Fortistar Acquires Vocational Energy
WHITE PLAINS, N.Y., Jan. 14, 2013 /PRNewswire/ --
- Fortistar and its new affiliate, TruStar Energy LLC ("TruStar Energy" or the "Company") announce the acquisition of Vocational Energy, the leader in compressed natural gas ("CNG") fuel station engineering, design and construction.
- The significant increase in the domestic supply of natural gas and the resultant price decline has become a game changer for a number of industries, including transportation. The economic and environmental advantages of converting transportation fleets to clean burning CNG are now very compelling.
- TruStar Energy will provide "one-stop-shopping" for companies wanting to convert their transportation fleet to CNG by offering long term fuel supply agreements to customers from TruStar owned facilities as well as constructing customer-owned fueling stations.
On December 31, 2012, Fortistar, through its affiliate TruStar Energy, purchased a majority interest in Vocational Energy. TruStar Energy will continue the existing construction business of Vocational Energy and expand into offering long term fuel supply agreements to companies wishing to convert their transportation fleets to CNG. The Company will also be able to take advantage of Fortistar's supply of landfill gas offering a renewable component to the fuel supply. A future division is expected to provide operations and maintenance services to owners of CNG facilities. Existing Vocational Energy management will remain in place as a central part of the TruStar Energy team.
Mark Comora, President of Fortistar said, "We are very excited about joining with Vocational Energy, the best construction and technical team in the industry. Together as TruStar Energy our mission is to set a new standard of excellence in the industry."
Scott Edelbach, President of Vocational Energy/Vice President – Marketing of TruStar Energy said, "Our customers have always appreciated the simplicity of doing business with us. By applying our core business principals and teaming up with Fortistar, we are now able to significantly expand our market reach and better serve our customers."Adam Comora, President and CEO of TruStar Energy added, "We are extremely pleased to be acquiring Vocational Energy and to be able to provide one stop shopping for customers looking to convert their fleets over to clean burning CNG." Comora continues, "We look forward to deploying the necessary capital to address this growing industry's infrastructure needs."
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