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NEWPORT BEACH, Calif. � Clean Energy Fuels Corp. (Nasdaq: CLNE) shareholders today approved, by over 97 percent of the shares present at the company�s annual shareholders meeting, the purchase by Total Marketing Services S.A., a wholly owned subsidiary of Total S.A. (CAC: TOTF.PA), of 50.8 million shares of Clean Energy�s common stock for gross proceeds of $83.4 million. The purchase and sale of the shares is expected to close on or about June 13, 2018. Total�s acquisition will represent 25% of Clean Energy�s outstanding shares and will make it Clean Energy�s largest shareholder. 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 investment 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. �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.� |