SEAL BEACH, Calif.-( Business Wire )-
Clean Energy Fuels Corp. (Nasdaq: CLNE) has signed a 10-year agreement with Green Energy Oilfield Services, a major Texas truck transport provider, to build, supply, and maintain a new liquefied natural gas (LNG) fueling station at Green Energy headquarters in Fairfield, Texas.
The Clean Energy LNG station will fuel Green Energy’s new fleet of 60 LNG-powered heavy-duty Peterbilt trucks, which will support Green Energy’s oil production customers within a 100-mile radius of Fairfield, in the Freestone oil region of Central Texas. The trucks are anticipated to use approximately 1.2 million gallons of LNG annually.
Development of the new Green Energy Fairfield LNG station is set to begin in August 2012, with completion scheduled by the end of 2012. Green Energy’s future plans include development of additional LNG truck fueling stations in the Barnett (Fort Worth), Haynesville (Marshall), and Eagle Ford Shale (Laredo) petroleum-producing areas of Texas.
Roger Nevill, President and COO of Green Energy, said, “Our company is committed to acquiring and deploying fleets comprised exclusively of LNG-powered trucks. Together with many of our oilfield services customers, we are anxious to secure the cost-saving and clean-air benefits offered by natural gas. Another important goal for us is helping reduce America’s need for foreign oil imports, and natural gas fuel is sourced domestically.”
James Harger, Clean Energy’s Chief Marketing Officer, said, “With the availability of new class-8, 2010 EPA-compliant natural gas trucks from several major manufacturers, regional and national trucking operators are deploying natural gas fleets in increasing numbers. Their goals include conserving costs, adding fuel diversity, curtailing harmful emissions, and reducing America’s dependence on imported oil. We commend Green Energy for its pace-setting commitment to powering truck fleets with natural gas fuel.”
Currently priced up to $1.50 or more per gallon lower than diesel (depending upon local markets), the use of natural gas fuel reduces costs significantly for vehicle and fleet owners, and reduces greenhouse gas emissions up to 23% in medium to heavy-duty vehicles. Additionally, natural gas is a secure North American energy source, with 98% of the natural gas consumed produced in the U.S. and Canada.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Clean Energy fuels over 25,200 vehicles at 257 strategic locations across the United States and Canada with a broad customer base in the refuse, transit, trucking, shuttle, taxi, airport and municipal fleet markets. We are building “America’s Natural Gas Highway”, a network comprised initially of more than 100 LNG truck fueling stations connecting major freight trucking corridors across the country. Clean Energy del Peru, a joint venture, fuels vehicles and provides CNG to commercial customers in Peru. We own (70%) and operate a landfill gas facility in Dallas, Texas, that produces renewable natural gas, or biomethane, for delivery in the nation’s gas pipeline network, and we plan to build a second facility in Michigan. We own and operate LNG production plants in Willis, Texas and Boron, Calif. with combined capacity of 260,000 LNG gallons per day and that are designed to expand to 340,000 LNG gallons per day as demand increases. NorthStar, a wholly owned subsidiary, is the recognized leader in LNG/LCNG (liquefied to compressed natural gas) fueling system technologies and station construction and operations. BAF Technologies, Inc., a wholly owned subsidiary, is a leading provider of natural gas vehicle systems and conversions for taxis, vans, pick-up trucks and shuttle buses. IMW Industries, Ltd., a wholly owned subsidiary based in Canada, is a leading supplier of compressed natural gas equipment for vehicle fueling and industrial applications with more than 1,200 installations in 24 countries. For more information, visit www.cleanenergyfuels.com
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 procurement and deployment of LNG vehicles, the volume of LNG that will be consumed at the station, the potential impact of replacing diesel and gasoline with CNG, and the timing for completion of the station. 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 the performance, availability and benefits of natural gas trucks relative to gasoline and diesel trucks, the price per gallon of LNG relative to diesel and gasoline, and permitting or other delays encountered during construction of the station. 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.
For Clean Energy Fuels Corp.News MediaBruce Russell, 310-559-4955 email@example.comInvestorsIna McGuinness, firstname.lastname@example.org