Constellation Energy, a subsidiary of Exelon Corporation, has joined the compressed natural gas market and purchased seven CNG Stations.
The company acquired stations located in Indianapolis, Lafayette, Greensburg and Seymour, Indiana, and Dayton and Findlay, Ohio, from CNG Fuel Inc. Terms and conditions for the agreement have not been disclosed. The deal was in cash and is financially irrelevant to Constellation and Exelon’s business.
Gary Fromer, senior vice president of Distributed Energy for Constellation commented on the new additions to the company:
Our customers and business partners see CNG and electric vehicle charging as key opportunities to address their long-term sustainability and cost management objectives … The addition of CNG to Constellation’s retail offerings will help our customers accelerate fleet conversions while allowing Constellation to address their CNG infrastructure and gas supply management requirements.
According to NGVA America, there are about 150,000 natural gas vehicles on the roads today, and that number is only expected to grow. Constellation is one of the 10 largest natural gas marketers in the U.S. The company delivers more than two trillion cubic feet of natural gas every year to homes, businesses, regulated utilities and municipal co-ops. In 2014, Constellation expanded its retail natural gas supply impression in Indiana and Ohio by purchasing ETC ProLiance Energy and Intergys Energy Services.