Clean Energy Fuels Corp. shareholders have approved, by over 97 percent of the shares present at the company’s annual shareholders meeting, the purchase by Total Marketing Services S.A., a wholly owned subsidiary of Total S.A., of 50.8 million shares of Clean Energy’s common stock for gross proceeds of $83.4 million. The purchase and sale of the shares is expected to close on or about June 13, 2018. Total’s acquisition will represent 25 percent of Clean Energy’s outstanding shares and will make it Clean Energy’s largest shareholder. This new partnership will combine one of the world’s leading energy companies that operates over 16,000 fueling stations with North America’s leading provider of clean natural gas as a transportation fuel. The investment will also allow Total to nominate two members to Clean Energy’s board of directors.
“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew J. Littlefair, CEO and president of Clean Energy. “The number one priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero emissions natural gas fueling solution.”
