Who really pays for Polar LNG, a startup that wants to export Alaska gas, is now the central question in a dispute that surfaced Oct. 23. The company says its money comes from Tech Wave, a firm in Abu Dhabi. Joel Riddle, who ran it until September, says in interviews with the FT and NYT that Russia’s Novatek was the real source, and the Tech Wave Polar LNG funding link is the piece everyone is arguing over.
Where it stands: In its Oct. 23 statement, Polar LNG said “TechWave has provided financing to Polar LNG” and that it is “seeking American investors and implementation partners.” Novatek has said it wants a minority stake. Through October 26, no federal agency had publicly addressed the ownership question.
The denials come from three directions. Tech Wave told the FT that Novatek “held no ownership interest” in it, Business Standard reported. Polar LNG says it is fully complying with U.S. law and calls former CEO Joel Riddle a disgruntled ex-employee. Novatek denies that its role depended on sanctions relief and describes the Alaska plan as a stand-alone project.
The companies in the chain
Public statements name at least three corporate layers, and they do not all describe the structure the same way.
Polar Train LNG LLC is “the project’s operating company,” according to Polar LNG. Its acting chief, Tim Talkington, is also president of Polar Eagle LNG, which the company’s leadership page labels the “parent company.” Bloomberg, in a wire story carried by ThePrint, reported the same parent relationship.
The NYT, however, calls Tech Wave the “Abu Dhabi parent company,” according to Raw Story’s summary. The sources reviewed for this article do not explain how Tech Wave and Polar Eagle LNG relate to each other, or which entity holds what percentage. No ownership percentages have been published.
| Entity | Role, as described | Described by |
|---|---|---|
| Polar Train LNG LLC | Operating company | Polar LNG |
| Polar Eagle LNG | Parent company | Polar LNG, Bloomberg |
| Tech Wave (Abu Dhabi) | Financier; parent per NYT | Polar LNG, NYT |
| Novatek | Tech licensor; seeks minority stake | Novatek |
| Bjorn Gundersen | Investor, ex-Novatek | Tech Wave, FT |
| Gentry Beach | Not an investor | Riddle, via FT |
What Tech Wave Polar LNG funding looks like on the record
Riddle says he was told at the start that the money came from two places: investor Gentry Beach and Tech Wave Industrial Projects Management. Over time, he told the FT, he learned Beach had not invested and held no shareholder or director seat.
The NYT reported that texts it reviewed show Novatek’s two top executives discussing the possibility of up to $15 million going to Tech Wave “to keep the effort going.” That is the only dollar figure tied to the funding question in the coverage reviewed, and no outlet reported how much, if any, actually moved. Our news report covers those messages in full.
Tech Wave’s answer, per the FT, is that Novatek has no stake in it and that one individual, Bjorn Gundersen, put “a combination of personal and borrowed funds” into Polar LNG.
Bjorn Gundersen
Gundersen is a Norwegian businessman who previously worked for Novatek, the FT reported. That history is why his name appears in legal advice Riddle obtained. Per the FT, as summarized by Newsmax, the law firm Baker Botts warned that U.S. agencies appeared to view Gundersen’s proposed participation as raising Russia-related sanctions concerns.
Gundersen has not been quoted directly in any coverage reviewed. No U.S. agency has accused him of wrongdoing, and his past employment at Novatek is not, by itself, a sanctions issue. How Riddle came to request the memos is covered in our look at Riddle’s account.
Novatek’s stake bid
Novatek’s public position has moved over the year. In April, it told Reuters it knew of Polar LNG’s interest in its technology and that “Working-level discussions on possible engagement options are currently underway.” Reuters also noted that Novatek owns about 60% of Arctic LNG 2.
By October, Novatek was telling the FT two things: that it had given Tech Wave permission to use Novatek technology in Alaska, and that it and Polar Train had reached a memorandum of understanding back in April. To the NYT, Novatek said it now seeks “minority shareholder” status. That is a stated goal, not a completed deal.
