Major Liquefied Natural Gas (LNG) Fueling Infrastructure Firm Will Help
Clean Energy Build Out Natural Gas Fueling Infrastructure Nationwide
SEAL BEACH, Calif.--(BUSINESS WIRE)--
Clean Energy Fuels Corp. (Nasdaq: CLNE) has entered into a Securities
Purchase Agreement to acquire Wyoming Northstar Incorporated and
affiliates ("Northstar") for an aggregate purchase price of
approximately $10.9 million in cash. Approximately $7.4 million will be
paid at closing with the balance paid in equal installments on each
yearly anniversary date beginning in 2011 and ending in 2015. Clean
Energy will also pay retention bonuses not to exceed $4.0 million in the
aggregate over the four-year period following closing.
Northstar is the recognized leader in LNG/LCNG (liquefied to compressed
natural gas) fueling system technologies, including the manufacture of
one of only two weights-and-measures certified LNG dispensers. It has
provided LNG station design, construction, operations and maintenance
for major clients, and has worked closely with Clean Energy for several
years.
"Having Northstar, the premier LNG station provider, in our group will
greatly enhance our ability to build out the growing natural gas fueling
infrastructure in the United States," said Andrew J. Littlefair, Clean
Energy's President and CEO. "Our plan envisions a fueling infrastructure
serving major goods movement and trucking corridors nationwide."
Clean Energy recently announced an agreement with Pilot Flying J Travel
Centers to build, own and operate public access, LNG fueling facilities
at agreed-upon Pilot Flying J truck travel centers nationwide. Pilot
Flying J operates over 550 truck travel centers in 43 states and six
Canadian provinces.
Littlefair added, "On the international front, growing interest in LNG
fueling in markets such as China, where we have a strong developing
presence through our subsidiary, IMW Industries, may provide
infrastructure opportunity as well."
About Clean Energy Fuels
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 19,900 vehicles at 211 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. It owns (70%) and operates a landfill gas facility in Dallas,
Texas, that produces renewable methane gas, or biomethane, for delivery
in the nation's gas pipeline network. It owns and operates 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. BAF Technologies,
Inc., a wholly owned subsidiary, is a leading provider of natural gas
vehicle systems and conversions for taxis, limousines, 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 1,000 installations in 24 countries. 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 fueling infrastructure
and future payments to be made to Northstar or Northstar employees
pursuant to the terms of the acquisition. Actual results and the timing
of events could differ materially from those anticipated in these
forward-looking statements as a result of limited demand for natural gas
vehicle fuel, lack of growth in the natural gas vehicle market and lack
of availability of natural gas vehicles. The forward-looking statements
made herein speak only as of the date of this press release and the
company undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
For Clean Energy Fuels Corp.
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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