Clean Energy Fuels Acquires Texas Landfill Gas Plant to Produce Renewable Gas
August 18 2008 - 8:30AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE) has acquired Dallas Clean
Energy LLC (DCE) for approximately $19.1 million in cash from Camco
International Ltd, a Jersey-based company focused on developing
projects and strategies to reduce carbon emissions. Clean Energy
has partnered in acquiring and operating the project with Cambrian
Energy, a leading landfill gas project development and management
company, which owns 30% of DCE. Dallas Clean Energy owns the
McCommas Bluff landfill gas processing plant � the third largest
landfill gas operation in the United States. The landfill, owned by
the City of Dallas, opened in 1975 and is scheduled to close in
2042. It is estimated that pipeline quality methane gas will
continue to be produced for approximately 30 years after the
landfill closes. Clean Energy entered into a $30 million credit
facility with PlainsCapital Bank in Dallas, Texas in order to
finance the acquisition and anticipated future capital improvements
at the landfill. Atmos Energy Pipeline Company distributes the gas
collected from the landfill facility. �This is a major strategic
action for Clean Energy, enabling our company to participate in
using renewable biogas introduced into the pipeline system for our
account along with traditional natural gas,� said Andrew
Littlefair, Clean Energy�s President and CEO. �Use of biogas as a
vehicle fuel has enormous potential to both reduce carbon emissions
and reduce our dependence on foreign oil by displacing the use of
petroleum fuel. Through developing biogas resources, we hope to
create programs that will enable our customers to reduce their
carbon emissions, lower their costs and increase the Green value of
their operations by fueling natural gas vehicles with renewable
biogas.� �Refuse companies, in particular, are seeking our help in
making the connection between the methane gas from their landfills
and its use for transportation fuel for their truck fleets,� he
added. 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
Cambrian Energy is a leading landfill gas and biogas development
and management company. During its 28 years in business, Cambrian
Energy has successfully developed more than 50 projects that
convert landfill gas or digester gas to commercially useful
renewable energy, including 3 other Renewable Natural Gas projects.
Information at: www.cambrianenergy.com The Camco Group is a leading
climate change business in the growing carbon and sustainable
energy markets. It offers a full range of carbon-related services
to public and private organizations worldwide. The Group has a
20-year track record and manages one of the world�s largest carbon
credit portfolios. Information at: www.camcoglobal.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 anticipated gas production from the landfill and the
timeline for increasing the production levels, the gas reserves in
the landfill, and the potential for fueling customers� vehicles
with landfill gas. 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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