Clean Energy Announces Its Customers and Government Agency Partners Awarded $34 Million in DOE Stimulus Grants
Grants Will Serve to Stimulate Natural Gas Vehicle Deployment Nationwide
SEAL BEACH, Calif.--(BUSINESS WIRE)-- The U.S. Department of Energy (DOE) has announced the award of $34 million (11% of total funding by the DOE) to customers and government agency partners of Clean Energy Fuels Corp. (Nasdaq:CLNE) to offset the incremental cost of more than 800 new clean-burning natural gas-powered taxis, shuttle buses, refuse trucks and heavy-duty trucks.
The DOE awards will also open new markets in several states by helping to defer the cost of building 11 new natural gas fueling stations. In addition, as part of additional DOE funding directed toward the development of natural gas fueling stations and purchase of natural gas vehicles, there is further opportunity to add markets and new stations throughout the country.
Overall, the Department of Energy selected 25 cost-sharing alternative fuel projects to receive a total of nearly $300 million from funds allotted by the American Recovery and Reinvestment Act. These projects will speed the transformation of the nation's vehicle fleet, putting more than 9,000 alternative fuel and energy efficient vehicles on the road, and establish a larger network of fueling locations across the country, according to a DOE news release.
DOE Secretary Steven Chu commented, "Advancing the number of alternative fuel and advanced technology vehicles on the road will increase our energy security, decrease our dependence on oil, and reduce pollution across the country."
"These DOE grants serve to accelerate the deployment of natural gas vehicles around the country, spurring demand for this proven vehicle technology," said Andrew J. Littlefair, Clean Energy President and CEO. "The natural gas infrastructure development and vehicle acquisition awards will result in significant air quality benefits as harmful emissions are reduced, and help decrease our dependence on foreign oil."
As a service to its clients, Clean Energy's in-house Grants Department provided assistance with identifying, applying for and securing this grant funding. Over time, Grants Department efforts have helped secure more than $149 million in grant funding for Clean Energy and its customers.
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 17,200 vehicles at 184 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 biogas for delivery in the nation's gas pipeline network. 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 anticipated number of natural gas vehicles and stations that may be funded through the grant awards. 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 the timing of grant funding, permitting of station projects and the availability and performance of natural gas vehicles. 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.
Released August 27, 2009