Seal Beach’s Clean Energy Fuels Corp. is selling 3 million shares of common stock to raise money to build stations and natural gas plants, as well as for other uses.
The company, which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, hopes to raise more than $35 million, before fees, through the offering.
Clean Energy is selling the shares at $13.25 apiece. The sale is expected to close Tuesday.
In a release Thursday, Clean Energy said it intends to use the proceeds for working capital and other general corporate purposes, which may include constructing or expanding natural gas plants, financing acquisitions, vehicles or other assets; and future payments related to its purchase of IMW Industries Ltd., which closed in September.
Clean Energy acquired the Canadian company, which makes and services advanced natural gas fueling compressors and related equipment that’s sold to station operators and commercial fleets, in a $125 million cash and stock deal.
As part of the share offering, Clean Energy granted underwriters Bank of America Corp. and Craig-Hallum Capital Group a 30-day option to purchase up to an additional 450,000 shares of common stock.
Clean Tech executives purchased 50,068 of the available shares at $14.48 per share, the cost of the common stock at the close of trading Wednesday.
Clean Energy runs about 200 natural gas fueling stations across the country.
The company 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.
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.
