SEAL BEACH, CA — Three investment companies have agreed to invest $150 million in Clean Energy Fuels Corp., a leading natural gas transportation fuel provider.
The investments will support Clean Energy’s fueling infrastructure building program, including the development of liquefied natural gas (LNG) and compressed natural gas (CNG) fueling stations and the related management and marketing of those stations.
The investing companies are Springleaf Investments, a subsidiary of Temasek Holdings; Lionfish Investments, an investment vehicle managed by Seatown Holdings International; and Greenwich Asset Holding, a subsidiary of RRJ Capital Master Fund I.
“This investment by Temasek, Seatown and RRJ demonstrates their confidence in the opportunity for fueling natural gas vehicles as well as in Clean Energy’s position as the leader in growing this market,” said Andrew J. Littlefair, president and CEO of Clean Energy. “Our development program for fueling station building is expanding rapidly and we welcome the support provided by the funds.”
The $150-million investment is in the form of 7.50-percent convertible notes due in 2016. The notes will be convertible into shares of Clean Energy common stock at $15 per share. The closing of the investment is scheduled to occur on or before August 30, 2011 and is subject to customary conditions.
"We are honored to be a strategic partner of Clean Energy," said Richard Ong, chairman and CEO of RRJ Capital. "We like the long-term prospects of the company. Clean Energy has been demonstrating a strong track record in natural gas fueling services in North America. It is well-positioned to tap into the future growth opportunities in both the domestic market and in international markets such as China and Southeast Asia."