Clean Energy's BAF Subsidiary Contracts to Convert 501 New Verizon Service Vans to Clean-Burning Compressed Natural Gas (CNG) Power in 2010
SEAL BEACH, Calif., Apr 22, 2010 (BUSINESS WIRE) -- BAF, a wholly owned subsidiary of Clean Energy Fuels Corp. (Nasdaq: CLNE), has received an order from Verizon (NYSE, NASDAQ:VZ) to convert 501 new Ford E-250 Series vans to compressed natural gas (CNG) power. The vans are scheduled for deployment later this year.
The vehicles will be equipped with the BAF proprietary clean-air certified CalComp System(TM). Natural gas produces up to 30 percent lower greenhouse gas emissions than gasoline in light-and medium-duty vehicles.
"Verizon's deployment of natural gas-fueled vehicles sets a powerful example for fleet operators across America to emulate. Use of natural gas fuel for fleets is a trend that is rapidly gaining momentum in many U.S. industry sectors," said John Bacon, President of BAF. "Because it is abundant and renewable, cleaner and cheaper than gasoline or diesel fuel, natural gas can carry us forward to a sustainable future."
The U.S. Department of Energy estimates that 98% of the natural gas consumed in the U.S. is sourced in North America, and domestic supplies are projected to last 120 years, based on current consumption levels. Natural gas fuel costs less per gallon equivalent than gasoline.
The BAF CNG vehicle up-fits for Verizon will be completed at Steelweld Equipment Company in Hemet, CA, and Temple, TX; and at North American Equipment Upfitters in Hooksett, NH. Women-owned businesses, both Steelweld and North American Equipment Upfitters are participants in Verizon's Supplier Diversity program. Steelweld and North American were jointly selected by BAF and Verizon to execute the installation of the BAF CNG vehicle systems. Both Steelweld and North American are authorized installers for BAF, and have been long-time suppliers to Verizon.
Through its October 2009 acquisition of BAF, Clean Energy provides natural gas vehicle systems and conversions for the light to medium-duty fleet sector. Founded in 1992, BAF is the leading provider of natural gas vehicle systems and conversions in the U.S. The BAF after-market conversion systems ensure that current natural gas vehicles (NGVs) are available for domestic fleets. BAF's natural gas vehicle conversions include taxis, limousines, vans, pick-up trucks and shuttle buses. BAF utilizes advanced natural gas system technology and has certified NGVs to meet both EPA and CARB standards.
Clean Energy (Nasdaq: CLNE) is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 17,800 vehicles at 196 strategic locations across the United States and Canada. Clean Energy owns and operates two LNG production plants, one in Willis, TX and one in Boron, CA, with combined capacity of 260,000 LNG gallons per day and designed to expand to 340,000 LNG gallons per day as demand increases. It also owns and operates a landfill gas facility in Dallas, TX that produces renewable methane gas, or biomethane, for delivery in the nation's gas pipeline network. Clean Energy also owns BAF Technologies, Inc. of Dallas, TX, a leading provider of natural gas vehicle systems and conversions for taxis, limousines, vans, pick-up trucks and shuttle buses. Please 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 the amount of CNG vehicles that will utilize the stations and the timing of the construction of the stations. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of the availability and performance of CNG vehicles in the vicinity of the stations, the pricing of CNG vehicles relative to gasoline and diesel vehicles, and unanticipated delays in the construction of the stations. 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.
SOURCE: Clean Energy Fuels Corp.
Clean Energy
News Media
Bruce Russell, 310-559-4955 x101
brussell@cleanenergyfuels.com
or
Investors
Ina McGuinness, 310-954-1100
Copyright Business Wire 2010