Stabilis said on Monday this decision reflects a mutual understanding between both the board of directors and Ballard as Stabilis embarks on its next phase of strategic growth.
Ballard will serve in a consulting capacity through the end of 2025 to ensure a smooth transition, the firm said.
He took over as president and CEO of Stabilis on August 23, 2021.
According to Stabilis, Crenshaw, who currently serves as president and CEO of The Modern Group, will assume day-to-day leadership responsibilities and will lead the board of directors’ search for the company’s next CEO.
Crenshaw, together with his wife, Stacey Crenshaw, co-founded Stabilis in 2013.
“Stabilis will continue to deliver last-mile LNG production, storage, transportation, and fueling solutions across both established and emerging growth markets, consistent with the Company’s ongoing commitment to its established network of valued customers, partners, and stakeholders,” the company said.
In August last year, Ballard said that Stabilis was working to take a final investment decision on a dedicated LNG bunkering facility along the US Gulf Coast.
He said at the time that the company needed additional contracts to get this LNG bunkering project to the finish line.
Stabilis currently owns a liquefier that can produce more than 100,000 LNG gallons per day in George West, Texas and a liquefier that can produce up to 30,000 LNG gallons per day in Port Allen, Louisiana.
In 2023, the company secured a multi-year contract from cruise operator Carnival to provide LNG fuel for the latter’s newest vessel Carnival Jubilee.
