Bakken Midstream, a developer of value-added natural gas infrastructure in North Dakota, announced that the State of North Dakota has made an investment in the company.
“Today the State of North Dakota sent a strong signal that they are committed to working with Bakken Midstream to develop the natural gas infrastructure needed to fundamentally change the way this under-utilized resource is handled in the state,” said Mike Hopkins, Bakken Midstream CEO. “The State has been welcoming and inviting every step of the way, and we’re excited to be working with a state that values the type of investment and development needed to build a value-added industry from the ground up.”
Bakken Midstream is developing the infrastructure needed to bring the value-added natural gas industry to North Dakota. The company’s efforts will ensure natural gas and gas liquids are developed in-state. Developing and adding value to the natural gas resources will attract new industry to North Dakota and provide a sustainable solution to the flaring of natural gas.
“The State is pleased to invest in a company that is willing to develop the infrastructure projects needed to attract a value-added industry that benefit all of North Dakota.” said Michelle Kommer, Department of Commerce Commissioner.
Last week, the company announced it had recently completed an oversubscribed first round of funding led by Steve Lebow, a primary financier for companies including Costco Wholesale, PetSmart, Dick’s Sporting Goods and ULTA Beauty. Other investors in the round include Richard A. Galanti, longtime CFO of Costco Wholesale; Charles J. Philippin, former longtime chairman of ULTA Beauty; George P. Orban, co-founder and lead director of Ross Stores, Inc.; and Herald L. Ritch, founder of DC Advisory.