Curated News
By: NewsRamp Editorial Staff
October 14, 2026
Mutares’ Nord Gas Solutions Sees Record EUR 880M Order Backlog
TLDR
- Mutares evaluates a potential Nordic listing for NGS with a record EUR 880 million backlog and 2026 revenue expected to exceed EUR 575 million.
- NGS grew from Wärtsilä Gas Solutions and now reports EUR 459 million in 2026 nine-month revenues with net cash of EUR 84 million.
- NGS gas solutions support lower-emission energy transition and emissions recovery, helping create a more sustainable and reliable energy future.
- NGS supplies regasification modules, ammonia cracking technology, and VOC recovery systems, turning waste emissions into reusable substances.
Impact - Why it Matters
This news matters because it highlights the critical role of gas infrastructure in meeting global energy demand and ensuring energy security amid geopolitical uncertainty. NGS’s record backlog and strong financials demonstrate the resilience of the gas solutions market, which is essential for both traditional energy supply and the energy transition. The potential public listing could offer investors a new opportunity to participate in the growth of a key player in LNG and gas technologies, while also signaling confidence in the sector’s long-term prospects. As the world balances energy reliability with decarbonization, companies like NGS are poised to benefit from sustained investment in floating infrastructure, ammonia cracking, and emissions recovery systems.
Summary
Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has announced that its portfolio company Nord Gas Solutions (NGS) is experiencing surging demand for its gas handling, fuel supply, regasification, and liquefaction systems, driving a record order backlog of EUR 880 million as of September 30, 2026. Since its acquisition from Wärtsilä, NGS has capitalized on converging megatrends—rising global energy demand, geopolitical tensions sharpening focus on energy security, and the push for decarbonization—to grow its order book and improve operational performance. In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million, up from EUR 283 million in the prior year, and adjusted EBITDA of EUR 43 million, compared to EUR 20 million previously. The company holds a strong net cash position of EUR 84 million with no financial indebtedness.
Key contract wins include a major award from BW LPG for cargo-handling and LPG fuel-supply systems for eight 90,000 m³ liquefied gas carriers to be built at HD Hyundai, and an order from Byzantine Maritime for two 40,000 m³ carriers. In midstream infrastructure, NGS is supplying regasification modules for Excelerate Energy’s FSRU conversion and Exmar’s EemsEnergyTerminal expansion, as well as VOC recovery systems for the Texas GulfLink project. The company also achieved over 99.5% hydrogen purity in ammonia cracking tests with Höegh Evi. With 92% of planned 2027 revenue already covered by the backlog, management expects full-year 2026 revenues over EUR 575 million and adjusted EBITDA of approximately EUR 50 million, with double-digit growth and margins in 2027. Mutares is evaluating strategic exit alternatives, including a potential public listing in the Nordics. For more information, visit www.mutares.com.
Source Statement
This curated news summary relied on content distributed by NewMediaWire. Read the original source here, Mutares’ Nord Gas Solutions Sees Record EUR 880M Order Backlog
