Clean Energy Fuels Corp. shareholders have approved the purchase by Total Marketing Services S.A. of 50.8 million shares of Clean Energy’s common stock for gross proceeds of US$83.4 million.
The purchase and sale of the shares is expected to close on or about 13 June 2018. Total’s acquisition will represent 25% of Clean Energy’s outstanding shares and will make it Clean Energy’s largest shareholder. This new partnership will combine one of the world’s leading energy companies that operates over 16 000 fuelling stations with North America’s leading provider of clean natural gas as a transportation fuel. The investment will also allow Total to nominate two members to Clean Energy’s board of directors.
“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew J. Littlefair, CEO and president of Clean Energy. “The number one priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero emissions natural gas fuelling solution.”
In a separate transaction, Clean Energy, with support from Total, expects to launch an innovative truck finance program to eliminate the incremental cost differential between the purchase of a natural gas truck equipped with the world’s cleanest engine and its diesel counterpart. Expected to launch during the third quarter of 2018, the program would also guarantee a five-year fixed discounted price for Clean Energy-supplied natural gas fuel, allowing heavy-duty truck fleets to immediately achieve sustainability goals at the price and ease of operating diesel trucks. Total intends to provide up to US$100 million of credit support for the program.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/11062018/clean-energy-shareholders-approve-totals-deal/