Clean Energy Joins Investment Group Funding New Natural Gas Vehicle
August 11 2008 - 8:30AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE) has joined an investment
group providing funding to help launch a new, natural gas vehicle
made in the United States for taxi and paratransit use. The Company
has committed a $10-million investment in an overall $160-million
equity financing led by Perseus LLC, a merchant bank and private
equity fund management company. Separately, Clean Energy�s
co-founder, T. Boone Pickens, has committed a $10-million
investment to the funding package. The funding will be provided to
The Vehicle Production Group LLC (http://www.vpgautos.com), the
original equipment manufacturer of the multi-purpose vehicle. �We
are making this strategic investment to help bring new, efficient,
clean natural gas vehicles to the market in the United States,�
said Andrew Littlefair, Clean Energy President and CEO. �Demand for
natural gas vehicles is surging, particularly with the high cost of
petroleum fuel and the savings to be gained by using natural gas
fuel.� Designed and engineered by seasoned automotive engineers
with extensive input from taxicab and paratransit operators across
North America, the new vehicle, available in both gasoline- and
natural gas-powered models, is durable, cost-efficient to operate,
and easy to maintain. With a focus on accessibility, it provides
seating positions for four passengers and additional space for a
wheelchair or scooter, which is compliant with the vehicle
standards of the Americans with Disabilities Act (ADA) and the
Canadian Standards Association (CSA). VPG expects to begin delivery
of the vehicles in 2010. 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 14,000 vehicles daily at strategic locations across the United
States and Canada. Clean Energy del Peru, Clean Energy�s Peruvian
joint venture, operates the world�s largest natural gas vehicle
fueling station in Lima, Peru. Information at:
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. Actual results and the timing of events could
differ materially from those anticipated in these forward-looking
statements, including the timing and number of any vehicles
ultimately produced. 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.
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