LNG) transport, storage and fueling application equipment to support its critical growth initiatives, and for general corporate purposes.
President & CEO Cem Hacioglu said , “ The financing provides us with the capital necessary to execute our near term objectives in our primary markets of transportation and industrial applications. It will also allow us to pursue a number of significant expansion initiatives within and beyond our traditional Southern California territory .”
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Source: Applied Natural Gas Fuels, March 24, 2011;