Total to buy natural gas-specialized US company Clean Energy
Total announced on Thursday that it will buy 25% of the US company Clean Energy and become the largest shareholder. This 83,4 million dollar deal still has to be approved by the company’s shareholders on June 8th.
Leader in CNG
Created thirty years ago by petrol tycoon T. Doone Pickens, Clean Energy is one of the pioneers of CNG in the US. The company manages a network of 550 charging stations in America distributing compressed, liquefied or renewable gas coming from landfills or livestock. The company also offers to convert vehicles.
Natural gas is still marginal in the USA with only 175.000 vehicles currently driving on that fuel. In 2016, only 3% of the fleet of trucks were on LNG or CNG. The major reason being the relatively big price difference compared to diesel trucks. For your information, the current average price of petrol (or gas) in the US is 2,84 $/gallon ( 0,60 € l) while diesel is at 3,09 $/gallon (0,64 €/ l), and CNG or LNG costs around 2,25 $/gallon (0,47 €/l).
Truck leasing program
With the help from Total, Clean Energy plans on launching a new CNG/LNG truck-leasing program. Thanks to the financial warranty of the French multinational, the US Company will be able to ensure that natural gas prices stay lower than diesel or petrol. “There couldn’t be a better endorsement for Total’s the future of natural gas heavy-duty trucking in North America” said Andrew J. Littlefair, CEO and president of Clean Energy.
“Natural gas can become the fuel of choice. Total believes there is a strong development opportunity in the natural gas in the United States, which benefits from unique giant low-cost gas resources”, adds Patrick Pouyanné, Chairman and CEO of Total.