The amount will be used to support Clean Energy’s fueling infrastructure building program, which includes development, construction and operation of liquefied natural gas (LNG) and compressed natural gas (CNG) fueling stations and the related support, management, maintenance.
The program will also include marketing of the stations, including the development, construction and operation of offloading facilities, related production assets and delivery trucks.
The $150m investment will be provided in the form of 7.50% convertible notes due in 2016, which will be convertible into shares of Clean Energy common stock at $15.00 per share.
Clean Energy president and CEO Andrew Littlefair said that the firm is steadily adding stations serving fleets in the refuse, transit, airport, municipal and regional trucking markets around the country.
