Apollo has purchased a majority interest in Composite Advanced Technologies Inc., a provider of compressed natural gas, renewable natural gas and hydrogen transportation and storage services in the U.S.
CATEC’s products and services aim to help customers to transition away from fossil fuels towards cleaner alternatives. Founded in 2014 and based in Houston, CATEC manufactures large format Type IV cylinders that facilitate the use of natural gas and hydrogen across a variety of industry applications when mounted on mobile trailers or used in stationary applications.
“CATEC’s proprietary manufacturing capabilities are critical to supporting the growing market demand to reduce carbon emissions in ‘hard-to-decarbonize’ industries,” comments Scott Browning, Apollo partner. “We look forward to helping accelerate the Company’s growth trajectory in support of the broader energy transition.”
TerraNova Capital served as financial advisor and Baker Botts LLP acted as legal counsel to CATEC. Vinson & Elkins LLP acted as legal counsel to the Apollo Funds.