Three investment firms have agreed to invest $150 million in Clean Energy Fuels Corp. to support its efforts to develop natural gas fueling infrastructure in North America, the company announced Thursday.
The proceeds are intended to support the development, construction and operation of liquefied natural gas and compressed natural gas fueling stations, Clean Energy said.
The investors are Springleaf Investments, a subsidiary of Temasek Holdings; Lionfish Investments, an investment vehicle managed by Seatown Holdings International; and Greenwich Asset Holding, a subsidiary of RRJ Capital Master Fund I.
“This investment by Temasek, Seatown and RRJ demonstrates their confidence in the opportunity for fueling natural gas vehicles as well as in Clean Energy’s position as the leader in growing this market,” Clean Energy CEO Andrew Littlefair said in a statement.
The $150 million investment is in the form of convertible notes due in 2016. The notes will be convertible into shares of Clean Energy stock at $15 per share. The closing of the investment is set to occur on or before Aug. 30, Clean Energy said.