— Station Project Completions Increase 50% from 2010 Level —
SEAL BEACH, Calif.--(BUSINESS WIRE)--
Accelerating its development program to support growing natural gas
vehicle fueling demand, Clean Energy Fuels Corp. (Nasdaq:CLNE), North
America's leading provider of natural gas fuel for transportation,
significantly increased its fueling station project completions during
2011.
During 2011, Clean Energy completed 68 fueling station projects in 16
states, including five LNG truck fueling stations on America's
Natural Gas Highway.
"We increased the number of station projects completed during the year
by 50% over 2010," said Andrew J. Littlefair, President and CEO of Clean
Energy. "These included stations serving transit (7), refuse (18) and
airport/taxi/shuttle (28) operations around the country, as well as
locations situated to support the needs of local and regional trucking
and small fleets (15)."
"During the second half of 2011, Clean Energy received total investment
commitments of $450 million, largely to fund substantially more fueling
station development going forward, particularly LNG truck fueling
stations along America's Natural Gas Highway," noted Littlefair.
"We are pleased to be leading the way for key segments of our nation's
transportation system to convert to the use of natural gas fuel, saving
money and helping the environment and our nation's energy security
through growing independence from imported oil," Littlefair added.
Currently priced up to $1.50 or more 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 up to 30% in light-duty vehicles and 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 25,000 vehicles at 273 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 network
comprised initially of approximately 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 growth of the natural gas vehicle market, demand
for natural gas as a vehicle fuel, the benefits of converting to natural
gas fuel, 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, permitting or other delays
encountered during the construction of natural gas fueling stations,
including those stations for the natural gas highway system, 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 gasoline and diesel. 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. Additionally, the reports and other documents
the Company files with the SEC (available at www.sec.gov)
contain risk factors, which may cause actual results to differ
materially from the forward-looking statements contained in this news
release.
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.
News Provided by Acquire Media