Ingevity acquires the assets of Adsorbed Natural Gas Products, Inc.
NORTH CHARLESTON, S.C., May 11, 2020 – Ingevity Corporation (NYSE: NGVT) has announced that it has acquired the assets of Adsorbed Natural Gas Products, Inc. (ANGP), Johns Island, South Carolina. Since 2013, Ingevity has worked with ANGP to advance adsorbed natural gas (ANG) bi-fuel vehicle technology made possible by Ingevity’s decades of expertise in the automotive gasoline evaporative emissions control market. The unique performance characteristics of Ingevity’s activated carbon Nuchar® FuelSorb™ monoliths reduce the onboard storage pressure of natural gas and enables its cost-effective use as a transportation fuel. The terms of the transaction were not disclosed.
The acquisition comes after eight years of Ingevity’s continued investment in the commercialization of ANG technology and is intended to streamline and accelerate its adoption. Ingevity will assume direct responsibility for partnering with key stakeholders already engaged in ANG market and product development activities.
Under the direction of ANGP’s chief executive officer, Bob Bonelli, the company developed a novel, industry-leading approach to fueling bi-fuel natural gas vehicles and assembled a coalition of development partners – including Ingevity – focused on bringing the technology to market. Recently, SoCalGas (of Sempra Energy) in California, Atlanta Gas & Light in Georgia, as well as Illinois-based Ozinga Energy, have implemented pilot programs for light-duty trucks to demonstrate ANG technology’s cost efficiencies and greenhouse gas reductions through the use of clean-burning natural gas.
We are pleased that ANGP’s Bob Bonelli will join Ingevity to continue driving the commercialization of this market-leading ANG technology.
“Ingevity is committed to growing our core automotive carbon business and we continue to see ANG as an attractive innovation investment for the company,” said Ed Woodcock, executive vice president and president, Performance Materials at Ingevity. “Our acquisition of ANGP’s assets demonstrated our ongoing investment in ANG technology, and ultimately enables us to more fully dedicate resources to support this important platform.”
“Ingevity has been an integral part of the development of ANG technology and is well suited to propel this business into the next phase of market introduction,” said Bob Bonelli, chief executive officer of ANGP. “I look forward to being part of the Ingevity team and continuing to showcase the value of ANG to natural gas utility and commercial fleets across the U.S.”