Clean Energy Set for Texas StationTuesday, February 7, 2012
Seal Beach-based Clean Energy Fuels Corp. has inked a 10-year deal to build, supply and manage a natural gas fueling station the headquarters of a Texas trucking company.
The station will fuel Green Energy Oilfield Services’ new fleet of 60 natural gas-powered heavy-duty trucks that will support the company’s oil producing customers within a 100-mile radius of Fairfield, located about 90 miles southeast of Dallas in central Texas.
The trucks are projected to use some 1.2 million gallons of natural gas annually.
Construction is scheduled to begin in August and be completed by the end of the year.
Green Energy also plans to develop fueling stations in the nearby Fort Worth area, and in the eastern and southern parts of the state.
Clean Energy has annual revenue of more than $200 million and hopes to clear earnings hurdles by building a network of fueling stations for the largest segment of the market: heavy-duty haulers that consume some $30 billion of fuel annually.
That dwarfs the public sector and waste-management industries combined.
The goal is to establish what Clean Energy is calling “America’s Natural Gas Highway.”
When the multi-year project concludes, major transportation arteries in California, Texas and the Midwest are expected to have natural gas stations spread out every 250 miles or so.
Legendary oilman and corporate raider T. Boone Pickens started Clean Energy as a tiny part of his Dallas-based Mesa Petroleum in the late 1980s.
He split it off in the late 1990s.
Investors sent Clean Energy shares up 2.3% on Tuesday to a market value of about $1.1 billion.