Clean Energy Agrees to Acquire Natural Gas Fueling Station Business of Exterran Holdings, Inc.
May 08 2009 - 6:30AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE) has entered into an
agreement to acquire the natural gas fueling station business of
Exterran Holdings, Inc. (NYSE: EXH). The acquisition agreement
includes natural gas station operations and maintenance (O&M)
contracts covering approximately 25 million GGEs (gasoline gallon
equivalents) of natural gas fuel on an annual basis for four
transit operators (eight fueling facilities).
Transit agencies served include Los Angeles County Metropolitan
Transportation Authority (�LACMTA�) in Los Angeles CA, which
operates the largest clean air bus fleet in the United States;
Montgomery County Transit MD; Washington Metropolitan Area Transit
Authority (�WMATA�) in Washington D.C.; and Massachusetts Bay
Transportation Authority (�MBTA�) in Boston MA. The acquisition of
the LACMTA and MBTA contracts closed effective upon signing of the
acquisition agreement. The sale of the contracts with Montgomery
County Transit and WMATA is subject to approval of the appropriate
transit authorities. The aggregate purchase price for the acquired
contracts is approximately $5.9 million, of which approximately
$3.2 million was paid upon the closing of the sale of the LACMTA
and MBTA contracts.
�Besides the immediate volume and revenue benefits for Clean
Energy, this strategic acquisition expands our participation in the
transit industry nationwide,� said Andrew J. Littlefair, Clean
Energy president and CEO. �With more than 20% of the nation�s
transit buses running on natural gas fuel, we are positioned better
to qualify for new contracts, renewals and extensions with leading
transit agencies as the deployment of natural gas-fueled buses
grows.�
Conference Call
The Company will host an investor conference call today at 8:30
a.m. Eastern (5:30 a.m. Pacific). The live call can be accessed
from the U.S. by dialing (877) 407-4018, or by dialing (201)
689-8471 from outside the U.S. A telephone replay will be available
approximately two hours after the call concludes and will be
available through Friday, May 22, 2009 by dialing (877) 660-6853
from the U.S., or (201) 612-7415 from international locations, and
entering account number 3055 and conference ID number 322999. There
also will be a simultaneous webcast available on the Investor
Relations section of the Company's web site at
www.cleanenergyfuels.com, which will be archived on the Company�s
web site for 30 days.
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
15,000 vehicles at 176 strategic locations across the United States
and Canada. Clean Energy owns and operates two LNG production
plants, one in Willis, TX and one in Boron, CA, with combined
capacity of 260,000 LNG gallons per day and designed to expand to
340,000 LNG gallons per day as demand increases. It also owns and
operates a landfill gas processing facility in Dallas, TX that
produces renewable biomethane gas for delivery in the nation�s gas
pipeline network. Please visit 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,
including statements about the annual number of gallons serviced
under the contracts acquired and any future gallons serviced on any
new transit O&M contracts obtained. Actual results and the
timing of events could differ materially from those anticipated in
these forward-looking statements as a result of several factors
including the actual number of gallons consumed under the acquired
contracts by the existing fleets and the success of obtaining any
future O&M contracts. 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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