Seal Beach, Calif. (February 1, 2012) — Clean Energy Fuels Corp. (Nasdaq: CLNE), North America’s leading provider of natural gas fuel for transportation, has signed a strategic joint marketing and fueling agreement with Navistar International Corp. (NYSE: NAV), global truck and engine manufacturer.
Clean Energy will provide a comprehensive CNG/LNG fueling solution designed to meet Navistar customer demands and bring new customers into the natural gas market. Specifically, Clean Energy will work with Navistar and its customers to provide truck lessees with fueling contracts whose fuel cost savings help to lower overall costs. Clean Energy also expects to participate with Navistar in selected trucking industry exhibitions and provide assistance on dealer outreach and education on fueling issues.
Clean Energy designs, builds and operates stations that supply compressed natural gas (CNG) and liquefied natural gas (LNG) fuel. It operates hundreds of natural gas fueling stations nationwide and is developing America’s Natural Gas Highway, a backbone network of 150 LNG fueling stations that will enable goods movement coast-to-coast and border-to-border.
Andrew J. Littlefair, Clean Energy President and CEO, said, “We believe the deployment of new, innovative, heavy-duty natural gas engines by world-class original equipment truck manufacturers like Navistar is accelerating the transition to natural gas fuel as a game-changer for heavy-duty trucking. We welcome the opportunity to work with Navistar to bring the benefits of clean, cost-effective, domestically-abundant natural gas fuel to the company’s trucking customer base.”
“Natural gas has clearly emerged as the most realistic alternative fuel option for the trucking industry,” said Dan Ustian, Navistar chairman, president and CEO. “Together, Navistar and Clean Energy have come up with a breakthrough program that offers customers a quicker payback on their investment plus added fuel costs savings from day one of operation. When combined with Navistar’s industry-leading dealer network and Clean Energy’s unmatched fuel distribution system, customers can be confident that bringing natural gas vehicles into their fleets makes good business sense.”
Currently priced up to $1.50 per gallon lower than diesel or gasoline (depending upon local markets), the use of natural gas fuel reduces costs significantly for vehicle and fleet owners, and reduces greenhouse gas emissions approximately 23% in medium to heavy-duty vehicles. Additionally, natural gas is a secure North American energy source with 98% of the natural gas consumed produced in the U.S. and Canada.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Clean Energy fuels over 25,200 vehicles at 257 strategic locations across the United States and Canada with a broad customer base in the refuse, transit, trucking, shuttle, taxi, airport and municipal fleet markets. We are building “America’s Natural Gas Highway”, a backbone network comprised of 150 LNG truck fueling stations connecting major freight trucking corridors across the country. Clean Energy del Peru, a joint venture, fuels vehicles and provides CNG to commercial customers in Peru. We own (70%) and operate a landfill gas facility in Dallas, Texas, that produces renewable natural gas, or biomethane, for delivery in the nation’s gas pipeline network, and we plan to build a second facility in Michigan. We own and operate LNG production plants in Willis, Texas and Boron, Calif. with combined capacity of 260,000 LNG gallons per day and that are designed to expand to 340,000 LNG gallons per day as demand increases. NorthStar, a wholly owned subsidiary, is the recognized leader in LNG/LCNG (liquefied to compressed natural gas) fueling system technologies and station construction and operations. BAF Technologies, Inc., a wholly owned subsidiary, is a leading provider of natural gas vehicle systems and conversions for taxis, vans, pick-up trucks and shuttle buses. IMW Industries, Ltd., a wholly owned subsidiary based in Canada, is a leading supplier of compressed natural gas equipment for vehicle fueling and industrial applications with more than 1,200 installations in 24 countries. For more information, visit www.cleanenergyfuels.com
Forward-Looking Statements — This news 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 that involve risks, uncertainties and assumptions, including statements about the anticipated benefits of the joint marketing agreement, the number and location of stations to be included in the natural gas highway system, the timing for the completion of construction of these stations, the availability and deployment of, as well as the demand for, heavy duty natural gas truck engines, and the potential for a natural gas highway system. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including, but not limited to, delays in or failure to realize any of the anticipated benefits of the joint marketing agreement, permitting or other delays encountered during the identification of locations for, and the construction of, natural gas fueling stations, including those stations planned for the natural gas highway, the performance, availability and price of natural gas vehicles relative to gasoline and diesel vehicles and the price per gallon of natural gas relative to diesel and gasoline. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.