ALTERNATIVE FUEL
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Seal Beach's Clean Energy set to acquire BAF Tech
The deal is expected to increase supply of light-duty fleets.
By Kristen SchottPublished: September 24, 2009 10:42 AM
Seal Beach-based Clean Energy Fuels Corp. has signed an agreement to acquire Dallas-based BAF Technologies, a natural gas vehicle systems and conversion company. The deal is expected to increase the supply of light-duty fleets in the U.S., thereby meeting the growing demand for these vehicles, according to Clean Energy.
The purchase price payable at the end of the acquisition – which will close if certain conditions are met – totals $8.3 million, and it will be used in part to settle BAF's outstanding debt. Clean Energy Finance, a subsidiary of the compressed and liquefied natural gas provider, currently holds $3.8 million of that debt, and Clean Energy expects to pay a total of $4.5 million at the close of the deal.
“BAF is a well-known company within the alternative-fuel vehicle business providing product for several of our target markets,” says Clean Energy President and CEO Andrew J. Littlefair. “This action will give confidence to potential fleet customers in the light-duty arena who are considering transitioning their fleets to natural gas fuel."
The move will also offer a "significant resource" for light-duty vehicle conversions, and it will provide the framework for automakers to create U.S. alternative-fuel fleets, according to Littlefair.
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The purchase price payable at the end of the acquisition – which will close if certain conditions are met – totals $8.3 million, and it will be used in part to settle BAF's outstanding debt. Clean Energy Finance, a subsidiary of the compressed and liquefied natural gas provider, currently holds $3.8 million of that debt, and Clean Energy expects to pay a total of $4.5 million at the close of the deal. “BAF is a well-known company within the alternative-fuel vehicle business providing product for several of our target markets,” says Clean Energy President and CEO Andrew J. Littlefair. “This action will give confidence to potential fleet customers in the light-duty arena who are considering transitioning their fleets to natural gas fuel." The move will also offer a "significant resource" for light-duty vehicle conversions, and it will provide the framework for automakers to create U.S. alternative-fuel fleets, according to Littlefair. NEXT PAGE >> Related headlines Costa Mesa's T3 Motion partners with Target Orange Mayor Carolyn Cavecche named Leader of the Year 'OC METRO Minute,' Sept. 22: Mobility 21's list of the region's transportation projects Marshall Advertising drives The Toll Roads' ad campaign |
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