Clean Energy Increases Fueling Station Infrastructure Significantly in 2011
Station Project Completions Increase 50% from 2010 Level
SEAL BEACH, Calif.--(BUSINESS WIRE)-- Accelerating its development program to support growing natural gas vehicle fueling demand, Clean Energy Fuels Corp. (CLNE), North Americas leading provider of natural gas fuel for transportation, significantly increased its fueling station project completions during 2011.
During 2011, Clean Energy completed 68 fueling station projects in 16 states, including five LNG truck fueling stations on Americas Natural Gas Highway.
We increased the number of station projects completed during the year by 50% over 2010, said Andrew J. Littlefair, President and CEO of Clean Energy. These included stations serving transit (7), refuse (18) and airport/taxi/shuttle (28) operations around the country, as well as locations situated to support the needs of local and regional trucking and small fleets (15).
During the second half of 2011, Clean Energy received total investment commitments of $450 million, largely to fund substantially more fueling station development going forward, particularly LNG truck fueling stations along Americas Natural Gas Highway, noted Littlefair.
We are pleased to be leading the way for key segments of our nations transportation system to convert to the use of natural gas fuel, saving money and helping the environment and our nations energy security through growing independence from imported oil, Littlefair added.
Currently priced up to $1.50 or more per gallon lower than diesel or gasoline (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 30% in light-duty vehicles and 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 25,000 vehicles at 273 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 Americas Natural Gas Highway, a network comprised initially of approximately 150 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 nations 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 growth of the natural gas vehicle market, demand for natural gas as a vehicle fuel, the benefits of converting to natural gas fuel, and the potential for a natural gas highway system. 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, but not limited to, permitting or other delays encountered during the construction of natural gas fueling stations, including those stations for the natural gas highway system, the performance, availability and price of natural gas vehicles relative to gasoline and diesel vehicles and the price per gallon of natural gas relative to gasoline and diesel. 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. Additionally, the reports and other documents the Company files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Fuels Corp.
Bruce Russell, 310-559-4955 x101
Ina McGuinness, 805-427-1372
Source: Clean Energy Fuels Corp.Copyright Business Wire 2012