NEW YORK, June 17, 2019 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. ("HC2" or the "Company") (NYSE:HCHC), a diversified holding company, announced today that its energy portfolio company American Natural Gas ("ANG") has acquired ampCNG, a natural gas fuel provider, for $41 million. ANG is funding the acquisition through a combination of cash and the issuance of debt and preferred shares at the portfolio company level.
The acquisition of ampCNG's 20 natural gas fueling stations, located primarily in the Southeastern U.S. and Texas, expands ANG's network reach to over 60 stations, making it one of the largest owners and operators of compressed natural gas (CNG) stations in the country. ANG also expects to achieve certain synergies through the acquisition, and the expanded network should significantly strengthen ANG's ability to serve its customers.
"We are excited to bring ampCNG into the ANG family, as we believe it perfectly complements our overall company mission of supporting America by making natural gas readily available for commercial and public vehicle fueling," said Drew West, Chief Executive Officer & Founder of ANG. "As we all strive to improve our air quality and our environment, this acquisition is another step forward to a more sustainable future. Near-Zero emission CNG vehicles, paired with renewable natural gas, provide for a massive reduction in greenhouse gas emissions and diminish the adverse health impacts from the transportation sector. The expansive nature of ANG's national network, coupled with our exclusive focus on CNG and Renewable Natural Gas (RNG), continues to fuel a healthier and cleaner future."
ANG will continue to build, operate, and maintain its natural gas fueling stations with its unwavering commitment to customer satisfaction by providing a reliable network of stations and a clean solution. Simultaneously, ANG will continue to pursue its goal of providing 100% RNG by 2020.
Natural gas is the cleanest burning alternative fuel available that has the power to run heavy-duty vehicles. Additionally, natural gas is quieter, safer, less expensive, and abundant in America. CNG fleets can explore ANG's nationwide network and register to receive station alerts at www.americannaturalgas.com/stations/.
About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other. HC2's largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.
About American Natural Gas, LLC
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