Shareholders of Clean Energy Fuels Corp. have approved of the more than $83 million purchase of shares of company stock by Total Marketing Services, S.A., a wholly owned subsidiary of Total S.A.
Clean Energy, while based in California has more than 16,000 CNG fueling stations across North America including in Oklahoma. Its refueling stations in Oklahoma are located in Oklahoma City, Yukon and Stillwater.
The $83.4 million purchase of 50.8 million shares of common stock was approved at the company’s annual shareholders meeting. Total’s acquisition will represent 25 percent of Clean Energy’s outstanding shares and will make it Clean Energy’s largest shareholder. It will also allow Total to nominate two members to Clean Energy’s board of directors.
“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew J. Littlefair, CEO and president of Clean Energy.
With support from Total, Clean Energy expects to launch a truck finance program to eliminate the cost differential between the purchase of a natural gas truck equipped with the world’s cleanest engine and its diesel counterpart. The program should be operational in the third quarter of 2018. It will offer a five year discounted price guarantee for Clean Energy-supplied natural gas fuel.