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IMW Industries, Ltd., a wholly-owned subsidiary of
Clean Energy Fuels Corp., (NASDAQ:
CLNE) today announced an exclusive distribution and customer care agreement with
Russian Machines Corporation (RM), part of the Basic Element Group. Under the agreement, RM is named the exclusive distributor of IMW compressors, compressed natural gas (CNG) filling solutions, parts, and sole provider of maintenance and service within the Russian Federation. The agreement supports the May 2013 Russian decree 767-p to convert 50 percent of public transit and other vehicles to natural gas fuel by 2020 in cities with a population over one million.
“The Russian CNG vehicle market holds tremendous potential and the market for quality compressor equipment is expected to rapidly increase,” said Andrew J. Littlefair, president and CEO of Clean Energy. “As reported by
Reuters in May 2013, Russian Prime Minister Dmitry Medvedev’s May decree underscores the economic and environmental benefits a vibrant Russian CNG vehicle market would represent and we’re eager to help this market succeed.”
RM’s GAZ Group is the leading company in Russia for the manufacturing of commercial vehicles, such as buses and light commercial vehicles, powered by gas fuel including liquefied petroleum gas (LPG) and CNG. GAZ Group has approximately 65 percent of the bus manufacturing market in Russia. In 2013, GAZ Group launched production of PAZ-3204-4238 and KAVZ natural gas buses and produced a pilot batch of pre-serial bi-fuel Gazelle BUSINESS LCVs which run on CNG and gasoline.
“These agreements are the first steps toward mutually-beneficial synergies in the introduction of CNG as a motor fuel in Russia and surrounding markets,” said Manfred Eibeck, chief executive officer of Russian Machines. “Russia holds the largest natural gas reserves in the world, yet only has approximately 200 natural gas fueling stations and 100,000 natural gas vehicles. This project will help bring state-of-the-art CNG fueling solutions and localized hi-tech production to Russia.”