ENN Group is muscling into the American energy market with $50 million for trucker gas stations this year. It already has a big investment in solar, too.
Reuters reports ENN Group Co, one of the biggest private companies in China, plans to build dozens of natural gas stations in America this year and up to 500 total.
The company’s run by Chinese billionaire Wang Yusuo, who already has a big natural gas business over there. China’s been using natural gas trucks longer than we have, but the U.S. market’s growing. About half of U.S. garbage trucks sold here last year use natural gas.
The American arm of this business is called Transfuels, and is also known as Blu LNG. It’s a partnership with a little Utah company called CH4 Energy Corp, which until this deal only had one natural gas station. Now there are already seven or eight Blu LNG stations in the state, each costing about $1 million to build.
The company refused to comment to Reuters about its ownership or board of directors. Parent partner company ENN also has partnerships with Duke Energy (for so-far unbuilt green projects) and natural gas engine-maker Westport Innovations, plus a $5 billion solar farm in Nevada it’s looking to sell power from.