Press Release: Industrious Ventures Announces Appointment Of Matt White, Evp & Cfo Of Linde, To Stoke Space's Board Of Directors

DENVER, Dec. 18, 2025 /PRNewswire/ — Industrious Ventures, a deep-tech venture firm backing founders reinventing the world's most critical industries, announced today that Matt White, Executive Vice President and Chief Financial Officer of Linde (NYSE: LIN), has joined the Board of Directors of Stoke Space, serving as the firm's representative.

White succeeds Steve Angel, Chairman of Linde and long-time advisor to Industrious Ventures, who has represented the firm on Stoke's board since it led the company's Series B in October 2023.

White brings more than two decades of leadership in global industrial and engineering companies. As EVP and CFO of Linde, the world's largest industrial gases and engineering company, he oversees the firm's global financial operations and has led large-scale capital programs, complex global supply chains, and mission-critical engineering systems, all directly relevant to Stoke Space's pursuit of full and rapid reusability in orbital launch.

He holds a B.S. in Industrial Engineering from Penn State University and an MBA in Finance from the University of Delaware, and is both a Certified Public Accountant and CFA charterholder.

Linde has been a critical enabler of the U.S. space industry for more than six decades, from supplying liquid oxygen for the Apollo program to supporting today's commercial launch providers. In 2025, the company announced major new investments in Mims, Florida (near Cape Canaveral) and Brownsville, Texas to expand production of liquid oxygen, nitrogen, and argon for rocket launches and spacecraft manufacturing, reinforcing its role as an essential partner to the growing space economy.

"Steve's insight and leadership have been instrumental as Stoke progressed from early development to the threshold of orbital flight," said Mason Angel, Founding Partner at Industrious Ventures. "Matt's appointment builds on that foundation, bringing exceptional depth and knowledge from his role as CFO of a Global 500 corporation, overseeing large-scale industrial operations and project financing in support of foundational industries across the globe."

"Stoke's pursuit of full reusability represents the kind of transformative engineering challenge that defines generational progress, " said Matt White, EVP and CFO of Linde. "As Linde continues expanding its role in supporting the U.S. space economy, I look forward to supporting Stoke as they build the infrastructure and reliability needed for sustained orbital access."

"We're deeply grateful for Steve's guidance and excited to welcome Matt to the board," said Andy Lapsa, Co-Founder and CEO of Stoke Space. "His perspective at the intersection of industrial operations and financial strategy will be invaluable as we prepare for our first orbital launch and begin operating in both development and production environments."

About Industrious Ventures

Industrious Ventures backs founders reinventing the world's most critical industries--from the deep sea to deep space. With evergreen capital and long-term conviction, the firm partners with deep-tech builders from early development through scale-up and production. Industrious invests across aerospace, national security, energy, compute, manufacturing, and other foundational sectors where innovation strengthens the industrial economy. Learn more at www.industrious.vc.

Media Contact:

Alexandra Johnson

alexandra@industrious.vc

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SOURCE Industrious Ventures

By Stephen Nakrosis

The Black Belt Energy Gas District plans to offer $800 million in 2025 Series F gas project revenue bonds to raise funds for the prepay of natural gas deliveries over a 30-year period.

The bonds will be secured by a trust account, which will include funds from the sale of the bonds, revenues, and other right, titles, and payments, according to documents on MuniOS. The bonds aren't an obligation of the state of Alabama, nor of the member municipalities of Black Belt Energy.

The preliminary amortization schedule shows the bonds will begin maturing on Dec. 1, 2027, with maturities continuing on each subsequent Dec. 1 through 2035.

The Black Belt Energy Gas District was formed by three cities in Alabama as a municipally owned corporation in 2008. It provides natural gas and services to its member municipalities, and also sells gas directly to public gas customers, gas-distribution systems and others.

The gas will be supplied by Pierpont Energy Prepay 4, and Black Belt will sell the gas to the Louisiana Community Development Utility Commission. The Commission will then sell the gas to Linde Inc., which will use it to operate three industrial gas production facilities in Louisiana.

Pacific Life Insurance will be the funding agreement provider, and BP Energy will be the commodity swap counterparty.

S&P Global ratings is expected to assign a municipal-bond rating of AA- to the bonds.

J.P. Morgan and Stifel are listed as the offering's lead managers.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

By Stephen Nakrosis

The Black Belt Energy Gas District plans to offer $800 million in 2025 Series F gas project revenue bonds to raise funds for the prepay of natural gas deliveries over a 30-year period.

The bonds will be secured by a trust account, which will include funds from the sale of the bonds, revenues, and other right, titles, and payments, according to documents on MuniOS. The bonds aren't an obligation of the state of Alabama, nor of the member municipalities of Black Belt Energy.

The preliminary amortization schedule shows the bonds will begin maturing on Dec. 1, 2027, with maturities continuing on each subsequent Dec. 1 through 2035.

The Black Belt Energy Gas District was formed by three cities in Alabama as a municipally owned corporation in 2008. It provides natural gas and services to its member municipalities, and also sells gas directly to public gas customers, gas-distribution systems and others.

The gas will be supplied by Pierpont Energy Prepay 4, and Black Belt will sell the gas to the Louisiana Community Development Utility Commission. The Commission will then sell the gas to Linde Inc., which will use it to operate three industrial gas production facilities in Louisiana.

Pacific Life Insurance will be the funding agreement provider, and BP Energy will be the commodity swap counterparty.

S&P Global ratings is expected to assign a municipal-bond rating of AA- to the bonds.

J.P. Morgan and Stifel are listed as the offering's lead managers.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com