Clean Energy’s IMW and Russian Machines Sign Exclusive Distribution and Customer Care Agreements
February 06 2014 - 9:58AM
Business Wire
IMW Industries, Ltd., a wholly-owned subsidiary of Clean Energy
Fuels Corp., (NASDAQ: CLNE) today announced an exclusive
distribution and customer care agreement with Russian Machines
Corporation (RM), part of the Basic Element Group. Under the
agreement, RM is named the exclusive distributor of IMW
compressors, compressed natural gas (CNG) filling solutions, parts,
and sole provider of maintenance and service within the Russian
Federation. The agreement supports the May 2013 Russian decree
767-p to convert 50 percent of public transit and other vehicles to
natural gas fuel by 2020 in cities with a population over one
million.
“The Russian CNG vehicle market holds tremendous potential and
the market for quality compressor equipment is expected to rapidly
increase,” said Andrew J. Littlefair, president and CEO of Clean
Energy. “As reported by Reuters in May 2013, Russian Prime Minister
Dmitry Medvedev’s May decree underscores the economic and
environmental benefits a vibrant Russian CNG vehicle market would
represent and we’re eager to help this market succeed.”
RM’s GAZ Group is the leading company in Russia for the
manufacturing of commercial vehicles, such as buses and light
commercial vehicles, powered by gas fuel including liquefied
petroleum gas (LPG) and CNG. GAZ Group has approximately 65 percent
of the bus manufacturing market in Russia. In 2013, GAZ Group
launched production of PAZ-3204-4238 and KAVZ natural gas buses and
produced a pilot batch of pre-serial bi-fuel Gazelle BUSINESS LCVs
which run on CNG and gasoline.
“These agreements are the first steps toward mutually-beneficial
synergies in the introduction of CNG as a motor fuel in Russia and
surrounding markets,” said Manfred Eibeck, chief executive
officer of Russian Machines. “Russia holds the largest natural
gas reserves in the world, yet only has approximately 200 natural
gas fueling stations and 100,000 natural gas vehicles. This project
will help bring state-of-the-art CNG fueling solutions and
localized hi-tech production to Russia.”
RM has also been named among the distributors of CNG services in
numerous surrounding markets such as Ukraine, Belorussia,
Kazakhstan, Armenia, Turkmenistan and Uzbekistan. IMW is active in
26 countries such as China where a recent agreement with China Gas
was reached to supply up to 416 compressors for the construction of
310 CNG stations.
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 Russian Machines Corporation
RM CNG is 100% Daughter Company of Russian Machines (www.rm.ru)
– a major Russian diversified corporation, part of Basic Element
Group. Russian Machines comprises industrial and engineering assets
in such industries, as automotive OEM, automotive components,
railroad equipment engineering, aircraft assembly and service,
production of agricultural machinery and road construction
equipment. Russian Machines production activities are based in the
key 12 regions of the Russian Federation.
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
market for CNG vehicles and compressors in Russia and the benefits
of natural gas. 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 Russian Machines to purchase compressors and
related CNG fueling infrastructure 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:
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Clean Energy Media Contact:Patric Rayburn,
949-437-1411patric.rayburn@cleanenergyfuels.comorClean Energy
Investor Contact:Tony Kritzer,
949-437-1403tkritzer@cleanenergyfuels.comorRussian Machines
Media Contact:Ekaterina Pankova, +7-495-653-82-07ekaterinaVP@rm.ru
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