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Clean Energy Fuels adds final $150 million to 2011 investment funds
The funds will help expand the use of natural gas fuel in the U.S.
By Elaine MurphyPublished: January 12, 2012 12:15 PM
Committed to cleaner energy and cutting emissions, investors have contributed another $150 million in natural gas for transportation through Clean Energy Fuels Corp., a Seal Beach-based provider of natural gas fuel. Investor Boone Pickens bought 1.5 million stock shares at $10 apiece, and shared the stock with four other investors, including RRJ Capital and Chief Capital LP. The capital adds to an existing $300 million invested in Clean Energy, and will contribute to the growth of natural gas as fuel in the United States.
Natural gas fuel is used to vehicles such as long-haul trucks, whose consumption of mass amounts of fuel contributes to carbon emissions. This form of alternative fuel costs at least $1.50 less per gallon than petrol and diesel fuel, decreasing costs for fleet owners; it also reduces carbon emissions by up to 30 percent. Since 98 percent of consumed natural gas is produced domestically and in Canada, it is a secure form of North American fuel.
“These investments bring the total invested or committed to Clean Energy to $450 million during 2011. We see this as a tremendous affirmation of both Clean Energy as the leader in natural gas vehicle fueling in America and our America’s Natural Gas Highway initiative that is expanding natural gas fueling infrastructure in cities throughout the country,” said Clean Energy president and CEO Andrew J. Littlefair. “We have a significant program underway to develop CNG and LNG fueling stations serving fleets in the long-haul, regional and port trucking markets, as well as for solid waste, transit, airport and municipal transportation nationwide.”
Related headlines
Clean Energy partners with Quarles Petroleum to increase natural gas fueling
Clean Energy nabs $150 million in investment funds
Seal Beach's Clean Energy soars into 4 major airports
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Natural gas fuel is used to vehicles such as long-haul trucks, whose consumption of mass amounts of fuel contributes to carbon emissions. This form of alternative fuel costs at least $1.50 less per gallon than petrol and diesel fuel, decreasing costs for fleet owners; it also reduces carbon emissions by up to 30 percent. Since 98 percent of consumed natural gas is produced domestically and in Canada, it is a secure form of North American fuel. “These investments bring the total invested or committed to Clean Energy to $450 million during 2011. We see this as a tremendous affirmation of both Clean Energy as the leader in natural gas vehicle fueling in America and our America’s Natural Gas Highway initiative that is expanding natural gas fueling infrastructure in cities throughout the country,” said Clean Energy president and CEO Andrew J. Littlefair. “We have a significant program underway to develop CNG and LNG fueling stations serving fleets in the long-haul, regional and port trucking markets, as well as for solid waste, transit, airport and municipal transportation nationwide.” Related headlines Clean Energy partners with Quarles Petroleum to increase natural gas fueling Clean Energy nabs $150 million in investment funds Seal Beach's Clean Energy soars into 4 major airports |
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