Total announced Thursday that it agreed to purchase up to 50.8 million shares of U.S.-based Clean Energy’s common stock for $83.4 million, to become its largest stockholder with an ownership of 25 percent.
As part of this financing program, Clean Energy, with support from Total, plans to launch a leasing program to place thousands of new natural gas heavy-duty trucks on the road while fueling at Clean Energy stations, according to a company statement.
The program will 'allow fleets to begin driving heavy-duty trucks with the cleanest engine in the world at no increased cost compared to the diesel alternative, while also guaranteeing a discounted natural gas fuel price to diesel'.
Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in the third quarter of 2018.
'Customers and regulators around the world are demanding cleaner transportation alternatives, particularly in the heavy-duty market,' said Patrick Pouyanne, chairman and CEO of Total, in the statement.
'Total believes there is a strong development opportunity in natural gas for the transportation market, in particular in the United States, which benefits from unique giant low-cost gas resources,' he added.
Andrew J. Littlefair, CEO and president of Clean Energy, said launching the financing program 'should expedite the adoption of natural gas as the most environmentally friendly fuel for the trucking industry'.
Clean Energy Fuels Corp. is the leading provider of natural gas fuel and renewable natural gas (RNG) fuel for transportation in North America with a network of over 550 stations that it owns and/or operates.
By Hale Turkes
Anadolu Agency
energy@aa.com.tr