NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
Clean
Energy Fuels Corp. (NASDAQ: CLNE)
today announced the sale of Clean Energy's majority interest in its
McCommas Bluff biomethane production facility located in Dallas, Texas,
to minority interest owner Cambrian Energy for approximately $40.6
million with approximately $3.0 million in additional compensation
pending further performance tests of the McCommas facility to be
completed in early 2015. Clean Energy will continue to have the right to
market and sell biomethane produced at the facility under its Redeem
renewable natural gas (RNG) vehicle fuel brand. Cambrian Energy has
been Clean Energy's partner since Clean Energy bought into the McCommas
project in August 2008.
"Buying the McCommas biomethane facility allowed Clean Energy to gain a
valuable foothold in the renewable natural gas business. We are
extremely proud of what we have accomplished at the project over the
past six years, quintupling biomethane sales and providing for the long
term financial stability that the project had historically lacked. We
have successfully leveraged our success at McCommas into a greater
knowledge of the entire supply chain and established a leadership
position in the RNG fuel market. With McCommas remaining a RNG supplier,
we will be able to focus our RNG business on Clean Energy Renewables'
core strength—marketing and selling alternative fuels," said Harrison
Clay, president of Clean Energy Renewables, a division of Clean Energy.
Clean Energy commenced production at its new biomethane facility in
North Shelby, Tenn., this year and added an additional 12
third-party-owned biomethane production sources to its portfolio of RNG
supply.
The U.S. Environmental Protection Agency underscored the potential of
biomethane in the renewable fuel landscape when it recently reclassified
biomethane as a cellulosic biofuel under the Federal Renewable Fuel
Standard.
Redeem renewable natural gas is currently available throughout Clean
Energy's public natural gas fueling stations in California. Biomethane
is the only fuel commercially available today at a discount to diesel
prices that achieves a 90% reduction in greenhouse gas emissions and can
meet 100% of the fueling requirements of an 18-wheeler.
About Clean Energy
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the leading provider of
natural gas fuel for transportation in North America. We build and
operate compressed natural gas (CNG) and liquefied natural gas (LNG)
fueling stations; manufacture CNG and LNG equipment and technologies for
ourselves and other companies; develop renewable natural gas (RNG)
production facilities; and deliver more CNG, LNG and Redeem RNG fuel
than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
Forward-Looking Statements
This Press Release contains certain forward-looking statements regarding
the disposition of Clean Energy's interest in the McCommas Bluff
facility to Cambrian Energy, including, without limitation, statements
regarding the potential amount of contingent consideration that may be
paid to Clean Energy in the future. Actual events or results may differ
materially from those contained in these forward-looking statements.
Among the important factors that could cause future events or results to
vary from those addressed in the forward-looking statements include,
without limitation, the results of certain performance tests to be
performed at the Project on or before August 1, 2015 in accordance the
terms of the Agreement. The Company is under no duty to update any of
the forward-looking statements after the date of this press release to
conform to actual results.
Clean Energy Fuels Corp.
Media Contact:
Gary Foster,
949-437-1113
gfoster@cleanenergyfuels.com
or
Investor
Contact:
Tony Kritzer, 949-437-1403
tkritzer@cleanenergyfuels.com
Source: Clean Energy Fuels Corp.
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