Clean Energy Fuels Corp. will buy BAF Technologies, a supplier of natural gas vehicle systems and conversion technology, for $8.3 million.
BAF, founded in 1992, provides technology and engineering for natural gas vehicles, and its conversions have included taxis, pick-up trucks, vans and buses, Clean Energy said in a statement.
The purchase price will include paying off BAF’s outstanding debt, including debt to a Clean Energy subsidiary. Clean Energy said it expects to pay about $4.5 million in cash for the acquisition.
Clean Energy, Seal Beach, Calif., provides compressed natural gas and liquefied natural gas for transportation uses in North America.
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