Automated vehicle identification products developer Gasngo Ltd. (PetraTec) subsidiary GasnGo Latin America has raised $12 million in a round led by LAIG Investments.
Until now, Gasngo Latin America has mainly provided fueling services in Mexico in collaboration with Atio, a fuel management software developer. The solution has been installed in more than 3,000 gas stations. GasnGo Latin America will use the proceeds to provide added value services for large vehicle fleets in other Latin American countries.
Gasngo Ltd. is seeking to close another financing round within months. It will use the proceeds to pursue its business plans to provide fueling services in two additional important markets - the US and South Africa through designated companies in each country. The company also plans to launch operations in the UK, Russia, and China.
Gasngo has raised more than $30 million to date in five financing rounds. It provides fueling services by setting up and managing operations in target markets and from the development and sale of supplementary equipment and systems through global distributors. Allegheny Capital has been a major investor in the company's latest financing rounds.
Gasngo chairman Mordechai Ben-Shach, a former chairman of Paz Oil Company Ltd. (TASE:PZOL), said, "Closing the private placement for the company in South America. The investment by LAIG Investment as a strategic partner in the subsidiary will enable us to continue the momentum to expand our business in all the markets where we are currently active, with an emphasis on large vehicle fleets in Mexico and South America. Mexico is one of the biggest countries in the world in terms of the number of large vehicle fleets. Gasngo benefits from the experience and know-how accumulated in Israel and has succeeded in developing innovative fuel systems. This technological edge allows us to become a global vendor of fueling services. I am sure that the capital raised will result in the fulfilling of Gasngo's great unique potential."
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2013
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