Moda Midstream II was created in late 2023 for the same purpose as Moda Midstream, to work as an independent firm that specializes in development and management of midstream logistics solutions. (Source: Shutterstock/ EnCap Investments/ Moda Midstream)
Following the successful completion of several projects under Moda Midstream, Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
The amount of the commitment was not disclosed in the press release from Moda Midstream II.
"I am grateful for the opportunity to once again partner with the EnCap Flatrock team, following the completion of our successful investment together in Moda Midstream, LLC," said Moda II CEO Bo McCall. "We see tremendous opportunity in the market and anticipate leveraging our deep commercial strengths and experience to develop and build superior waterborne terminals."
Moda Midstream II was created in late 2023 for the same purpose as Moda Midstream, to work as an independent firm that specializes in development and management of midstream logistics solutions. The firm will focus on last-mile storage and transportation for traditional energy companies, as well as companies creating transitional fuels.
The first Moda Midstream developed the Moda Ingleside Energy Center in Corpus Christi, Texas. Enbridge eventually bought the center, which is now the largest crude export and storage facility in the U.S. by volume. Enbridge announced in early March that the company would expand the center further through a $200 million investment.
Moda Midstream formed in January 2015 and received a $750 million equity commitment from EnCap Flatrock Midstream in March of the same year.
“Bo has assembled another strong team with a complementary skill-set and broad range of experience setting up Moda II for the next wave of energy investing. The Moda II team is well-positioned to execute on their strategy, which is primarily focused on development activities along the U.S. Gulf Coast,” said Gregory C. King, EnCap Flatrock’s managing partner.
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