Ownership change does not impact N-Flex grant

Bismarck — North Dakota State Industrial Commission officials are okay with a $1 million grant to N-Flex (GM Dec. 3, P. 11), even though they were not aware of a change in ownership prior to awarding the grant. Karlene Fine, commission executive director, said members were informed about the change only after they had approved the grant, but still were aware that something was in the works. “As long as the project is the same and they (the new owners) meet the same conditions, the grant remains.” Fine emphasized that N-Flex had to show that they had the funding to complete the project. “Understand that this is a $4 million project and they had to have the wherewithal to raise that money. We knew at the time that they were talking to other investors.” N-Flex, which has the promise of turning flared gas in the North Dakota oil fields into on-demand ammonia fertilizer, has been sold in its entirety to Beowulf Energy – coincidentally at the same time it was announced that the technology had received a the $1 million grant. “The reason why I did this is because of financial uncertainties,” said previous owner Neil Cohn. “They have an experienced engineering team and own and build power plants, and this is a very natural thing. The new company will be called Beowulf N-Flex. I am staying on with the company and will have the title of executive vice president.” He also said that Glen Buckley of NPKFAS will be a part of the new organization acting as an active adviser, which he insisted will be “not a small role.” Cohn said the N-Flex ammonia model has “long legs” and presents a lot of opportunities that make sense, adding that Beowulf has the ability to fund and operate them and to either own them outright or in partnerships. Beowulf Energy didn’t respond to inquiries last week. It is identified as a power producing company that develops and operates fossil-fueled and renewable power generating facilities. Founded in 1995, it is based in Easton, Md., with offices in New York and Colorado.