X3CNG Corp, a subsidiary of X3Energy Group from Parma, Italy and Colorado company Ward Alternative Energy LLC, a provider of natural gas vehicle (NGV) fuels, fueling station services and vehicle services, have finalized a Joint Venture to create the largest operator of Compressed Natural Gas(CNG) stations in the Rocky Mountain region. The joint venture combines the assets, resources and expertise of both companies.
X3CNG will own 65% of the joint venture, with Ward owning the remaining 35%. The new Joint Venture will immediately operate 10 CNG stations in Colorado and represent the largest operator in the state.
X3Energy Group CEO Giovanni Baroni said: “With this deal our group becomes an important player in Colorado. We want to partner with fleets in the region that are currently utilizing CNG or are planning on implementing it. Fleets can leverage our robust network of stations and depend on our skilled resources. This joint venture is a continuation of a disciplined expansion that follows our acquisition of Skyblue stations last year. I want to thank all of X3 colleagues, consultants and Ward employee’s that made it possible.”
Bill Ward, CEO of Ward Alternative Energy noted: “We are excited to announce this new, strategic Joint Venture, which has been developed with X3Energy Group over the past twelve months.” The combined companies begin operations with significant market share and plans for rapid future growth.”