France’s Total has agreed to buy up to 50.8 million shares of Clean Energy, the California-based liquefied natural gas (LNG) supplier for transport, for $83.4 million.
This will make Total, Clean Energy’s largest atock holder with 25 percent ownership of the company’s oustanding shares of common stock, Total said in a statement.
With the acquisition, the two companies have entered into a strategic agreement to a strategic agreement to drive deployment of new natural gas heavy-duty trucks.
This transaction is subject to, among other things, Clean Energy obtaining the approval of its stockholders’ meeting, which was originally scheduled for May 30, 2018, but which will be postponed to June 8, 2018, the statement reads.
Clean Energy, with support from Total, also plans to launch a leasing program that is intended to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations.
Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in the third quarter of 2018.