X3Energy, Saoradh Enterprise Partners Enhance Availability of RNG
X3Energy and SEP Partner via X3CNG Colorado
An X3CNG fueling station in Greeley, Colorado. Image via X3CNG.
BOULDER, Colo. and PARMA, Italy, October 11th, 2021 – Saoradh Enterprise Partners (SEP) and X3Energy today 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.
Every X3CNG Colorado location now offers 100% renewable natural gas (RNG) to all customers.
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.”
About Renewable Natural Gas in Colorado
Renewable natural gas, or biogas, is produced by capturing methane from sources including agricultural waste, landfills, and wastewater treatment facilities. RNG has the lowest average carbon intensity of any vehicle fuel (including grid electric), according to data released by the California Air Resources Board, NGVAmerica, and Argonne National Laboratory. Many RNG production projects generate carbon-negative fuel when evaluated on a life-cycle basis. In addition, RNG is easily distributed using existing natural gas infrastructure – making it accessible, affordable, and easily scalable.
Colorado’s new $5.4 billion transportation bill includes hundreds of millions of dollars in state incentives for advanced fuel vehicles, which puts RNG on par with battery-electric, plug-in hybrid electric, and hydrogen fuel cell vehicles. SEP and the Colorado Motor Carriers Association recently worked together to develop a coalition of fleets, municipalities, trade associations, and other stakeholders to work with the Polis Administration and leadership in the Colorado Legislature to ensure equal eligibility of RNG, electric, and hydrogen vehicles for financial incentives as part of this transportation bill.
Learn more about the benefits of renewable natural gas.
Learn more about Colorado’s transportation bill.
About Saoradh Enterprise Partners
Saoradh Enterprise Partners (SEP) is a venture capital and research firm focused on technologies for disruptive sustainability across the nine sectors that comprise the cleantech ecosystem. SEP leverages its innovative market and technology research platform to identify cleantech commercialization opportunities in emerging US innovation hubs for its corporate clients and investment funds. The SEP team partners with entrepreneurs, innovators, and leading corporations to develop technology and build companies for a sustainable future.
About SEP’s Advanced Fuel Vehicles & Technologies Fund
SEP’s first investment fund (the Saoradh Investment Fund or SIF) is a venture capital fund focused exclusively on advanced fuel vehicles and related technologies and holds the ownership interest in X3CNG Colorado. Other SEP portfolio companies in the clean transportation sector include Redmark, the #1 provider of advanced fuel vehicles and services in the Rocky Mountain Region; Forge Nano, a developer of cutting-edge ALD nanotechnology used in applications including electric vehicle batteries; and Amp Americas, a leader in carbon-negative fuels.
About X3Energy
X3Energy is a global energy partner specializing in energy efficiency solutions and sustainable mobility through a network of CNG service stations in Italy and the United States. X3Energy is based in Parma, Italy, and has been operating in the B2B market since 2010, with services including energy purchasing consultancy, energy efficiency services, and CNG refueling. X3’s mission is to provide 360-degree energy management support to its customers with services and offers dedicated to SMEs and large companies.X3Energy also operates 11 Italian CNG stations and is developing new CNG and LNG stations in North Italy, with a strategy focusing on aggregating independent operators.
To learn more about X3Energy, please visit www.x3energy.it.
About X3CNG
X3CNG is a leading CNG fueling station operator in the Rocky Mountain Region. X3CNG has the largest network of public-access CNG fueling stations in Colorado, providing solutions to fleets that help them reduce their carbon footprint, lower criteria pollutants, and improve fleet economics. All locations offer renewable natural gas (RNG) to help fleets participate in grant programs and other financial incentives.
To learn more about X3CNG, please visit www.x3cng.com.