SEAL BEACH, Calif.--(BUSINESS WIRE)--
Clean Energy Fuels Corp. (Nasdaq: CLNE), North America's leading
provider of natural gas fuel for transportation, has signed a strategic
joint marketing and fueling agreement with Navistar International Corp.
(NYSE: NAV), global truck and engine manufacturer.
Clean Energy will provide a comprehensive CNG/LNG fueling solution
designed to meet Navistar customer demands and bring new customers into
the natural gas market. Specifically, Clean Energy will work with
Navistar and its customers to provide truck lessees with fueling
contracts whose fuel cost savings help to lower overall costs. Clean
Energy also expects to participate with Navistar in selected trucking
industry exhibitions and provide assistance on dealer outreach and
education on fueling issues.
Clean Energy designs, builds and operates stations that supply
compressed natural gas (CNG) and liquefied natural gas (LNG) fuel. It
operates hundreds of natural gas fueling stations nationwide and is
developing America's Natural Gas Highway, a backbone network of
150 LNG fueling stations that will enable goods movement coast-to-coast
and border-to-border.
Andrew J. Littlefair, Clean Energy President and CEO, said, "We believe
the deployment of new, innovative, heavy-duty natural gas engines by
world-class original equipment truck manufacturers like Navistar is
accelerating the transition to natural gas fuel as a game-changer for
heavy-duty trucking. We welcome the opportunity to work with Navistar to
bring the benefits of clean, cost-effective, domestically-abundant
natural gas fuel to the company's trucking customer base."
"Natural gas has clearly emerged as the most realistic alternative fuel
option for the trucking industry," said Dan Ustian, Navistar chairman,
president and CEO. "Together, Navistar and Clean Energy have come up
with a breakthrough program that offers customers a quicker payback on
their investment plus added fuel costs savings from day one of
operation. When combined with Navistar's industry-leading dealer network
and Clean Energy's unmatched fuel distribution system, customers can be
confident that bringing natural gas vehicles into their fleets makes
good business sense."
Currently priced up to $1.50 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 approximately 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.
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 backbone
network comprised of 150 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 anticipated benefits of the joint marketing
agreement, the number and location of stations to be included in the
natural gas highway system, the timing for the completion of
construction of these stations, the availability and deployment of, as
well as the demand for, heavy duty natural gas truck engines, 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, delays in or failure to realize any of the
anticipated benefits of the joint marketing agreement, permitting or
other delays encountered during the identification of locations for, and
the construction of, natural gas fueling stations, including those
stations planned for the natural gas highway, 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
diesel and gasoline. 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.
Clean Energy Fuels Corp.
News Media:
Bruce Russell,
310-559-4955 x101
brussell@cleanenergyfuels.com
www.cleanenergyfuels.com
or
Investors:
Ina
McGuinness, 805-427-1372
ina@mcguinnessir.com
Source: Clean Energy Fuels Corp.
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