NEW YORK, September 20, 2021--(BUSINESS WIRE)--Crossbridge Energy Partners ("Crossbridge") announces it has acquired the former Shell Refinery in Fredericia, Denmark, with the associated Trading & Supply activities, effective as of July 1, 2021.
Crossbridge seeks to acquire, manage, and transform traditional energy assets in the downstream refining sector into net-zero energy assets producing sustainable renewable fuels and products as well as recycling waste into energy.
"Our goal is to transition into having a carbon-neutral impact on the environment while continuing to provide reliable energy to customers and markets we serve," said Nicholas Myerson, Chief Executive Officer of Crossbridge. "We are excited to be leading the solutions for tomorrow's energy needs and believe the Fredericia refinery is well-positioned to be a part of the energy transformation with its experienced employees, proven capabilities of producing sustainable renewable fuels, combined with its world-class logistics, infrastructure, and strategic partnerships."
The refinery in Fredericia produces approximately 35 percent of the total Danish liquid fuel consumption – and exports an equal amount to Northern Europe – and Crossbridge is already in the process of transforming the refinery, says the newly appointed GM of the refinery, Finn Schousboe:
"Our greener future will be realized through the advancement of processing multiple types of biofuels, co-processing of waste products using proven, environmentally safe techniques, and an excellent collaboration with Everfuel for the establishment of a 300MW electrolyzer at the refinery. We believe strategic collaborations, like that with Everfuel, demonstrate how Crossbridge can be part of the larger solution towards carbon-neutrality for the refinery. We look forward to working with all stakeholders towards developing a better tomorrow."
The refinery will continue to provide energy security to the greater Jutland and surrounding Danish regions by producing traditional hydrocarbon fuels while reinvesting and further developing the production of sustainable fuels and co-processing projects.
"Engagement with Fredericia and the broader communities we serve is a critical part of our business strategy. We look forward to hosting local business partners, community participants and governmental policy members at our world-class facility," said Derek Becht, Chief Operating Officer of Crossbridge.
About Crossbridge: Crossbridge is an affiliate of Postlane Capital Partners, which was founded in 2016 and is headquartered in Stamford, U.S., with operating assets located in Houston, Odessa, Fort Wayne, Calgary, Bordeaux, and now in Fredericia and Copenhagen, with the acquisition of A/S Dansk Shell (renamed to Crossbridge Energy Fredericia) through its affiliate company, PL ESG Denmark Co ApS. Postlane Capital Partners owns/operates a portfolio of nearly $1.0 billion in assets (approx. 6 billion Danish kroner).
J. Aron & Company LLC provided working capital management facilities in support of Postlane’s acquisition of A/S Dansk Shell. J. Aron, a subsidiary of The Goldman Sachs Group, is a leading provider of integrated financial and risk management solutions to clients in the commodities markets around the globe.
Hunton Andrews Kurth LLP, Squire Patton Boggs, and Plesner served as legal counsel to Postlane.
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