Legendary oilman and corporate raider T. Boone Pickens has added to his stake in Clean Energy Fuels Corp., which he cofounded some 25 years ago.
Pickens, a director at the Seal Beach-based company, has upped his ownership stake from about 18% to nearly 26% after acquiring a $65 million promissory note from former backer Chesapeake Energy Corp., one of the largest natural-gas producers in the country.
Pickens now controls roughly 24.1 million shares of Clean Energy, according to regulatory filings.
Clean Energy develops and runs natural-gas stations near airports, utility companies, colleges and universities, city yards and other places they’re likely to see a lot of use. It has struggled for years to become profitable due to a minimal number of stations offering natural gas; slow commercial adoption; and cheaper fuel alternatives.
Chesapeake still has investment ties with Clean Energy, owning 1 million shares. The company is attempting to right operations following an executive shake-up and ongoing scrutiny from the Securities & Exchange Commission.
Los Angeles-based private equity firm Leonard Green & Partners LP purchased an $85 million promissory note last month from Chesapeake, upping its stake in Clean Energy past 6%.
Oklahoma City-based Chesapeake made a splash in 2011 after pumping $150 million into Clean Energy, an investment Chief Executive Andrew Littlefair called a “game changer” at the time.
Clean Energy used those proceeds to begin its multiyear project, dubbed “America’s Natural Gas Highway,” which calls for the construction of some 150 liquid natural-gas fueling stations across the U.S.
Clean Energy recently announced that it has built about half those stations in a bid to meet growing demand from heavy-duty haulers and commercial fleets increasingly turning to the cheaper fuel.
Pickens told the Business Journal in late May that he was bullish on Clean Energy, which recently posted its first quarterly operating profit since going public in May 2007.
“You can see the direction we’re going,” the 85-year-old Pickens said. “I hope it’s a trend.”
vWise Raises $250K
Aliso Viejo-based vWise Inc. has raised $250,000 in a third funding round.
The company, which makes video software that helps finance and healthcare professionals understand complex topics and make better decisions, will use the proceeds to grow its sales force.
“We’re growing and need more and more people,” said Chief Executive Tony Wingo.
The company’s client roster includes PNC Bank and Mutual of Omaha, among others.
VWise has raised about $3.5 million since its inception in 2006 and is seeking another $500,000 to $1 million for expansion, according to Wingo.
The company sees about $5 million in annual revenue.
QLogic Exits List
The S&P 500 has bumped Aliso Viejo-based networking-equipment maker QLogic Corp. from its listing.
The company, which is searching for a permanent chief executive following the abrupt resignation of Simon Biddiscombe, has moved to the S&P SmallCap 600 since its “capitalization is more representative of the small cap market space,” S&P Dow Jones Indices said.
QLogic had a market value of about $851 million last week.
In an ensuing move, Pfizer Inc. spinoff Zoetis was placed in the S&P 500.
Chris Casacchia can be reached at casacchia@ocbj.com.
