Clean Energy’s IMW Subsidiary to Supply up to 416 CNG Compressors to China Gas for the Construction of 310 CNG Stations in ...
August 29 2013 - 2:38PM
Business Wire
IMW Industries, Ltd., a wholly-owned subsidiary of Clean Energy
Fuels Corp. (Nasdaq:CLNE), today announced a master purchase
contract with China Gas Holdings Ltd. (SEHK:384) to supply up to
416 natural gas compressors and related technologies for the
construction of up to 310 public access compressed natural gas
(CNG) stations in China. The three-year agreement has a potential
value of approximately U.S. $167 million.
China Gas CEO Mr. Lui Ming Hui shakes
hands with Export Development Canada (EDC) Senior Vice President of
Financing, Benoit Daignault at a signing ceremony at EDC
headquarters today in Ottawa, Ontario. Also photographed (from
left) IMW Shanghai CEO Kirk Livingston and Clean Energy COO
Mitchell W. Pratt. (Photo: Business Wire)
“The spirit of China Gas is built on integrity, innovation and
cooperation; our agreement today with IMW is an example of this
spirit in practice,” said Mr. Liu Ming Hui, executive chairman,
managing director and president of China Gas Holdings. “IMW is the
world-leader in natural gas vehicle compression technologies and
the ideal strategic partner for China Gas as we continue to meet
the growing transportation needs of our customers in an
environmentally sustainable manner.”
Under the agreement, IMW anticipates supplying a suite of its
CleanGAS TechnologyTM products and services, including up to
approximately 416 CleanCNG CompressorsTM, 186 dryers, 527
dispensers, and 387,500 liters of buffer storage to China Gas’
joint venture distribution partners for the construction of up to
310 stations. This is in addition to the 124 stations IMW has
already equipped in China; all equipment is manufactured at IMW’s
facility in Suzhou-Taicang, China.
“China has grasped the potential of natural gas as an
alternative to gasoline and diesel fuel and is aggressively
building the necessary infrastructure to realize this potential,”
said Andrew J. Littlefair, president and CEO of Clean Energy. “In
the coming years, China Gas and its partners plan to construct the
equivalent of over half of all the public access CNG stations
currently available in the United States—significant for our
companies and the future of cleaner transportation in China.”
China Gas has secured financing for this transaction from Export
Development Canada, which is expected to be utilized throughout the
three-year agreement to help purchase the products and services
under the purchase contract. An initial $5 million has been
utilized for the purchase of 29 CleanCNG Compressors, which are
anticipated to be delivered during the fourth quarter of 2013 and
used to construct the first 19 stations.
“IMW is proud of the long term partnership we have developed
with China Gas and we are eager to build this relationship through
our continued support of their growth,” added Brad Miller,
president of IMW.
ABOUT IMW INDUSTRIES
IMW Industries is the largest sole manufacturer of
non-lubricated natural gas compressors and related technologies for
natural gas fueling applications in the world. IMW’s products are
manufactured in Chilliwack, British Columbia, Ferndale, Washington,
and Shanghai, China, and are utilized at private and public access
fueling stations, as virtual pipelines and in industrial gas
solutions. Headquartered in Chilliwack, British Columbia, IMW is a
wholly-owned subsidiary of Clean Energy Fuels Corp. (Nasdaq:CLNE),
the largest provider of natural gas fuel for transportation in
North America. For more information, visit www.imw.ca.
ABOUT CHINA GAS
China Gas Holdings Limited (“China Gas,” SEHK:384) is
principally engaged in the investment, construction and management
of city gas pipeline infrastructure, distribution of natural gas
and LPG to residential, industrial, commercial users, and through
gas stations to the transportation sector. Major shareholders of
the Company include the Beijing Enterprises Group (BVI) Company
Limited, SK group of companies, Fortune Oil PLC in UK, Sinopec, the
second largest petroleum and natural gas producer in China, and
Gail (India) Limited. To date, China Gas owns a total of 194
natural gas projects, including exclusive piped gas development
rights in 184 cities and regions, 9 natural gas pipeline
transmission projects, 1 natural gas exploration project, as well
as the license to import and export LNG and other fuel products in
China, and 44 LPG distribution projects.
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 number of natural gas vehicle fueling stations to be
constructed by China Gas and its partners, the amount of
compressors and other equipment to be sold by IMW to China Gas and
its partners, the economic value of the master purchase agreement
and any equipment supplied thereunder, the availability of
financing from Export Development Canada and the benefits of
natural gas relative to gasoline and diesel fuel. 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, failure by China
Gas and its partners to build the expected stations and/or purchase
compressors and equipment from IMW. 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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130829006008/en/
Clean Energy Fuels Media Contact:Patric RayburnPublic
Relations
Manager949-437-1411patric.rayburn@cleanenergyfuels.comorClean
Energy Investor Contact:Tony KritzerDirector, Investor
Relations949-437-1403tkritzer@cleanenergyfuels.com
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