Seal Beach-based Clean Energy Fuels Corp., which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, is paying $125 million in cash and stock for a Canadian supplier of equipment to its stations.
Clean Energy is buying British Columbia’s IMW Industries Ltd., which provides compressors and other equipment to many of the company’s 200 stations.
The deal calls for Clean Energy to pay $15 million in cash and $60 million in stock now.
Clean Energy then will pay $5 million in cash and $7.5 million in stock annually for the next four years, plus a share of profits if IMW meets business goals.
The deal is expected to close in the third quarter.
IMW Industries makes compressors, gas dispensers, control systems and storage tanks for natural gas stations and fleet operators.
Clean Energy develops and runs natural gas stations near airports, utility companies, universities, city yards and other places they’re likely to see a lot of use.
The company plans to add about 40 stations this year.
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.
The company is part of Pickens’ push toward alternative sources of energy.
