Low-emissions marine fuels supplier Titan has closed a funding round for a 45% equity stake with further follow-on rights from downstream LNG and renewable gases company Molgas Energy, backed by infrastructure fund investor InfraVia Capital Partners.
As explained, the investment in Titan aims to accelerate the global uptake of alternative fuels like liquefied biomethane (LBM) in the maritime sector and complements Molgas’ build-out of alternative fuel supply across Europe and beyond.
Niels den Nijs , CEO of Titan, said: “We have been considering a growth partner for some time and believe we have found the perfect partner in InfraVia and Molgas. Titan will retain independence, while benefiting from the complementary service offering of Molgas. Legislation and public scrutiny are stimulating the demand for low and zero-emissions fuels with growing momentum. The new capital will allow us to accelerate our growth plans and focus all our efforts on the maritime sector exactly at the time of fast-growing market need.”
Fernando Sarasola , Executive Chairman of Molgas, commented: “We are thrilled to team up with Titan, which we recognize as the leading independent company in the marine bunkering field. Our portfolio of complementary offers will establish the group as the “go to” partner for energy transition LNG and alternative fuels to off-grid industrials, trucking and maritime businesses across Europe.
“This investment is part of the growth plan that the newly appointed executive team led by Sofoklis Papanikolaou, CEO and Juan Menchero, COO is set to implement in the coming years, with a lot of enthusiasm together with our pan-European teams. We look forward to growing our partnership with Niels den Nijs and the Titan team further and welcome his team in the wider group.”
Last year, Titan rebranded from Titan LNG to better reflect the company’s commitment to delivering all the fuels that substantially decarbonize shipping and industry, such as LBM, and any hydrogen-derived green fuel in the future.
The company is also part of the consortium building the world’s largest LBM liquefaction plant in the Port of Amsterdam, which will produce over 100,000 tonnes of LBM per year.
At the beginning of 2023, Titan purchased two small-scale LNG carriers from Canadian gas transportation company Seapeak and converted them into LNG bunkering vessels. The two ships will operate in the Mediterranean and Northwestern Europe, catering to the increased demand for LNG and LBM in these regions.