Yellow Cab Chicago Awards Clean Energy 10-Year Contract to Build and Operate Two Compressed Natural Gas (CNG) Fueling Stations to Serve Its Growing CNG Taxi fleet
SEAL BEACH, Calif., Feb 01, 2010 (BUSINESS WIRE) -- Taxi Affiliation Services (TAS), which operates Yellow Cab Chicago, the nation's oldest and largest continuously operating taxicab fleet, has awarded Clean Energy Fuels Corp. (Nasdaq: CLNE) a new 10-year contract to build and operate two new CNG fueling stations and sell fuel to the company's growing CNG taxi fleet. Yellow Cab Chicago and its affiliates plan an initial deployment of 100 new CNG taxis.
The new Clean Energy CNG stations will be located on TAS-controlled sites selected for their proximity to downtown Chicago's business, hotel, shopping and financial districts. In addition to serving Yellow Cab taxis, the stations will be open 24/7 for public access.
James Harger, Clean Energy's Chief Marketing Officer and Senior Vice President, said, "We are delighted to initiate this fuel supply and operations relationship with Taxi Affiliation Services and Yellow Cab Chicago, clear leaders in promoting the use of natural gas fuel. We look forward to supporting their first 100 clean, green CNG-powered taxis, and to provide ongoing support as their fleet expands. These key stations begin a larger city network we intend to build."
Clean Energy partnered with Yellow Cab Chicago to apply for and secure $1.5 million in grant funding from the City of Chicago and the Department of Energy to help defer the costs of station construction and acquiring new CNG taxi vehicles.
Michael Levine, CEO, Taxi Affiliation Services, said, "Our company operates North America's oldest and largest taxicab fleet. We operate approximately 3,000 cabs, including our Yellow, Checker, American United and Blue Diamond lines, making us the premier taxicab service in the City of Chicago. We utilize the latest available technology and the safest, most comfortable vehicles to provide passengers the highest quality of service. Our new, growing CNG taxi fleets will provide benefits not only to the drivers and passengers in the form of lower fuel costs and clean, green performance, but to the City of Chicago at large, as greenhouse gas emissions are significantly reduced."
Natural gas produces up to 30 percent lower greenhouse gas emissions than gasoline fuel in light-duty and medium-duty vehicles.
Clean Energy (Nasdaq: CLNE) is the leading provider of natural gas (CNG and liquefied natural gas (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 17,500 vehicles at 195 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 statements about the number of CNG vehicles to be deployed by TAS and Yellow Cab Chicago and the commencement of vehicle fueling operations at the station. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of the pricing and availability of CNG vehicles, the performance of the CNG vehicles and unanticipated delays in the construction and commencement of operations at the station 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 Fuels Corp.
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Bruce Russell, 310-559-4955 x101
brussell@cleanenergyfuels.com
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