GE Capital’s Transportation Finance business and Clean Energy
Fuels Corp.[NASDAQ: CLNE], the largest provider of natural gas fuel
for transportation in North America, have entered into a strategic
alliance to accelerate the conversion of heavy-duty trucking fleets
from diesel to cleaner-burning, less-expensive natural gas.
To take advantage of this opportunity, truck fleet operators
will first work with Clean Energy to develop natural gas fueling
contracts, and will then apply for loans and leases, including fair
market value leases, from GE Capital to acquire trucks from
manufacturers that produce commercial natural gas vehicles (NGVs).
Clean Energy will then help offset the monthly cost of
newly-acquired NGVs to make it consistent with the cost of a diesel
truck, if the customer makes a fuel commitment.
“We think this alliance will help to open up the natural gas
market for long-haul operators,” said Dan Clark, president and
general manager of GE Capital, Transportation Finance. “The
alliance will support the parties’ mutual goal of reducing the
financial impact of transitioning to natural gas and lowering the
industry’s environmental footprint.”
Class 8, or heavy-duty, trucks can use both compressed natural
gas (CNG) and liquefied natural gas (LNG). Both CNG and LNG cost
significantly less than diesel — a key factor considering that fuel
comprises nearly 40% of a typical over-the-road carrier’s
operational costs.
Two of the factors that had delayed the transition to natural
gas in the over-the-road trucking industry were related to
technology and infrastructure. With the ongoing refinement and
expanded availability of natural gas engines by commercial vehicle
manufacturers and the 400+ natural gas fueling stations owned,
operated, maintained and/or supplied by Clean Energy throughout the
U.S. and Canada, those issues are being addressed.
“Together with GE Capital, we’re breaking down the barriers to
entry that may have prevented some fleet owners from making the
transition to natural gas,” said Andrew J. Littlefair, president
and CEO of Clean Energy. “Our goal is to work with fleet operators
to achieve a one-year payback on the incremental cost of natural
gas heavy-duty trucks — and our alliance with GE Capital is another
tool in achieving this important goal.”
Today’s announcement expands the existing relationship between
Clean Energy and GE Capital by building on two previous agreements
between the companies to develop the nation’s natural gas fueling
infrastructure.
About Natural Gas Vehicles
There are more than 13 million natural gas vehicles in use
worldwide, according to Clean Energy. Moreover, 25% of all new
buses and 60% of refuse trucks currently on order nationwide will
be powered by natural gas.
Here are some additional facts about natural gas from Clean
Energy:
- Natural gas currently costs about $1.50
less per gallon than diesel or gasoline, depending upon local
prices.
- Vehicles that run on natural gas emit
up to 30% less greenhouse gas emissions than gasoline or diesel
vehicles.
- Nearly all natural gas consumed in
North America is produced domestically.
- There are more than 1,100 natural gas
fueling stations in the U.S. — and about half of them are open to
the public.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. (NASDAQ: CLNE) is the largest provider
of natural gas fuel for transportation in North America. They build
and operate compressed natural gas (CNG) and liquefied natural gas
(LNG) fueling stations; manufacture CNG and LNG equipment and
technologies in addition to developing renewable natural gas (RNG)
production facilities. For more information, visit
www.cleanenergyfuels.com.
About GE Capital, Transportation Finance
Located in Irving, TX, GE Capital, Transportation Finance
provides commercial truck and trailer financing to dealers,
manufacturers and end-users throughout the U.S. It’s part of GE
Capital’s Equipment Finance businesses, which also includes Vendor
Finance, Dealer Finance and Healthcare Financial Services-Equipment
Finance. For more information, visit
http://www.gecapital.com/transportation.
GE Capital offers consumers and businesses around the globe an
array of financial products and services. For more information,
visit www.gecapital.com or follow company news via Twitter
(@GECapital).
GE (NYSE: GE) works on things that matter. The best people and
the best technologies taking on the toughest challenges. Finding
solutions in energy, health and home, transportation and finance.
Building, powering, moving and curing the world. Not just
imagining. Doing. GE works. For more information, visit the
company's website at www.ge.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
deployment of natural gas vehicles, the benefits of natural gas
relative to diesel fuel, and the potential payback on the
incremental cost of natural gas heavy-duty trucks. 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, the performance,
availability and benefits of natural gas trucks relative to diesel
trucks and the price of natural gas vehicle fuel relative to diesel
fuel. The forward-looking statements made herein speak only as of
the date of this press release and, unless otherwise required by
law, Clean Energy undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. Additionally, the reports and other documents Clean
Energy 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.
Important Notice: Nothing herein shall be construed as (i) an
approval or commitment to finance or provision of other service by
GE Capital to any person; and all transactions are subject to final
investment/credit approval by GE Capital and the execution of
mutually satisfactory definitive documentation; (ii) any guarantee
or promise of pricing/financing terms or availability thereof which
may fluctuate or cease to be available depending on any change in
the leasing or lending market or financial, banking or capital
markets conditions; (iii) tax, business, accounting, financial or
legal advice; or (iv) any guarantee or promise of profitability or
generation of revenue of any kind whatsoever.
Copyright © 2013 General Electric Capital Corporation. All
rights reserved. “GE,” “General Electric Company,” “General
Electric,” “General Electric Capital Corporation,” the GE Logo, and
various other marks and logos used herein are registered
trademarks, trade names and service marks of General Electric
Company. You may not use, reproduce, or redistribute any trademark
or trade name without the written permission of GE.
GE Capital, AmericasLisa Tibbitts,
203-956-4582Lisa.Tibbitts@GE.comorClean EnergyPatric Rayburn,
949-437-1411Patric.Rayburn@CleanEnergyFuels.com
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