Investors Exercise Warrants Adding $150 Million Investment in Clean Energy
Focused on supporting natural gas fueling in North America, investors, including Boone Pickens, have invested a total of $150 million in Clean Energy Fuels Corp. (Nasdaq: CLNE), North America's leading provider of natural gas fuel for transportation.
The investments resulted from the exercise of Mr. Pickens' warrants to purchase 15 million shares of the company's common stock at $10 per share. Mr. Pickens purchased 1.5 million shares and transferred the balance to existing investors RRJ Capital, Seatown Holdings and Chesapeake Energy Corporation (NYSE: CHK), as well as Chief Capital LP, an investment vehicle wholly owned by energy investor Trevor Rees-Jones.
“These investments bring the total invested or committed to Clean Energy to $450 million during 2011,” said Andrew J. Littlefair, President and CEO of Clean Energy. “We see this as a tremendous affirmation of both Clean Energy as the leader in natural gas vehicle fueling in America and our America's Natural Gas Highway initiative that is expanding natural gas fueling infrastructure in cities throughout the country.”
“We have a significant program underway to develop CNG and LNG fueling stations serving fleets in the long-haul, regional and port trucking markets, as well as for solid waste, transit, airport and municipal transportation nationwide,” noted Littlefair.
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