CHILLIWACK, British Columbia--(BUSINESS WIRE)--
IMW
Industries, Ltd., a wholly-owned subsidiary of Clean
Energy Fuels Corp., (NASDAQ: CLNE)
today announced an exclusive distribution and customer care agreement
with Russian
Machines Corporation (RM), part of the Basic Element Group. Under
the agreement, RM is named the exclusive distributor of IMW compressors,
compressed natural gas (CNG) filling solutions, parts, and sole provider
of maintenance and service within the Russian Federation. The agreement
supports the May 2013 Russian decree 767-p to convert 50 percent of
public transit and other vehicles to natural gas fuel by 2020 in cities
with a population over one million.
"The Russian CNG vehicle market holds tremendous potential and the
market for quality compressor equipment is expected to rapidly
increase," said Andrew J. Littlefair, president and CEO of Clean Energy.
"As reported by Reuters
in May 2013, Russian Prime Minister Dmitry Medvedev's May decree
underscores the economic and environmental benefits a vibrant Russian
CNG vehicle market would represent and we're eager to help this market
succeed."
RM's GAZ Group is the leading company in Russia for the manufacturing of
commercial vehicles, such as buses and light commercial vehicles,
powered by gas fuel including liquefied petroleum gas (LPG) and CNG. GAZ
Group has approximately 65 percent of the bus manufacturing market in
Russia. In 2013, GAZ Group launched production of PAZ-3204-4238 and KAVZ
natural gas buses and produced a pilot batch of pre-serial bi-fuel
Gazelle BUSINESS LCVs which run on CNG and gasoline.
"These agreements are the first steps toward mutually-beneficial
synergies in the introduction of CNG as a motor fuel in Russia and
surrounding markets," said Manfred Eibeck, chief executive officer of
Russian Machines. "Russia holds the largest natural gas reserves in the
world, yet only has approximately 200 natural gas fueling stations and
100,000 natural gas vehicles. This project will help bring
state-of-the-art CNG fueling solutions and localized hi-tech production
to Russia."
RM has also been named among the distributors of CNG services in
numerous surrounding markets such as Ukraine, Belorussia, Kazakhstan,
Armenia, Turkmenistan and Uzbekistan. IMW is active in 26 countries such
as China where a recent agreement with China Gas was reached to supply
up to 416 compressors for the construction of 310 CNG stations.
About IMW Industries
IMW Industries is the largest sole manufacturer of non-lubricated
natural gas compressors and related technologies for natural gas fueling
applications in the world. IMW's products are manufactured in
Chilliwack, British Columbia, Ferndale, Washington, and Shanghai, China,
and are utilized at private and public access fueling stations, as
virtual pipelines and in industrial gas solutions. Headquartered in
Chilliwack, British Columbia, IMW is a wholly-owned subsidiary of Clean
Energy Fuels Corp. (Nasdaq: CLNE), the largest provider of natural gas
fuel for transportation in North America. For more information, visit www.imw.ca.
About Russian Machines Corporation
RM CNG is 100% Daughter Company of Russian Machines (www.rm.ru)
- a major Russian diversified corporation, part of Basic Element Group.
Russian Machines comprises industrial and engineering assets in such
industries, as automotive OEM, automotive components, railroad equipment
engineering, aircraft assembly and service, production of agricultural
machinery and road construction equipment. Russian Machines production
activities are based in the key 12 regions of the Russian Federation.
Forward-Looking Statements
This news 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 that involve risks, uncertainties and
assumptions, including statements about the market for CNG vehicles and
compressors in Russia and the benefits of natural gas. Actual results
and the timing of events could differ materially from those anticipated
in these forward-looking statements as a result of several factors,
including, but not limited to, failure by Russian Machines to purchase
compressors and related CNG fueling infrastructure equipment from IMW.
The forward-looking statements made herein speak only as of the date of
this press release and, unless otherwise required by law, the Company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. Additionally,
the reports and other documents the Company files with the SEC
(available at www.sec.gov)
contain risk factors, which may cause actual results to differ
materially from the forward-looking statements contained in this news
release.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140206005886/en/
Clean Energy Media Contact:
Patric Rayburn, 949-437-1411
patric.rayburn@cleanenergyfuels.com
or
Clean
Energy Investor Contact:
Tony Kritzer, 949-437-1403
tkritzer@cleanenergyfuels.com
or
Russian
Machines Media Contact:
Ekaterina Pankova, +7-495-653-82-07
ekaterinaVP@rm.ru
Source: Clean Energy Fuels Corp.
News Provided by Acquire Media