Floating regasification specialist Rob Bryngelson is making a return to the LNG sector with a new Macquarie Capital-backed venture.
Bryngelson, who helped establish and later head up floating storage and regasification unit provider Excelerate Energy between 2007 and 2018, is taking on the role of chief executive at WaveCrest Energy.
The new company plans to develop, construct, own and operate regasification, power and downstream LNG infrastructure assets to supply energy to underserved markets.
Focus
WaveCrest will initially focus on Latin America and Asia.
It will offer solutions from the development stage through project financing, construction, commercial operation and subsequent project expansion.
The company aims to establish and grow market demand or natural gas by providing greater access to what it described as “the relatively low-cost fuel source that also has lower carbon emissions than coal and fuel oils”.
WaveCrest said this will support reduced direct emissions by enabling fuel switching to natural gas, which will serve as a natural complement to the growing penetration of renewable energy.
The company claimed it is “uniquely positioned” to integrate activities across the LNG value chain, including gas supply, liquefaction, LNG supply, regasification, power generation and downstream services.
Familiar face
Bryngelson, who is a well-known face in the FSRU and LNG sectors, has 20 years of experience in the business working on projects and developing new markets for natural gas imports.
“Global energy demand growth, coupled with an increasing focus on climate change, positions natural gas as a key energy source in the transition to a low-carbon energy future,” Bryngelson said.
- Mechanical and aerospace engineering graduate
- Started his working life at former energy trader Enron in 1995 immediately after business school
- Left Enron in 2000 — in the week its share price reached an all-time high but before its collapse a year later
- Joined El Paso Corp, leaving in 2003 when the North American energy giant got out of LNG
- He and several colleagues set up Excelerate Energy later that year
Photo: WaveCrest
“WaveCrest is designed to bring natural gas to underserved markets around the world through innovative and flexible LNG projects, delivering a cleaner fuel source for both existing and incremental needs.”
WaveCrest highlighted Macquarie Capital’s energy infrastructure expertise, financing capabilities and access to natural gas and LNG supply through its Commodities and Global Markets group.
Nicholas Gole, senior managing director at Macquarie Capital, said: “We are excited to partner with a proven management team, with a track record of delivering innovative, industry-first solutions, to support global energy security and further enable the energy transition in developing markets around the world.
“Macquarie will lend its insights and capabilities across various aspects of energy infrastructure to help WaveCrest serve its customers and deliver on its goals.”
