Clean Energy Fuels Corp. Agrees To Buy Exterran Holdings' Fueling Business
By Greg Johnson May 12, 2009
Clean Energy Fuels Corp.
, the company founded and controlled by Texas oilman T. Boone Pickens,
has agreed to acquire Exterran Holdings
Inc.'s natural gas fueling station business. The deal includes natural gas fueling station operations and maintenance agreements covering approximately 25 million GGEs (gasoline gallon equivalents.)
Clean Energy provides CNG and LNG for fleet operators in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal sectors. It fuels more than 15,000 vehicles annually at 176 stations in the U.S. and Canada. It also owns two LNG production plants (in Willis, Texas and Boron, Calif.) with a combined capacity of 260,000 LNG gallons per day.
Exterran Holdings' customers include the Los Angeles County Metropolitan Transportation Authority, which operates the country's largest clean air bus fleet, the Montgomery (Maryland) County Transit system, Washington, D.C.'s Metropolitan Area Transit Authority and the Massachusetts Bay Transportation Authority in Boston. The sale must be approved by the transit agencies.
"Besides the immediate volume and revenue benefits for Clean Energy, this strategic acquisition expands our participation in the transit industry nationwide," said Clean Energy President and Chief Executive Andrew J. Littlefair. "With more than 20 percent of the nation's transit buses running on natural gas fuel, we are positioned better to qualify for new contracts, renewals and extensions with leading transit agencies as the deployment of natural gas-fueled buses grows."
CNG typically sells for at least 50-cents a gallon-equivalent less than gasoline at retail pumps such as those operated by Clean Energy, and can cost as little as 60 cents a gallon in states such as Oklahoma and Utah were the fuel is plentiful and subsidized by governments or utilities.
Greg Johnson, Contributor
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