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June 12, 2018 3:45 PM, EDT

Clean Energy Shareholders Approve Large Investment by Total Marketing Services

Clean Energy fueling (Clean Energy Fuels Corp.)

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.

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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.