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TheStreet Open House

Clean Energy Contracts With Green Energy Oilfield Services To Build & Supply Natural Gas Fueling Station To Support New LNG-Powered Texas Tanker Truck Fleet

Stock quotes in this article: CLNE

Clean Energy Fuels Corp. (Nasdaq: CLNE) has signed a 10-year agreement with Green Energy Oilfield Services, a major Texas truck transport provider, to build, supply, and maintain a new liquefied natural gas (LNG) fueling station at Green Energy headquarters in Fairfield, Texas.

The Clean Energy LNG station will fuel Green Energy’s new fleet of 60 LNG-powered heavy-duty Peterbilt trucks, which will support Green Energy’s oil production customers within a 100-mile radius of Fairfield, in the Freestone oil region of Central Texas. The trucks are anticipated to use approximately 1.2 million gallons of LNG annually.

Development of the new Green Energy Fairfield LNG station is set to begin in August 2012, with completion scheduled by the end of 2012. Green Energy’s future plans include development of additional LNG truck fueling stations in the Barnett (Fort Worth), Haynesville (Marshall), and Eagle Ford Shale (Laredo) petroleum-producing areas of Texas.

Roger Nevill, President and COO of Green Energy, said, “Our company is committed to acquiring and deploying fleets comprised exclusively of LNG-powered trucks. Together with many of our oilfield services customers, we are anxious to secure the cost-saving and clean-air benefits offered by natural gas. Another important goal for us is helping reduce America’s need for foreign oil imports, and natural gas fuel is sourced domestically.”

James Harger, Clean Energy’s Chief Marketing Officer, said, “With the availability of new class-8, 2010 EPA-compliant natural gas trucks from several major manufacturers, regional and national trucking operators are deploying natural gas fleets in increasing numbers. Their goals include conserving costs, adding fuel diversity, curtailing harmful emissions, and reducing America’s dependence on imported oil. We commend Green Energy for its pace-setting commitment to powering truck fleets with natural gas fuel.”

Currently priced up to $1.50 or more per gallon lower than diesel (depending upon local markets), the use of natural gas fuel reduces costs significantly for vehicle and fleet owners, and reduces greenhouse gas emissions up to 23% in medium to heavy-duty vehicles. Additionally, natural gas is a secure North American energy source, with 98% of the natural gas consumed produced in the U.S. and Canada.

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