Investors Exercise Warrants Adding $150 Million Investment in Clean Energy
December 29 2011 - 6:00AM
Business Wire
Focused on supporting natural gas fueling in North America,
investors, including Boone Pickens, have invested a total of $150
million in Clean Energy Fuels Corp. (Nasdaq: CLNE), North America’s
leading provider of natural gas fuel for transportation.
The investments resulted from the exercise of Mr. Pickens’
warrants to purchase 15 million shares of the company’s common
stock at $10 per share. Mr. Pickens purchased 1.5 million shares
and transferred the balance to existing investors RRJ Capital,
Seatown Holdings and Chesapeake Energy Corporation (NYSE: CHK), as
well as Chief Capital LP, an investment vehicle wholly owned by
energy investor Trevor Rees-Jones.
“These investments bring the total invested or committed to
Clean Energy to $450 million during 2011,” said Andrew J.
Littlefair, President and CEO of Clean Energy. “We see this as a
tremendous affirmation of both Clean Energy as the leader in
natural gas vehicle fueling in America and our America’s Natural
Gas Highway initiative that is expanding natural gas fueling
infrastructure in cities throughout the country.”
“We have a significant program underway to develop CNG and LNG
fueling stations serving fleets in the long-haul, regional and port
trucking markets, as well as for solid waste, transit, airport and
municipal transportation nationwide,” noted Littlefair.
Currently priced up to $1.50 or more per gallon lower than
diesel or gasoline (depending upon local markets), the use of
natural gas fuel reduces costs significantly for vehicle and fleet
owners, and reduces greenhouse gas emissions up to 30% in
light-duty vehicles and 23% in medium to heavy-duty vehicles.
Additionally, natural gas is a secure North American energy source
with 98% of the natural gas consumed produced in the U.S. and
Canada.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities. The securities offered
and sold in the private placement have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws, and may not be offered or sold in the
United States absent registration, or an applicable exemption from
registration under the Securities Act and applicable state
securities laws.
Clean Energy (Nasdaq: CLNE) is the largest provider of
natural gas fuel for transportation in North America and a global
leader in the expanding natural gas vehicle market. It has
operations in CNG and LNG vehicle fueling, construction and
operation of CNG and LNG fueling stations, biomethane production,
vehicle conversion and compressor technology.
Clean Energy fuels over 25,200 vehicles at 257 strategic
locations across the United States and Canada with a broad customer
base in the refuse, transit, trucking, shuttle, taxi, airport and
municipal fleet markets. We are building “America’s Natural Gas
Highway,” a network comprised initially of more than 100 LNG truck
fueling stations connecting major freight trucking corridors across
the country. Clean Energy del Peru, a joint venture, fuels vehicles
and provides CNG to commercial customers in Peru. We own (70%) and
operate a landfill gas facility in Dallas, Texas, that produces
renewable natural gas, or biomethane, for delivery in the nation’s
gas pipeline network, and we plan to build a second facility in
Michigan. We own and operate LNG production plants in Willis, Texas
and Boron, Calif. with combined capacity of 260,000 LNG gallons per
day and that are designed to expand to 340,000 LNG gallons per day
as demand increases. NorthStar, a wholly owned subsidiary, is the
recognized leader in LNG/LCNG (liquefied to compressed natural gas)
fueling system technologies and station construction and
operations. BAF Technologies, Inc., a wholly owned subsidiary, is a
leading provider of natural gas vehicle systems and conversions for
taxis, vans, pick-up trucks and shuttle buses. IMW Industries,
Ltd., a wholly owned subsidiary based in Canada, is a leading
supplier of compressed natural gas equipment for vehicle fueling
and industrial applications with more than 1,200 installations in
24 countries. For more information, 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 growth of the natural gas vehicle
market and demand for natural gas as a vehicle fuel and the
potential for a natural gas highway system. 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, but not limited to, permitting or other delays
encountered during the construction of natural gas fueling
stations, including those stations for the natural gas highway
system, the performance, availability and price of natural gas
vehicles relative to gasoline and diesel vehicles and the price per
gallon of natural gas relative to gasoline and diesel. The
forward-looking statements made herein speak only as of the date of
this press release and, unless otherwise required by law, the
company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. Additionally, the reports and other documents the
Company files with the SEC (available at www.sec.gov) contain risk
factors, which may cause actual results to differ materially from
the forward-looking statements contained in this news release.
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