UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 5, 2008
CLEAN ENERGY FUELS CORP.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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001-33480 |
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33-0968580 |
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3020 Old Ranch Parkway, Suite 200 |
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90740 |
(562) 493-2804
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry Into a Material Definitive Agreement.
On September 5, 2008, we entered into a definitive Share Purchase Agreement (the Purchase Agreement) with American Honda Motor Co., Inc., a California corporation (Honda), John G. Armstrong, Sole Trustee of The FuelMaker Trust, a trust established under the laws of the Province of Ontario (FM Trust and, together with Honda, the Vendors), and FuelMaker Corporation, a corporation existing under the laws of Canada (FM), pursuant to which we agreed to purchase all of the issued and outstanding share capital of FM and 2045951 Ontario Inc., a wholly-owned subsidiary of Honda (HondaSub and, together with FM, the Target Companies). The transaction, which is subject to certain closing conditions, including delivery of audited financial statements, is expected to close prior to September 30, 2008. The Target Companies have been historically unprofitable and will not be accretive to earnings in the near term.
The Purchase Agreement contains customary representations, warranties and covenants and includes indemnification provisions, subject to deductible and cap amounts. Under the terms of the Purchase Agreement, we will pay to the Vendors an aggregate of U.S. $17 million in cash for the Target Companies, subject to adjustments for closing date working capital.
Item 7.01. Regulation FD Disclosure.
We issued a press release on September 8, 2008 announcing the signing of the Purchase Agreement. The information contained in the press release is incorporated by reference and furnished as Exhibit 99.1.
We anticipate that we will raise additional capital through equity or debt financing to support our acquisition of the Target Companies and continued capital investment program. We may be unable to raise additional capital on favorable terms or at all. If we are unable to raise capital we will have to reduce or eliminate planned capital expenditures.
The information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Due to the size of the transaction and historical financial performance of the Target Companies, we anticipate filing audited financial statements for the Target Companies as soon as available and in accordance with Regulation S-X.
(d) Exhibits.
Exhibit 99.1 Press release dated September 8, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 8, 2008 |
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Clean Energy Fuels Corp. |
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By: |
/s/ Richard R. Wheeler |
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Name: Richard R. Wheeler |
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Title: Chief Financial Officer |
Exhibit 99.1
3020 Old Ranch Parkway, Suite 200
Seal Beach, California 90740 USA
562.493.2804 fax: 562.546.0097
www.cleanenergyfuels.com
News Release
Acquisition Extends Clean Energys Natural Gas Fueling Franchise
to Small Fleets and Consumers in United States and Overseas
Seal Beach, Calif. (September 8, 2008) Clean Energy Fuels Corp. (Nasdaq: CLNE) has entered into a definitive agreement with American Honda Motor Co., Inc. and The FuelMaker Trust to acquire FuelMaker Corporation of Toronto, Canada for (US) $17 million in cash. The acquisition is expected to be completed within 25 days.
FuelMaker (www.fuelmaker.com) manufactures, distributes, installs and services vehicle refueling appliances (VRA) and accessories for fueling vehicles powered by compressed natural gas (CNG). The consumer version of the VRA is the Phill, a home refueling device that compresses natural gas from the home gas line for fueling vehicles. Recent prices for consumers using the Phill at home in Southern California were as low as $1.60 per gallon.
The new era of high fuel prices has created a dramatic increase in demand for lower-cost natural gas fueling in all transportation sectors, ranging from trucking to consumers, said Andrew Littlefair, Clean Energy President and CEO. Due to the greater worldwide acceptance of light duty natural gas vehicles, we are broadening our strategic focus to offer fueling solutions for small fleets and consumers. With the Phill unit, customers can fill up at home as well as at stations.
This acquisition also continues our business expansion outside the United States where natural gas vehicle use has risen dramatically to more than 8,000,000 vehicles worldwide, Littlefair added. In Europe alone, there are many makes and models of natural gas-powered consumer vehicles produced by major manufacturers. We expect the majority of FuelMakers sales to be international in the near term.
Clean Energy clearly has the resources and expertise to broadly market the Phill home refueling appliance and Honda believes that this transaction will serve to further enhance the convenience and attractiveness of natural gas as an alternative fuel to consumers, said Dan Bonawitz, American Honda vice president, Corporate Planning & Logistics.
Our industry and the worlds consumers are indebted to Honda for its foresight in supporting the FuelMaker system and helping it come successfully to market with the Phill home refueling unit, as well as for producing the Honda Civic GX natural gas vehicle acknowledged as the cleanest production car in the world by the EPA, Littlefair concluded.
The proprietary FuelMaker system for small fleet and home fueling is certified by gas associations in Canada, Germany, Russia, Australia, Japan, and Argentina, as well as the European Economic Community and the United States. FuelMaker has 18 U.S. patents and patent applications and 75 international patents and patent applications for state-of-the-art natural gas compression technology.
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Contacts |
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News Media |
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Investors |
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Christine Thomas, 310/559-4955 x103 |
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Ina McGuinness, 310/954-1100 |
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cthomas@cleanenergyfuels.com |
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North Americas leader in clean transportation
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