Clean Energy shareholders approve Total deal

Image courtesy of Clean Energy Fuels

Shareholders of Clean Energy, the California-based liquefied natural gas (LNG) supplier for transport, approved on Friday the recent deal with France’s Total under which the latter will buy up to 50.8 million shares of Clean Energy for $83.4 million. 

Clean Energy shareholders approved, by over 97 percent of the shares present at the company’s annual shareholders meeting, the purchase by Total Marketing Services, a wholly owned subsidiary of Total, the US fuel supplier said in its statement.

The deal, that will make Total Clean Energy’s largest shareholder, is expected to close on or about June 13.

This new partnership will combine one of the world’s leading energy companies that operates over 16,000 fueling stations with North America’s leading provider of clean natural gas as a transportation fuel, the statement said.

The investment will also allow Total to nominate two members to Clean Energy’s board of directors.

“The number one priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero emissions natural gas fueling solution,” said Andrew J. Littlefair, CEO and president of Clean Energy.

In a separate transaction, Clean Energy, with support from Total, expects to launch a truck finance program to eliminate the incremental cost differential between the purchase of a natural gas truck equipped with the “world’s cleanest engine” and its diesel counterpart.

Expected to launch during the third quarter of 2018, the program would also guarantee a five-year fixed discounted price for Clean Energy-supplied natural gas fuel.

Total plans to provide up to $100 million of credit support for the program, the statement said.

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