Velocys has acquired Pinto Energy and the Ashtabula GTL project. Pinto Energy is one of the leading project developers of smaller scale GTL in North America.
As its first facility, Pinto Energy is developing an approximately 2,800 barrels per day (bpd) plant at an 80 acre industrial site that it owns near the Port of Ashtabula, Ohio, USA. The project will have access to abundant low-cost natural gas from the Marcellus shale region, as well as benefitting from substantial existing infrastructure.
Initial engineering for the facility is complete and the air permit has been issued. Final investment decision is expected within six to nine months. Future expansions could see installed capacity of 10,000 bpd or more at the site. In addition to Ashtabula, Pinto Energy has a pipeline of smaller scale GTL projects it is seeking to develop throughout North America.
The acquisition of Pinto Energy will allow Velocys to further stimulate early market adoption of its technology in North America by accelerating the development of “shovel ready” GTL projects. It also provides complementary skills and business synergies from which to improve both the breadth and quality of the Company’s service offerings to customers.
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