BKV share sale underway on NY Stock Exchange

BKV Corporation, the gas production arm of energy conglomerate Banpu Plc, has started selling its shares under an initial public offering on the New York Stock Exchange, raising funds to strengthen its business in the US.
The company plans to sell 15 million shares at US$18 per share.
Trade started yesterday morning in New York, the company said.
Registration relating to the offering was declared effective by the US Securities and Exchange Commission last Wednesday.
“We are proud and excited to take this significant step forward for the company as we are committed to driving decarbonisation goals towards sustainable growth across our business lines, with the goal of delivering innovative, reliable and clean energy solutions to the US and the world,” said Sinon Vongkusolkit, chief executive of Banpu.
BKV invested in carbon sequestered gas (CSG) technology. CSG is carbon dioxide that is captured and stored to prevent its release into the atmosphere.
The Colorado-based company is helping Banpu grow its energy business in the US since Banpu’s initial investment in 2015.
BKV operates natural gas upstream operations in the Barnett shale field in Texas and the Marcellus shale field in northeastern Pennsylvania.
BKV also formed a BKV-BPP US joint venture by partnering with SET-listed Banpu Power, the power generation arm of Banpu. This helped the parent firm diversify its portfolio by acquiring Temple I and Temple II in Texas, which are combined cycle gas turbine power plants.
Combined-cycle technology uses both gas and steam turbines to generate electricity.
“Banpu underscores the importance of our operations in the United States, one of the strategic countries of the company. BKV plays a key role in our natural gas strategy to provide lasting benefits for customers, investors and stakeholders,” said Mr Sinon.