NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jun. 8, 2018--
Clean
Energy Fuels Corp. (Nasdaq: CLNE)
shareholders today approved, by over 97 percent of the shares present at
the company’s annual shareholders meeting, the purchase by Total
Marketing Services S.A., a wholly owned subsidiary of Total S.A. (CAC:
TOTF.PA), of 50.8 million shares of Clean Energy’s common stock for
gross proceeds of $83.4 million. The purchase and sale of the shares is
expected to close on or about June 13, 2018. Total’s acquisition will
represent 25 percent 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
fueling 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.
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“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 fueling 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 $100 million of
credit support for the program.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas fuel and
renewable natural gas (RNG) fuel for transportation in North America. We
build and operate compressed natural gas (CNG) and liquefied natural gas
(LNG) stations and deliver more CNG, LNG and RNG vehicle fuel than any
other company in the United States. Clean Energy sells Redeem RNG fuel
and believes it is the cleanest transportation fuel commercially
available, reducing greenhouse gas emissions by up to 70 percent. For
more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, including statements about, among
other things: Clean Energy’s ability to effect the proposed investment
by Total when expected or at all and the potential impact of this
investment on Clean Energy’s business, liquidity or performance; the
truck finance program and related credit support arrangement proposed to
be launched by Clean Energy and Total, including the parties’ ability to
negotiate and enter into definitive agreements for such program and
arrangement (which are currently the subject of a non-binding letter of
intent) and, if launched, the potential impact of this program and
arrangement on the volume and rate of adoption by fleets and other
consumers of natural gas as a vehicle fuel and on Clean Energy’s
business and performance; and the benefits of natural gas as an
alternative vehicle fuel, including economic and environmental benefits.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual achievements,
performance or other events to be materially different from any future
achievements, performance or other events expressed or implied by the
forward-looking statements. Factors that might cause or contribute to
such differences include, among others: Clean Energy’s and Total’s
ability to satisfy all of the conditions required to complete Total’s
proposed investment in Clean Energy; Clean Energy’s and Total’s ability
to agree on the terms of and launch the proposed truck finance program,
and acceptance by truck operators of the same; future supply, demand,
use and prices of crude oil, gasoline, diesel, natural gas, other
vehicle fuels, and heavy-duty trucks and other vehicles and engines
powered by these fuels, including overall levels of and volatility in
these factors; the willingness of fleets and other consumers to adopt
natural gas as a vehicle fuel, and the rate of any such adoption; Clean
Energy’s ability to capture a substantial share of the market for
alternative vehicle fuels and vehicle fuels generally and otherwise
compete successfully in these markets; Clean Energy’s ability to
accurately predict natural gas vehicle fuel demand in the geographic and
customer markets in which it operates and effectively calibrate its
strategies, timing and levels of investments to be consistent with this
demand; Clean Energy’s ability to recognize the anticipated benefits of
its natural gas fueling station network; Clean Energy’s ability to
manage and grow its RNG business; changes to federal, state or local
greenhouse gas emissions regulations or other environmental regulations
applicable to natural gas production, transportation or use; and general
political, regulatory, economic, market and other conditions.
As a result of these and other potential risks and uncertainties, the
forward-looking statements made in this press release should not be
relied on or viewed as predictions of future events. All forward-looking
statements in this press release are made only as of the date of this
press release and, except as required by law, Clean Energy undertakes no
obligation to update publicly any forward-looking statements for any
reason, including to conform these statements to actual results or to
changes in expectations. Additionally, the reports and other documents
Clean Energy files with the Securities and Exchange Commission,
available at www.sec.gov,
contain additional information about these and other risk factors that
may cause actual results to differ materially from the forward-looking
statements contained in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180608005502/en/
Source: Clean Energy Fuels Corp.
Clean Energy
Raleigh Gerber
949-437-1397
raleigh.gerber@cleanenergyfuels.com