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Any such stake would run into U.S. sanctions rules. A November 2023 State Department release describes Arctic LNG 2 as “a flagship LNG project” of Novatek and records that Novatek itself has been on OFAC’s Sectoral Sanctions Identifications List since September 2014. The operator of Arctic LNG 2 is fully blocked; Novatek faces narrower financing restrictions. More on Novatek’s own owners is in our Leonid Mikhelson profile.
Polar Eagle, and the name overlap
The name Polar Eagle has appeared before. In March, Beach told the Anchorage Daily News that his company, America First LNG, was pursuing a North Slope gas plan called Polar Eagle using Novatek technology.
Polar LNG now names Polar Eagle LNG as its parent. No source reviewed says whether these are the same venture, related entities, or a coincidence of naming, so this article draws no link. Novatek has said Beach was not part of its discussions about taking a stake, and Riddle says Beach never invested. Beach’s own deals are covered in our Gentry Beach profile.
The man now in charge
Talkington spent more than 17 years at Goldman Sachs and led Goldman Sachs Bank Russia until August 2022, according to the company. Its website says he most recently ran a Dubai-based advisory practice. Polar LNG says he will keep raising capital as Polar Eagle LNG’s president while a permanent chief executive is found.
In April, the company told Reuters it wanted U.S. capital to cover more than half of the project’s cost. Its October statement says only that it is still looking for American investors and partners.
Frequently Asked Questions
What is Tech Wave Industrial Projects Management?
It is an Abu Dhabi-based company that Polar LNG says has financed the Alaska project and started preliminary engineering with U.S. contractors. The New York Times describes it as Polar LNG’s parent company. Tech Wave says Novatek has no ownership interest in it.
Does Novatek own part of Polar LNG?
Not according to any public record reviewed. Novatek told the New York Times it intends to take minority shareholder status, which describes an intention, not a completed purchase. Any such stake would also face U.S. sanctions review.
Who is Bjorn Gundersen?
He is a Norwegian businessman and former Novatek employee, according to the Financial Times. Tech Wave says he put personal and borrowed money into Polar LNG. Memos from the law firm Baker Botts, as described by the FT, said U.S. agencies appeared to see his proposed role as raising Russia-related sanctions concerns.
Is Polar Eagle LNG the same as Gentry Beach’s Polar Eagle project?
The sources reviewed do not say. Polar LNG names Polar Eagle LNG as its parent company. In March, Beach described a separate project called Polar Eagle under his company America First LNG. No outlet reviewed has explained whether the two are connected, and Novatek says Beach had no role in its stake talks.
Who runs Polar LNG?
Tim Talkington, president of Polar Eagle LNG, was appointed acting CEO of Polar Train LNG on October 23. He previously led Goldman Sachs Bank Russia until August 2022 and later ran a Dubai-based advisory practice, according to the company.
Sources
- Polar LNG Announces Leadership Change and Outlines Vision for Alaska North Slope Development — Polar LNG (company statement), October 23, 2026
- Leadership — Polar LNG (company website), accessed October 26, 2026
- Top executives quit $25 bn US gas project over alleged Russian control — Business Standard, October 25, 2026
- Former CEO: Russian Firm Backed Alaska Gas Venture — Newsmax (via Yahoo News), October 24, 2026
- Whistleblower CEO quits over hidden Russian cash behind gas deal in Trump peace talks: NYT — Raw Story, October 24, 2026
- Alaska LNG export terminal got funding from Russia’s sanctioned Novatek before US nod—FT report — ThePrint (Bloomberg wire), October 24, 2026
- Texas investor with Trump family ties pursues project to tap North Slope gas — Anchorage Daily News, March 3, 2026
- Planned LNG plant in Alaska seeks equipment from sanctioned Russia firm — Reuters (via Eye on the Arctic), April 1, 2026
- Taking Additional Sweeping Measures Against Russia — U.S. Department of State, November 2, 2023
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.