HOUSTON – GE and Chesapeake Energy Corp. are collaborating to develop infrastructure solutions set to help accelerate the adoption of natural gas as a transportation fuel, according to a March 7 press release.

GE and Chesapeake have signed a memorandum of understanding on a product and services development partnership, securing a multi-year collaboration between the two companies. Their efforts will develop and bring to market compressed natural gas (CNG) and liquefied natural gas (LNG) transportation and natural gas home-fueling solutions.

The solution is expected to lower the ownership and operational costs of natural gas vehicle (NGV) fueling stations. And according to the press release, the GE-Chesapeake collaboration can also help incentivize operators to put more NGVs on highways.

“The partnership between GE and Chesapeake’s affiliate, Peake Fuel Solutions, combines Chesapeake’s natural gas expertise with GE’s extensive global manufacturing capabilities and will bring transformative products to industries and individual consumers across the U.S.,” said Aubrey McClendon, Chesapeake’s CEO. “These products and services will allow customers to enjoy the clear advantages of clean, affordable and abundant American natural gas at about half the cost of gasoline.”

Starting in the fall of 2012, GE is expected to provide over250 modular and standardized CNG compression stations for NGV infrastructure.