Clean Energy to Acquire Fueling Station Business
SEAL BEACH, CA --- Clean Energy Fuels Corp. said it has agreed to acquire the natural gas fueling station business of Exterran Holdings Inc.
The acquisition agreement includes natural gas station operations and maintenance contracts covering approximately 25 million gasoline gallon equivalents of natural gas fuel on an annual basis for four transit operators (eight fueling facilities).
Transit agencies served include Los Angeles County Metropolitan Transportation Authority, which operates the largest clean air bus fleet in the United States; Montgomery County Transit MD; Washington Metropolitan Area Transit Authority in Washington D.C.; and Massachusetts Bay Transportation Authority in Boston, MA.
The acquisition of the LACMTA and MBTA contracts closed effective upon signing of the acquisition agreement. The sale of the contracts with Montgomery County Transit and WMATA is subject to approval of the appropriate transit authorities.
The aggregate purchase price for the acquired contracts is approximately $5.9 million, of which approximately $3.2 million was paid upon the closing of the sale of the LACMTA and MBTA contracts.
"Besides the immediate volume and revenue benefits for Clean Energy, this strategic acquisition expands our participation in the transit industry nationwide," said Andrew J. Littlefair, Clean Energy president and CEO. "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."