Bakken Midstream Natural Gas LLC, a developer of value-added natural gas infrastructure in North Dakota, has signed its first ethane supply term sheet to support a large-scale, baseload power plant.
The Williston Basin Energy Center will be the largest power plant to utilize advances in combustion turbine technology that enables ethane as its primary fuel source.
The Energy Center will be located in the Mountrail-Williams Electric Cooperative territory near Williston, North Dakota, subject to final operational and power purchase agreements.
In October 2020, Bakken Midstream announced it had secured nearly $25 million from two separate capital raises for the purpose of bringing the value-added natural gas industry to North Dakota, including ethane-fueled power generation projects and related pipelines and infrastructure.
Funding rounds were led by the family office of founder and executive chairman, Steven E. Lebow. Lebow was joined by North Dakota business leaders including Gene Nicholas, Ron D. Offutt and Stephen L. Stenehjem in the funding rounds.
Previously, Lebow founded and co-led Donaldson, Lufkin & Jenrette’s (DLJ) Los Angeles office and created and led GRP Partners, a US and European venture capital firm. From almost day one, he was the primary financier for companies including Costco Wholesale, PetSmart, Dick’s Sporting Goods, Envestnet, Bill Me Later (which was sold to PayPal) and ULTA Beauty.
Development plans for Bakken Midstream are led by CEO Mike Hopkins, along with Lebow, and co-founders Curt Launer and Shane Goettle.
For more information visit bakkenmidstream.com