Clean Energy Fuels Receives $150 Million Investment
Natural gas provider Clean Energy Fuels Corp.'s (Nasdaq: CLNE) stocks were up nearly 3% in early morning trading after the company announced it had recieved a $150 million investment to increase its fueling station infrastructure in the United States.
Andrew J. Littlefair, President and CEO of Clean Energy welcomed the support of this new financing, provided jointly by investment companies Temasek Holdings Pte. Ltd., Seatown Holdings International Pte. Ltd -- both based in Singapore -- and Texas-based RRJ Capital Master Fund I, L.P.
The company recently launched its plan to build America's Natural Gas Highway infrastructure which it hopes will spur truck operators to make the switch to natural gas sooner, rather than later.
“Our development program for fueling station-building is expanding rapidly," said Littlefair.
This announcement comes just over a month after Chesapeake Energy Corporation's (NYSE: CHK) newly formed capital investment division, Chesapeake NG Ventures Corporation (CNGV), invested $150 million to develop and implement 150 LNG truck fueling stations at truck-stops across the nation.
Clean Energy is North America's largest provider of natural gas fuel for transportation. In the second quarter of 2011 the company delivered gasoline gallon equivalents of compressed natural gas (CNG), liquefied natural gas (LNG) and biomethane totaling 39.2 million gallons, which was up 26% from Q2 2010. These numbers contributed to revenues which have climbed 57% in Q2 2011 to $69.1 million from $44.0 million posted the in same period last year.
Image Credit: Images_of_Money via Flickr
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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