Clean Energy Launches Zero Now Financing to Put Fleets in Clean New Natural Gas Trucks for the Price of a Diesel Truck
Clean
Energy Fuels Corp. (Nasdaq: CLNE)
today introduced Zero Now Financing, a program that makes the
cost of leasing or purchasing a new natural gas heavy-duty truck
equipped with the cleanest engine in the world, equal to the price or
even lower than that of the same truck equipped with a diesel engine. In
addition, trucks financed or purchased through the Zero
Now Financing program will be able to purchase natural gas fuel
at a fixed price significantly discounted to diesel for the term of the
financing/lease through a unique hedging program.
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Never before have private carriers, for-hire carriers, and shippers
enjoyed the benefits of moving
their goods in trucks that can substantially reduce their emissions
for the price of a diesel truck. And if the trucks qualify for grants
that are offered in states around the country, the cost could be
considerably less than a diesel truck. The new natural gas trucks will
take to highways equipped with a Cummins Westport ISX12N
engine that has been certified by California Air Resources Board and
the U.S. Environmental Protection Agency (EPA) at 0.02 g-NOx/bhp-hr and
tested at 0.01 g-NOx/bhp-hr, which is at least 90 percent lower NOx
emissions than current EPA NOx standards, making it the cleanest engine
available today.
“The Zero Now Financing program levels the financial playing field by
removing the price differential of a natural gas truck versus a diesel
truck. This combination will give fleets a considerable sustainability
advantage, which could result in winning more business,” said Andrew J.
Littlefair, president and CEO, Clean Energy. “The goal is to
significantly reduce the environmental
impact of heavy-duty trucking and widen the adoption of natural gas
as a clean, American-made fuel to move America’s goods around the
country.”
Clean Energy already makes its Redeem™
renewable natural gas (RNG) available at many of its public
stations and will work with fleets to provide it wherever possible.
Redeem allows customers to achieve a reduction in greenhouse gas (GHG)
emissions by at least 70 percent versus diesel. Redeem is the cleanest
fuel for trucking today, with some RNG sources even reducing GHG
emissions by over 100 percent.
Clean Energy is launching Zero Now Financing with $100 million in
credit support from its new strategic
partner Total S.A. (CAC: TOTF. PA), a global energy giant seeking to
become the Responsible Energy Major, to cover the incremental portion of
the truck value. Also, Clean Energy is partnering with multiple
well-known financial institutions to make the process as seamless as
possible.
The program extends to trucks built by a variety of manufacturers,
operating on either compressed
natural gas (CNG) or liquified
natural gas (LNG) and equipped with the new CWI ISX 12N engine. The Zero
Now Financing offer will include a five-year engine coverage option
on the Cummins Westport ISX12.
Clean Energy operates a fueling network of over 100 public stations
strategically located around the U.S. and Canada which accommodate Class
8 tractors and plans to add more to meet demand.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas fuel and
renewable natural gas (RNG) fuel for transportation in North America. We
build and operate compressed natural gas (CNG) and liquefied natural gas
stations (LNG) and deliver more CNG, LNG and RNG vehicle fuel than any
other company in the U.S. Clean Energy sells Redeem RNG fuel and
believes it is the cleanest transportation fuel commercially available,
reducing greenhouse gas emissions by up to 70%. For more information,
visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, including statements about, among
other things: the potential impact of the Zero Now Financing program on
the volume and rate of adoption by fleets and other consumers of natural
gas as a vehicle fuel and on Clean Energy’s business and performance;
and the benefits of natural gas as an alternative vehicle fuel,
including economic and environmental benefits.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual achievements,
performance or other events to be materially different from any future
achievements, performance or other events expressed or implied by the
forward-looking statements. Factors that might cause or contribute to
such differences include, among others: acceptance by truck operators of
the Zero Now Financing program; future supply, demand, use and prices of
crude oil, gasoline, diesel, natural gas, other vehicle fuels, and
heavy-duty trucks and other vehicles and engines powered by these fuels,
including overall levels of and volatility in these factors; the
willingness of fleets and other consumers to adopt natural gas as a
vehicle fuel, and the rate of any such adoption; Clean Energy’s ability
to capture a substantial share of the market for alternative vehicle
fuels and vehicle fuels generally and otherwise compete successfully in
these markets; Clean Energy’s ability to accurately predict natural gas
vehicle fuel demand in the geographic and customer markets in which it
operates and effectively calibrate its strategies, timing and levels of
investments to be consistent with this demand; Clean Energy’s ability to
recognize the anticipated benefits of its natural gas fueling station
network; Clean Energy’s ability to manage and grow its RNG business;
changes to federal, state or local greenhouse gas emissions regulations
or other environmental regulations applicable to natural gas production,
transportation or use; and general political, regulatory, economic,
market and other conditions.
As a result of these and other potential risks and uncertainties, the
forward-looking statements made in this press release should not be
relied on or viewed as predictions of future events. All forward-looking
statements in this press release are made only as of the date of this
press release and, except as required by law, Clean Energy undertakes no
obligation to update publicly any forward-looking statements for any
reason, including to conform these statements to actual results or to
changes in expectations. Additionally, the reports and other documents
Clean Energy files with the Securities and Exchange Commission,
available at www.sec.gov,
contain additional information about these and other risk factors that
may cause actual results to differ materially from the forward-looking
statements contained in this press release.
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