Clean Energy Secures Ownership of Existing Las Vegas Network of Retail CNG Stations from Southern Nevada Regional Transportat...
November 07 2008 - 8:00AM
Business Wire
The Regional Transportation Commission of Southern Nevada (RTC) has
agreed to transfer ownership of five existing Las Vegas compressed
natural gas (CNG) public access fueling stations to Clean Energy
Fuels Corp. (Nasdaq:CLNE), pending Clean Energy entering into lease
agreements with the landowners at the sites of the five stations.
In addition to station ownership, Clean Energy will assume
management and maintenance responsibilities for the stations, which
can serve growing numbers of CNG-powered municipal fleet vehicles,
airport and hotel shuttle vans, limousines, taxis and passenger
cars. Clean Energy has entered into a lease agreement with respect
to the owner of three of the stations. �The acquisition of this
strategically situated network of five CNG stations�offering
convenient access 24/7�will allow us to serve the large limousine,
shuttle and taxi markets, along with the growing municipal fleets
that include a broad range of light to medium-duty CNG-powered
vehicles,� said James Harger, Senior Vice President, Clean Energy.
�Las Vegas is an excellent CNG vehicle market because it is
relatively small geographically, and much of the traffic is
concentrated in the resort corridor and adjacent airport area,
making fuel station access very convenient,� Harger said. �Air
quality is compromised in Las Vegas and the opportunity for the
city to shift more vehicles of all types to natural gas with the
geography and fueling infrastructure in place can make it one of
the first natural gas vehicle cities in the nation,� Harger added.
�The favorable cost differential between natural gas and
conventional fuels adds even more value for private fleets and
consumers.� Clean Energy�s acquisition of RTC�s public access fuel
station network complements RTC�s April 2008 contract award to
Clean Energy to operate and maintain two RTC transit fueling
stations in Las Vegas. RTC is both the transit authority and the
transportation-planning agency for Southern Nevada. The two RTC
transit stations currently fuel more than 50 CNG buses and
paratransit buses serving the greater Las Vegas region. A total of
45 additional new CNG buses are on order for delivery in early
2009. When fully deployed, the total resulting incremental sales at
the transit stations will be 1.5 million gasoline gallon
equivalents annually. 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 over 170 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
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 growth of the CNG vehicle fueling market
in Las Vegas, Clean Energy successfully entering into long-term
lease agreements with the landowners at the sites of the five
public stations and the actual timing of deployment of new CNG
buses at the RTC transit stations. 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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