Clean Energy Signs Joint Marketing Agreement with Navistar, Major Truck Manufacturer, to Present an Integrated Natural Gas Fu...
February 01 2012 - 9:00AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE), North America’s leading
provider of natural gas fuel for transportation, has signed a
strategic joint marketing and fueling agreement with Navistar
International Corp. (NYSE: NAV), global truck and engine
manufacturer.
Clean Energy will provide a comprehensive CNG/LNG fueling
solution designed to meet Navistar customer demands and bring new
customers into the natural gas market. Specifically, Clean Energy
will work with Navistar and its customers to provide truck lessees
with fueling contracts whose fuel cost savings help to lower
overall costs. Clean Energy also expects to participate with
Navistar in selected trucking industry exhibitions and provide
assistance on dealer outreach and education on fueling issues.
Clean Energy designs, builds and operates stations that supply
compressed natural gas (CNG) and liquefied natural gas (LNG) fuel.
It operates hundreds of natural gas fueling stations nationwide and
is developing America’s Natural Gas Highway, a backbone
network of 150 LNG fueling stations that will enable goods movement
coast-to-coast and border-to-border.
Andrew J. Littlefair, Clean Energy President and CEO, said, “We
believe the deployment of new, innovative, heavy-duty natural gas
engines by world-class original equipment truck manufacturers like
Navistar is accelerating the transition to natural gas fuel as a
game-changer for heavy-duty trucking. We welcome the opportunity to
work with Navistar to bring the benefits of clean, cost-effective,
domestically-abundant natural gas fuel to the company’s trucking
customer base.”
“Natural gas has clearly emerged as the most realistic
alternative fuel option for the trucking industry,” said Dan
Ustian, Navistar chairman, president and CEO. “Together, Navistar
and Clean Energy have come up with a breakthrough program that
offers customers a quicker payback on their investment plus added
fuel costs savings from day one of operation. When combined with
Navistar’s industry-leading dealer network and Clean Energy’s
unmatched fuel distribution system, customers can be confident that
bringing natural gas vehicles into their fleets makes good business
sense.”
Currently priced up to $1.50 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 approximately 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.
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 backbone network comprised of 150 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 anticipated benefits of the joint
marketing agreement, the number and location of stations to be
included in the natural gas highway system, the timing for the
completion of construction of these stations, the availability and
deployment of, as well as the demand for, heavy duty natural gas
truck engines, 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, delays in
or failure to realize any of the anticipated benefits of the joint
marketing agreement, permitting or other delays encountered during
the identification of locations for, and the construction of,
natural gas fueling stations, including those stations planned for
the natural gas highway, 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 diesel and
gasoline. 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.
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jul 2023 to Jul 2024