MORGANTOWN — Hope Gas will be the first new tenant in WVU Innovation Corp.’s Chestnut Ridge Road facility — the former Mylan pharmaceuticals plant.
The Innovation Corp. made the announcement Wednesday afternoon, noting at the same time that Hope Gas was acquired Wednesday by Hearthstone Co.
“We are delighted that Hope Gas will be the first tenant in the WVU Innovation Corporation, as we feel their innovation spirit in the energy domain falls well in line with our desire to serve as a catalyst for economic growth,” said Stacey Armstrong, Innovation Corp president. “We look forward to building this new partnership with Hearthstone and to welcoming other innovation-minded businesses into the facility as well.”
Morgan O’Brien, president and CEO of Hope Gas, said, “Hope Gas’ long history and deep roots in West Virginia over the past 123 years make it a vital part of the West Virginia landscape and a driver of future West Virginia prosperity, and we are so excited to bring back the Hope Gas name.
“Over the next 18 months,” he said, “we will be hiring more than 100 local people, meaning your entire natural gas service will soon be provided by your friends and neighbors right here in the Mountain State. Hope Gas is excited to create new family-sustaining jobs in West Virginia and to work with state and local leaders on an economic strategy to grow West Virginia.”
Hope Gas will open its corporate headquarters in 35,000 square feet of the Innovation Corp.’s 55,000-square-foot office building.
WVU and WVU Medicine officially took ownership of the 1.1 million square foot property in March and have been handling daily operations of the facility since.
In February, Dominion Energy announced an agreement to sell its West Virginia natural gas utility, Hope Gas, to Ullico Inc.’s infrastructure fund for $690 million. Ullico Inc. then planned to integrate Hope Gas with Hearthstone Utilities, a portfolio company that owns and operates gas utilities in Indiana, Maine, Montana, North Carolina, and Ohio, serving more than 80,000 customers.
As part of the agreement, Hearthstone said in February it would move its headquarters to West Virginia.