Superior Plus

What Superior Plus does

Superior Plus Corp. is a Toronto-headquartered, publicly traded (TSX:SPB) North American distributor of low-carbon fuels, operating through four divisions: U.S. Propane Distribution, Canadian Propane Distribution, Wholesale Propane Distribution (Superior Gas Liquids), and Certarus. The company delivers propane, compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen via company-owned fleets to approximately 710,000–750,000 customer locations across the U.S. and Canada, targeting residential, commercial, utility, agricultural, and industrial end-markets that lack access to pipeline infrastructure. Certarus, acquired in Q1 2023 for C$1.05 billion, adds a mobile CNG/RNG/hydrogen delivery platform using a fleet of transport trailers and mobile compression systems, which the company is positioning as a solution for hyperscale data-center power supply.

The business model is volume- and usage-based, with pricing negotiated per contract based on volume, delivery frequency, and customer segment; multi-year industrial and data-center contracts supplement recurring residential and small-commercial delivery volumes. Superior Plus pursues growth through a combination of organic expansion and a sustained M&A roll-up of regional propane operators (e.g., Williams Energy, Kamps Propane, Kiva Energy, Quarles Petroleum, Central Coast Propane, Rymes Propane & Oil, Champagne's Energy). The company is financially backed by Brookfield Asset Management and is targeting an additional US$75M in incremental Adjusted EBITDA through its Superior Delivers transformation program, now expected by 2028. In FY2025, Superior Plus reported Adjusted EBITDA of US$463.5M, up 2% year-over-year.

Name

Superior Plus

Legal name

Superior Plus Corp.

Website

http://www.superiorplus.com/index.php

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

North American distributor of propane, CNG, RNG, and hydrogen to approximately 750,000 residential, commercial, utility, agricultural, and industrial customer locations across the U.S. and Canada, with a growing hyperscale data-center energy supply business through its Certarus subsidiary.

Ownership category

akta.pro rank

Product category

Energy Distribution Services

NAICS

Natural Gas Distribution (221210), Electric Power Generation (22111), Industrial Gas Manufacturing (32512)

SIC

Natural Gas Transmisison & Distribution (4923), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

akta.pro secondary industries

Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC), Power Distribution & Switchgear (UPS, PDUs, Busway) (HDABAKAA)

Keywords

• Propane distribution
• Compressed natural gas
• Renewable natural gas
• Hydrogen distribution
• Low-carbon energy

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Propane Distribution: Distribution and retail marketing of propane to residential, commercial, agricultural, and industrial customers across the U.S. and Canada. Revenue is volume-based and recurring, driven by seasonal heating demand and industrial use cases.
2. CNG, RNG, and Hydrogen Distribution (Certarus): Distribution of compressed natural gas, renewable natural gas, and hydrogen via mobile delivery to customers without pipeline access. Revenue is volume-based under multi-year contracts, including recently secured hyperscale data center agreements expected to generate over $300 million over their lives.
3. Wholesale Propane Distribution: Wholesale marketing services of natural gas liquids (NGLs), including propane, to other distributors and large-volume buyers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Superior Plus is a leading North American distributor of propane, compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen, delivering low-carbon fuels to approximately 710,000–750,000 residential, commercial, utility, agricultural, and industrial customer locations in the U.S. and Canada. Through its wholly-owned Certarus subsidiary, the company operates a mobile CNG/RNG/hydrogen delivery platform using transport trailers and mobile compression systems, enabling energy supply to customers not connected to pipeline infrastructure, including hyperscale data centers.

Product overview

Superior Plus operates as a platform of four distinct energy distribution operating divisions: U.S. Propane Distribution, Canadian Propane Distribution, Wholesale Propane Distribution, and Certarus. The company delivers low-carbon fuels (propane, CNG, RNG, and hydrogen) to approximately 710,000 customer accounts across the U.S. and Canada, serving residential, commercial, utility, agricultural, and industrial customers not connected to pipeline infrastructure. The core platform is built on safe, reliable delivery of energy products, with Certarus representing the company's mobile energy solutions business focused on the growing data center and hyperscale energy market.

Differentiator

Problem solved

Functional benefit

Products and services

• Superior Propane (U.S.) Propane distribution and retail marketing services serving residential, commercial, agricultural, and industrial customers across the United States, primarily operating in eastern U.S. regions.
• Superior Propane (Canada) Canadian propane distribution business serving residential, commercial, agricultural, and industrial customers across Canada from its Cambridge, Ontario headquarters.
• Superior Gas Liquids Wholesale marketing services for natural gas liquids (NGLs), including propane, to other distributors and large-volume buyers, operating from Calgary, Alberta.
• Certarus Mobile compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen distribution solutions providing delivered energy to residential, commercial, utility, agricultural and industrial customers not connected to pipeline infrastructure, including hyperscale data center operators.

Quantifiable outcome

• Serves approximately 750,000 customer locations across the U.S. and Canada
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Charbone CorporationminorStrategic or Co-development Partner · 2 December 2025Superior Plus is listed as one of Charbone Corporation's strategic partners in North America. Charbone, Canada's only publicly listed clean ultra-high purity hydrogen company, is expanding its North American footprint through partnerships including with Superior Plus. The partnership supports Charbone's clean hydrogen distribution initiatives, likely involving hydrogen supply or distribution collaboration.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• AmeriGas Partners (UGI Corporation): Largest U.S. retail propane distributor, operating an almost identical residential, commercial, agricultural, and industrial propane distribution model across the United States, making it the most directly comparable peer to Superior Plus's U.S. Propane Distribution division.
• Ferrellgas Partners: U.S.-focused retail propane distributor with a national footprint serving residential, commercial, and industrial customers, directly competing with Superior Plus's U.S. Propane Distribution in many of the same off-pipeline markets.
• Suburban Propane Partners: Publicly traded retail propane distributor in the U.S. with a comparable mix of residential heating, commercial, and industrial customers, providing a direct read on propane distribution economics versus Superior Plus.
• New Fortress Energy: Mobile LNG and CNG infrastructure and gas-to-power project developer serving customers without pipeline access, mirroring Certarus's virtual-pipeline and downstream power-generation model, especially for data center and industrial off-grid loads.

Emerging players

• Charbone Corporation: Canadian publicly listed clean ultra-high purity hydrogen producer named as a Superior Plus strategic partner, with overlapping interests in low-carbon hydrogen distribution to industrial and remote customers in North America.

Broad incumbents

• Linde plc: Global industrial gases incumbent producing and distributing hydrogen, RNG-adjacent gases, and other industrial gases, with comparable scale and capability to Superior Plus's CNG/RNG/hydrogen distribution ambitions, albeit from a much larger, multi-product portfolio.
• Air Liquide: Major industrial gas and hydrogen producer with global distribution infrastructure, providing a comparable reference point for hydrogen and industrial gas distribution economics relevant to Certarus's long-term roadmap.
• Air Products and Chemicals: Industrial gases and hydrogen major investing heavily in clean hydrogen production and distribution, making it a strategic comparable for Superior Plus's Certarus hydrogen ambitions and a potential competitor for large-volume off-pipeline customers.

Others

• Enbridge Inc. Canadian energy infrastructure major operating natural gas distribution and renewable natural gas businesses; not a direct competitor but a relevant infrastructure-scale comparable for Superior Plus's gas distribution and RNG strategy in Canada.
• Pembina Pipeline Corporation: Canadian midstream energy company with NGL fractionation and wholesale propane exposure, comparable to Superior Gas Liquids' wholesale NGL marketing business rather than its retail operations.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/superior-plus-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Superior Plus