NEWPORT BEACH, Calif. – Clean Energy Fuels Corp. (Nasdaq: CLNE) today introduced Zero Now Financing, a program that makes the cost of leasing or purchasing a new natural gas heavy-duty truck equipped with the cleanest engine in the world, equal to the price or even lower than that of the same truck equipped with a diesel engine. In addition, trucks financed or purchased through the Zero Now Financing program will be able to purchase natural gas fuel at a fixed price significantly discounted to diesel for the term of the financing/lease through a unique hedging program.
Never before have private carriers, for-hire carriers, and shippers enjoyed the benefits of moving their goods in trucks that can substantially reduce their emissions for the price of a diesel truck. And if the trucks qualify for grants that are offered in states around the country, the cost could be considerably less than a diesel truck. The new natural gas trucks will take to highways equipped with a Cummins Westport ISX12N engine that has been certified by California Air Resources Board and the U.S. Environmental Protection Agency (EPA) at 0.02 g-NOx/bhp-hr and tested at 0.01 g-NOx/bhp-hr, which is at least 90 percent lower NOx emissions than current EPA NOx standards, making it the cleanest engine available today.
“The Zero Now Financing program levels the financial playing field by removing the price differential of a natural gas truck versus a diesel truck. This combination will give fleets a considerable sustainability advantage, which could result in winning more business,” said Andrew J. Littlefair, president and CEO, Clean Energy. “The goal is to significantly reduce the environmental impact of heavy-duty trucking and widen the adoption of natural gas as a clean, American-made fuel to move America’s goods around the country.”
Clean Energy already makes its Redeem™ renewable natural gas (RNG) available at many of its public stations and will work with fleets to provide it wherever possible. Redeem allows customers to achieve a reduction in greenhouse gas (GHG) emissions by at least 70 percent versus diesel. Redeem is the cleanest fuel for trucking today, with some RNG sources even reducing GHG emissions by over 100 percent.
Clean Energy is launching Zero Now Financing with $100 million in credit support from its new strategic partner Total S.A. (CAC: TOTF. PA), a global energy giant seeking to become the Responsible Energy Major, to cover the incremental portion of the truck value. Also, Clean Energy is partnering with multiple well-known financial institutions to make the process as seamless as possible.
The program extends to trucks built by a variety of manufacturers, operating on either compressed natural gas (CNG) or liquified natural gas (LNG) and equipped with the new CWI ISX12N engine. The Zero Now Financing offer will include a five-year engine coverage option on the Cummins Westport ISX12N.
Clean Energy operates a fueling network of over 100 public stations strategically located around the U.S. and Canada which accommodate Class 8 tractors and plans to add more to meet demand.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas fuel and renewable natural gas (RNG) fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas stations (LNG) and deliver more CNG, LNG and RNG vehicle fuel than any other company in the U.S. Clean Energy sells Redeem RNG fuel and believes it is the cleanest transportation fuel commercially available, reducing greenhouse gas emissions by up to 70%. For more information, visit www.CleanEnergyFuels.com.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about, among other things: the potential impact of the Zero Now Financing program on the volume and rate of adoption by fleets and other consumers of natural gas as a vehicle fuel and on Clean Energy’s business and performance; and the benefits of natural gas as an alternative vehicle fuel, including economic and environmental benefits.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual achievements, performance or other events to be materially different from any future achievements, performance or other events expressed or implied by the forward-looking statements. Factors that might cause or contribute to such differences include, among others: acceptance by truck operators of the Zero Now Financing program; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, other vehicle fuels, and heavy-duty trucks and other vehicles and engines powered by these fuels, including overall levels of and volatility in these factors; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate of any such adoption; Clean Energy’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; Clean Energy’s ability to accurately predict natural gas vehicle fuel demand in the geographic and customer markets in which it operates and effectively calibrate its strategies, timing and levels of investments to be consistent with this demand; Clean Energy’s ability to recognize the anticipated benefits of its natural gas fueling station network; Clean Energy’s ability to manage and grow its RNG business; changes to federal, state or local greenhouse gas emissions regulations or other environmental regulations applicable to natural gas production, transportation or use; and general political, regulatory, economic, market and other conditions.
As a result of these and other potential risks and uncertainties, the forward-looking statements made in this press release should not be relied on or viewed as predictions of future events. All forward-looking statements in this press release are made only as of the date of this press release and, except as required by law, Clean Energy undertakes no obligation to update publicly any forward-looking statements for any reason, including to conform these statements to actual results or to changes in expectations. Additionally, the reports and other documents Clean Energy files with the Securities and Exchange Commission, available at www.sec.gov, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.