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eCorp Raises $40 Million

eCorp LLC, a Houston, Texas-based developer of natural gas storage facilities, has raised $40 million in growth capital funding from PCG Capital Partners.

 

PRESS RELEASE 

PCG Capital Partners, LLC (“PCG”), a La Jolla, Calif.-based private equity investment management firm, today announced that it has provided $40.0 million of growth capital to eCORP, LLC (“eCORP”), of Houston, Tex., to finance the initial development of additional natural gas storage facilities and for general working capital requirements.

eCORP is one of the most experienced developers of natural gas storage facilities in the United States. Storage facilities are used by utilities and local distribution companies to help manage the cost of the gas they deliver to consumers throughout the year, helping to smooth out the seasonal peaks that accompany unpredictable weather patterns. Storage facilities allow distribution companies to have access to natural gas near the point of use, minimizing reaction time to peak demand periods. eCORP is currently involved in development of a major new high-performance natural gas storage facility in southwestern Pennsylvania called Chestnut Ridge Storage, LLC.

John F. Thrash, Chairman and CEO of eCORP, said: “We are very pleased to have PCG Capital Partners join our efforts by becoming the Company's lead financial partner. PCG's exceptional expertise relative to securing the future capital requirements of the Company should make possible the rapid expansion of eCORP's asset base over the next few years.”

PCG Capital Partners Managing Director and eCORP Board Member Tim Kelleher said: “We are excited to partner with such a proven and experienced management team in a very attractive sector. We believe that there are very strong long-term demand drivers for natural gas usage, as well as significant pent-up demand for storage facilities in the Northeast and elsewhere. Our capital infusion will enable eCORP to continue to develop high-performance natural gas storage facilities in commercially viable locations.”

About eCORP, LLC