Apollo Funds Acquire Majority Stake In Composite Advanced Technologies For Undisclosed Sum

Apollo Global Management, Inc. APO said that Apollo-managed funds (the Apollo Funds) had acquired a majority interest in Composite Advanced Technologies, Inc (CATEC). The financial terms were not disclosed.

CATEC provides compressed natural gas (CNG), renewable natural gas (RNG) and hydrogen transportation and storage solutions in the U.S. 

CATEC's products help customers transition away from carbon-intensive fossil fuels towards cleaner alternatives.

CATEC's high capacity, lightweight trailers and storage solutions help end-customers decarbonize, making lower carbon energy sources more accessible and affordable.

Apollo Funds intend to invest further capital behind the company, seeking to establish a gaseous equipment manufacturing and services platform with enhanced capabilities to support expansion in the high-growth hydrogen transport and storage market.

Last year, Apollo launched its Sustainable Investing Platform, which targets to deploy $50 billion in clean energy and climate capital by 2027.

"The CATEC team has built an impressive business, which we believe can scale to become a one-stop-shop platform for serving the equipment needs of the compressed gas value chain through various expansion initiatives," said Apollo Partner Scott Browning.

Price Action: APO shares traded higher by 0.98% at $82.35 on the last check Tuesday.