Magnum Development, LLC owns and controls the only known “Gulf Coast” style domal-quality salt formation in the western United States.
- Magnum was originally funded by Haddington Energy Partners III, LP in 2008 to support a variety of projects centered around a large salt body in Delta, Utah.
- With capital and support from Haddington Ventures LLC, Magnum has defined the salt dome extent and key characteristics, and has secured key assets for multiple projects (land, minerals, water, etc.).
- Resources committed to date have significantly de-risked both site development and the creation of salt storage caverns – thus expediting and de-risking future business development.
- Site viability and profitability has been proven with one business, Magnum NGLs, LLC, which was successfully developed, brought to commercialization, and sold in 2015.
- In March 2018, Magnum entered into a joint venture (JV) with Sawtooth by contributing its refined products business for an 8% ownership interest in the Sawtooth JV.
- Magnum is focused on developing multiple portfolio companies, which are in various stages of development: natural gas, compressed air energy storage (CAES), refined products, and industrial gases (hydrogen and helium).
- The company is actively engaged in commercial discussions with significant customers for several of its business verticals.