Clean Energy Agrees to Acquire Natural Gas Fueling Station Business of Exterran Holdings, Inc.
SEAL BEACH, Calif., May 08, 2009 (BUSINESS WIRE) -- Clean Energy Fuels Corp. (Nasdaq: CLNE) has entered into an agreement to acquire the natural gas fueling station business of Exterran Holdings, Inc. (NYSE: EXH). The acquisition agreement includes natural gas station operations and maintenance (O&M) contracts covering approximately 25 million GGEs (gasoline gallon equivalents) of natural gas fuel on an annual basis for four transit operators (eight fueling facilities).
Transit agencies served include Los Angeles County Metropolitan Transportation Authority ("LACMTA") in Los Angeles CA, which operates the largest clean air bus fleet in the United States; Montgomery County Transit MD; Washington Metropolitan Area Transit Authority ("WMATA") in Washington D.C.; and Massachusetts Bay Transportation Authority ("MBTA") in Boston MA. The acquisition of the LACMTA and MBTA contracts closed effective upon signing of the acquisition agreement. The sale of the contracts with Montgomery County Transit and WMATA is subject to approval of the appropriate transit authorities. The aggregate purchase price for the acquired contracts is approximately $5.9 million, of which approximately $3.2 million was paid upon the closing of the sale of the LACMTA and MBTA contracts.
"Besides the immediate volume and revenue benefits for Clean Energy, this strategic acquisition expands our participation in the transit industry nationwide," said Andrew J. Littlefair, Clean Energy president and CEO. "With more than 20% of the nation's transit buses running on natural gas fuel, we are positioned better to qualify for new contracts, renewals and extensions with leading transit agencies as the deployment of natural gas-fueled buses grows."
Conference Call
The Company will host an investor conference call today at 8:30 a.m. Eastern (5:30 a.m. Pacific). The live call can be accessed from the U.S. by dialing (877) 407-4018, or by dialing (201) 689-8471 from outside the U.S. A telephone replay will be available approximately two hours after the call concludes and will be available through Friday, May 22, 2009 by dialing (877) 660-6853 from the U.S., or (201) 612-7415 from international locations, and entering account number 3055 and conference ID number 322999. There also will be a simultaneous webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be archived on the Company's web site for 30 days.
Clean Energy 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 15,000 vehicles at 176 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 processing facility in Dallas, TX that produces renewable biomethane gas 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 annual number of gallons serviced under the contracts acquired and any future gallons serviced on any new transit O&M contracts obtained. 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 actual number of gallons consumed under the acquired contracts by the existing fleets and the success of obtaining any future O&M contracts. 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.
for Clean Energy Fuels Corp.
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