Clean Energy Fuels Corp. shareholders approved the purchase of 50.8 million shares of common stock by Total Marketing Services S.A., a wholly owned subsidiary of oil and gas company Total S.A., for gross proceeds of $83.4 million.
The purchase was approved by over 97% of the shares present at the company’s annual shareholders meeting.
The top priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero-emissions natural-gas fueling solution, according to the Newport Beach, Calif.-based company.
“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew Littlefair, CEO of Clean Energy.
Total’s acquisition will represent 25% of Clean Energy’s outstanding shares and will make it Clean Energy’s largest shareholder.