— $450-Million Total Investment Commitments in 2011 Support Clean
Energy's Expanding Natural Gas Fueling Infrastructure in North America —
SEAL BEACH, Calif.--(BUSINESS WIRE)--
Focused on supporting natural gas fueling in North America, investors,
including Boone Pickens, have invested a total of $150 million in Clean
Energy Fuels Corp. (Nasdaq: CLNE), North America's leading provider of
natural gas fuel for transportation.
The investments resulted from the exercise of Mr. Pickens' warrants to
purchase 15 million shares of the company's common stock at $10 per
share. Mr. Pickens purchased 1.5 million shares and transferred the
balance to existing investors RRJ Capital, Seatown Holdings and
Chesapeake Energy Corporation (NYSE: CHK), as well as Chief Capital LP,
an investment vehicle wholly owned by energy investor Trevor Rees-Jones.
"These investments bring the total invested or committed to Clean Energy
to $450 million during 2011," said Andrew J. Littlefair, President and
CEO of Clean Energy. "We see this as a tremendous affirmation of both
Clean Energy as the leader in natural gas vehicle fueling in America and
our America's Natural Gas Highway initiative that is expanding
natural gas fueling infrastructure in cities throughout the country."
"We have a significant program underway to develop CNG and LNG fueling
stations serving fleets in the long-haul, regional and port trucking
markets, as well as for solid waste, transit, airport and municipal
transportation nationwide," noted Littlefair.
Currently priced up to $1.50 or more per gallon lower than diesel or
gasoline (depending upon local markets), the use of natural gas fuel
reduces costs significantly for vehicle and fleet owners, and reduces
greenhouse gas emissions up to 30% in light-duty vehicles and 23% in
medium to heavy-duty vehicles. Additionally, natural gas is a secure
North American energy source with 98% of the natural gas consumed
produced in the U.S. and Canada.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities. The securities offered and
sold in the private placement have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws, and may not be offered or sold in the United States
absent registration, or an applicable exemption from registration under
the Securities Act and applicable state securities laws.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural
gas fuel for transportation in North America and a global leader in the
expanding natural gas vehicle market. It has operations in CNG and LNG
vehicle fueling, construction and operation of CNG and LNG fueling
stations, biomethane production, vehicle conversion and compressor
technology.
Clean Energy fuels over 25,200 vehicles at 257 strategic locations
across the United States and Canada with a broad customer base in the
refuse, transit, trucking, shuttle, taxi, airport and municipal fleet
markets. We are building "America's Natural Gas Highway," a network
comprised initially of more than 100 LNG truck fueling stations
connecting major freight trucking corridors across the country. Clean
Energy del Peru, a joint venture, fuels vehicles and provides CNG to
commercial customers in Peru. We own (70%) and operate a landfill gas
facility in Dallas, Texas, that produces renewable natural gas, or
biomethane, for delivery in the nation's gas pipeline network, and we
plan to build a second facility in Michigan. We own and operate LNG
production plants in Willis, Texas and Boron, Calif. with combined
capacity of 260,000 LNG gallons per day and that are designed to expand
to 340,000 LNG gallons per day as demand increases. NorthStar, a wholly
owned subsidiary, is the recognized leader in LNG/LCNG (liquefied to
compressed natural gas) fueling system technologies and station
construction and operations. BAF Technologies, Inc., a wholly owned
subsidiary, is a leading provider of natural gas vehicle systems and
conversions for taxis, vans, pick-up trucks and shuttle buses. IMW
Industries, Ltd., a wholly owned subsidiary based in Canada, is a
leading supplier of compressed natural gas equipment for vehicle fueling
and industrial applications with more than 1,200 installations in 24
countries. For more information, visit www.cleanenergyfuels.com.
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 growth of the natural gas vehicle market and demand
for natural gas as a vehicle fuel and the potential for a natural gas
highway system. 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, permitting
or other delays encountered during the construction of natural gas
fueling stations, including those stations for the natural gas highway
system, the performance, availability and price of natural gas vehicles
relative to gasoline and diesel vehicles and the price per gallon of
natural gas relative to gasoline and diesel. 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.
News Media
Bruce Russell, 310-559-4955 x101
brussell@cleanenergyfuels.com
or
Investors
Ina
McGuinness, 805-427-1372
ina@mcguinnessir.com
Source: Clean Energy Fuels Corp.
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