World CNG, a natural gas vehicle conversion company, plans to expand into Chicago and Las Vegas and add a new distribution center in the Southwest following a $5 million investment in the company from Union Bay Capital.
The Kent, WA, company focuses on fleet and transit conversion and has converted more than 1,000 cars, vans and trucks for a variety of private and public fleets. The company also builds and distributes proprietary conversion kits and parts for others to install.
“We are impressed by World CNG’s commitment to advancing a cost-effective and clean-burning alternative fuel source to meet our country’s transportation needs and gain a foothold in the marketplace,” said Kevin Barber, managing director of Union Bay Capital. “Converting to natural gas isn’t just good for the environment; it’s good for fleet operators’ bottom line.”
With the investment from Union Bay Capital, World CNG said it will serve customers with on-site conversion facilities in the Midwest and Southwest and speed up research and development projects that will further cut the cost of converting to natural gas.
“This capital investment marks an exciting stage in our company’s development,” said Garret Alpers, World CNG president and CEO. “Over the past two years, World CNG has focused on expanding our footprint, driving down conversion costs and making natural gas vehicles more accessible. The new funding accelerates our ongoing goal of significantly shaping America’s natural gas vehicle industry.”