German utility completes acquisition of stake in Excelerate
June 2, 2008
THE WOODLANDS, TEXAS – Excelerate Energy today announced that the RWE Group has completed the acquisition of a 50-percent stake in the company for approximately $500 million. RWE is a major European integrated electricity and natural gas company, and the acquisition combines RWE’s upstream equity gas assets with Excelerate’s growing market access points, LNG infrastructure and proprietary technology.
Excelerate Energy, owned by George B. Kaiser, was formed in 2003 to utilize proprietary technology allowing LNG to be regasified onboard specially designed regasification vessels. Based on this technology and in the five short years since its inception, the company has built three LNG receiving facilities, including the first on the US East coast in 25 years; pioneered commercial ship-to-ship transfer of LNG; and operates a fleet of five LNG ships of which four are capable of onboard regasification. The company will add an additional three LNG regasification vessels to the fleet by 2010 and has an option on a ninth ship. Excelerate Energy’s management and staff will remain in place as the company will continue to develop and operate its business as usual, with strong support from its shareholders. Mr. Kaiser will continue to own the remaining 50 percent of the company.
About RWE Supply & Trading GmbH
RWE Supply & Trading GmbH results from the merger of the two companies RWE Trading GmbH and RWE Gas Midstream GmbH. RWE Supply & Trading is the market leader in Europe for energy trading and ranks number 6 in the European gas business (procurement volume around 40 bcm per annum). RWE Supply & Trading is in charge of managing all of RWE’s international energy procurement activities and wholesale energy trading. It serves as the European hub for all tradeable commodities such as power, emissions certificates, gas, coal and oil (physical and derivatives) as well as optimizing the entire gas portfolio of the RWE Group, from short- to long-term procurement and delivery responsibilities. RWE Supply & Trading has its headquarters in Essen (Germany) and offices in Swindon (UK), London (UK) and Prague (CZ). The company’s CEO is Peter Terium.