Clean Energy Launches Zero Now Financing to Put Fleets in Clean New Natural Gas Trucks for the Price of a Diesel Truck
July 18 2018 - 6:00AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE) today introduced Zero
Now Financing, a program that makes the cost of leasing or
purchasing a new natural gas heavy-duty truck equipped with the
cleanest engine in the world, equal to the price or even lower than
that of the same truck equipped with a diesel engine. In addition,
trucks financed or purchased through the Zero Now Financing program
will be able to purchase natural gas fuel at a fixed price
significantly discounted to diesel for the term of the
financing/lease through a unique hedging program.
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Never before have private carriers, for-hire carriers, and
shippers enjoyed the benefits of moving their goods in trucks that
can substantially reduce their emissions for the price of a diesel
truck. And if the trucks qualify for grants that are offered in
states around the country, the cost could be considerably less than
a diesel truck. The new natural gas trucks will take to highways
equipped with a Cummins Westport ISX12N engine that has been
certified by California Air Resources Board and the U.S.
Environmental Protection Agency (EPA) at 0.02 g-NOx/bhp-hr and
tested at 0.01 g-NOx/bhp-hr, which is at least 90 percent lower NOx
emissions than current EPA NOx standards, making it the cleanest
engine available today.
“The Zero Now Financing program levels the financial playing
field by removing the price differential of a natural gas truck
versus a diesel truck. This combination will give fleets a
considerable sustainability advantage, which could result in
winning more business,” said Andrew J. Littlefair, president and
CEO, Clean Energy. “The goal is to significantly reduce the
environmental impact of heavy-duty trucking and widen the adoption
of natural gas as a clean, American-made fuel to move America’s
goods around the country.”
Clean Energy already makes its Redeem™ renewable natural gas
(RNG) available at many of its public stations and will work with
fleets to provide it wherever possible. Redeem allows customers to
achieve a reduction in greenhouse gas (GHG) emissions by at least
70 percent versus diesel. Redeem is the cleanest fuel for trucking
today, with some RNG sources even reducing GHG emissions by over
100 percent.
Clean Energy is launching Zero Now Financing with $100 million
in credit support from its new strategic partner Total S.A. (CAC:
TOTF. PA), a global energy giant seeking to become the Responsible
Energy Major, to cover the incremental portion of the truck value.
Also, Clean Energy is partnering with multiple well-known financial
institutions to make the process as seamless as possible.
The program extends to trucks built by a variety of
manufacturers, operating on either compressed natural gas (CNG) or
liquified natural gas (LNG) and equipped with the new CWI ISX 12N
engine. The Zero Now Financing offer will include a five-year
engine coverage option on the Cummins Westport ISX12.
Clean Energy operates a fueling network of over 100 public
stations strategically located around the U.S. and Canada which
accommodate Class 8 tractors and plans to add more to meet
demand.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas
fuel and renewable natural gas (RNG) fuel for transportation in
North America. We build and operate compressed natural gas (CNG)
and liquefied natural gas stations (LNG) and deliver more CNG, LNG
and RNG vehicle fuel than any other company in the U.S. Clean
Energy sells Redeem RNG fuel and believes it is the cleanest
transportation fuel commercially available, reducing greenhouse gas
emissions by up to 70%. For more information, visit
www.CleanEnergyFuels.com.
Forward-Looking Statements
This press 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, including
statements about, among other things: the potential impact of the
Zero Now Financing program on the volume and rate of adoption by
fleets and other consumers of natural gas as a vehicle fuel and on
Clean Energy’s business and performance; and the benefits of
natural gas as an alternative vehicle fuel, including economic and
environmental benefits.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual achievements,
performance or other events to be materially different from any
future achievements, performance or other events expressed or
implied by the forward-looking statements. Factors that might cause
or contribute to such differences include, among others: acceptance
by truck operators of the Zero Now Financing program; future
supply, demand, use and prices of crude oil, gasoline, diesel,
natural gas, other vehicle fuels, and heavy-duty trucks and other
vehicles and engines powered by these fuels, including overall
levels of and volatility in these factors; the willingness of
fleets and other consumers to adopt natural gas as a vehicle fuel,
and the rate of any such adoption; Clean Energy’s ability to
capture a substantial share of the market for alternative vehicle
fuels and vehicle fuels generally and otherwise compete
successfully in these markets; Clean Energy’s ability to accurately
predict natural gas vehicle fuel demand in the geographic and
customer markets in which it operates and effectively calibrate its
strategies, timing and levels of investments to be consistent with
this demand; Clean Energy’s ability to recognize the anticipated
benefits of its natural gas fueling station network; Clean Energy’s
ability to manage and grow its RNG business; changes to federal,
state or local greenhouse gas emissions regulations or other
environmental regulations applicable to natural gas production,
transportation or use; and general political, regulatory, economic,
market and other conditions.
As a result of these and other potential risks and
uncertainties, the forward-looking statements made in this press
release should not be relied on or viewed as predictions of future
events. All forward-looking statements in this press release are
made only as of the date of this press release and, except as
required by law, Clean Energy undertakes no obligation to update
publicly any forward-looking statements for any reason, including
to conform these statements to actual results or to changes in
expectations. Additionally, the reports and other documents Clean
Energy files with the Securities and Exchange Commission, available
at www.sec.gov, contain additional information about these and
other risk factors that may cause actual results to differ
materially from the forward-looking statements contained in this
press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180718005222/en/
Clean Energy Contact:Raleigh Gerber,
949-437-1397raleigh.gerber@cleanenergyfuels.com
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