NEWPORT BEACH, Calif. — Clean Energy Fuels Corp. (NASDAQ: CLNE) shareholders today approved, by over 97 percent of the shares present at the company’s annual shareholders meeting, the purchase by Total Marketing Services S.A., a wholly-owned subsidiary of Total S.A. (CAC: TOTF.PA), of 50.8 million shares of Clean Energy’s common stock for gross proceeds of $83.4 million.
The purchase and sale of the shares is expected to close on or about June 13, 2018. Total’s acquisition will represent 25 percent of Clean Energy’s outstanding shares, which will make it Clean Energy’s largest shareholder. This new partnership will combine one of the world’s leading energy companies that operates over 16,000 fueling stations, with North America’s leading provider of clean natural gas as a transportation fuel. The investment will also allow Total to nominate two members to Clean Energy’s board of directors.
“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew J. Littlefair, CEO and president of Clean Energy. “The number one priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero emissions natural gas fueling solution.”
In a separate transaction, Clean Energy, with support from Total, expects to launch an innovative truck finance program to eliminate the incremental cost differential between the purchase of a natural gas truck equipped with the world’s cleanest engine and its diesel counterpart. Expected to launch during the third quarter of 2018, the program would also guarantee a five-year fixed discounted price for Clean Energy-supplied natural gas fuel, allowing heavy-duty truck fleets to immediately achieve sustainability goals at the price and ease of operating diesel trucks. Total intends to provide up to $100 million of credit support for the program.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas fuel and renewable natural gas (RNG) fuel for transportation in North America. The company builds and operates compressed natural gas (CNG) and liquefied natural gas (LNG) stations, and delivers more CNG, LNG and RNG vehicle fuel than any other company in the U.S. Clean Energy sells Redeem RNG fuel and believes it is the cleanest transportation fuel commercially available, reducing greenhouse gas emissions by up to 70 percent. Visit: www.CleanEnergyFuels.com
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