America's Natural Gas Highway Receives New 'Fuel' Injection
SEAL BEACH, Calif. -- Clean Energy Fuels Corp. hopes to "clean up" when it comes to installing liquid natural gas (LNG) fueling stations. The company has secured an additional $150 million in funding from three Asian investments funds.
Clean Energy has now received $300 million in the last two months to be used toward its effort to provide a low-cost, low-carbon alternative to diesel fuel. As CSNews Online reported last month, Chesapeake Energy Corp. also invested $150 million in Clean Energy.
Clean Energy plans to open 150 LNG stations at Pilot Flying J locations throughout the country. The company has dubbed the ambitious project, "America's Natural Gas Highway."
The latest monetary injections come from Springleaf Investments, Pte. Ltd.; Lionfish Investments Pte. Ltd; and Greenwich Asset Holding Ltd, the Orange County Business Journal reported.
These additional funds will further Clean Energy's efforts to construct America's Natural Gas Highway. Specifically, some of the funds will be used toward marketing, purchasing delivery trucks and hiring management and maintenance personnel, the company told the newspaper.
The three Asian companies, based in Singapore, will receive debt payments carrying annual interest in exchange for their investments. The companies can also convert their investments into Clean Energy stock.