53.2 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

Clean Energy Buying Natural Gas Vehicle Conversion Co.

Seal Beach-based Clean Energy Fuels Corp., an operator of natural gas fueling stations for fleets, is paying $8.3 million to buy a Dallas company it has helped finance.

Clean Energy is buying BAF Technologies Inc., which converts vehicles to run on natural gas. Clean Energy has provided $3.8 million in financing to BAF.

Part of the purchase price will go to pay off BAF’s debt to Clean Energy, cutting the purchase price to about $4.5 million.

BAF could earn bonus payments if it meets profit targets in 2010 and 2011, Clean Energy said.

The company converts Ford Motor Co. vans and trucks, Crown Victorias and General Motors Corp. shuttles to run on natural gas.

It also hopes to work with automakers to provide parts needed to produce natural gas vehicles.

BAF in March won a contract to provide 600 natural vans to AT & T; Inc.

Clean Energy builds fueling stations and sells natural gas to customers running fleets of cars and trucks.

The company is 40% owned by Texas billionaire T. Boone Pickens, who touts natural gas as a cleaner and cheaper alternative to gasoline and diesel.

Clean Energy has a market value of about $830 million, more than double since the start of the year.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-