Clean Energy Sells Interest in McCommas Bluff Biomethane Production Facility to Project Partner Cambrian Energy; Adds 12 Addi...
January 05 2015 - 6:00AM
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,
949-437-1113gfoster@cleanenergyfuels.comorInvestor
Contact:Tony Kritzer,
949-437-1403tkritzer@cleanenergyfuels.com
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