Seal Beach-based Clean Energy Fuels Corp., a provider of natural gas for fleets that’s backed by T. Boone Pickens, is acquiring a Canadian maker of natural gas refueling equipment for $17 million.
Clean Energy is buying Toronto’s FuelMaker Corp. from the U.S. arm of Honda Motor Co. and the FuelMaker Trust. The deal is set to close by early October.
FuelMaker manufactures and services refueling equipment for vehicles powered by compressed natural gas. It also makes a home refueling device that compresses natural gas from residential gas lines for fueling alternative-fuel vehicles.
The Honda Civic GX natural gas vehicle is designed to refuel overnight in an owner’s garage using equipment from FuelMaker.
The acquisition is Clean Energy’s second in as many months.
In August, the company bought a Dallas landfill gas processing plant for $19 million.
Clean Energy went public last year, raising $120 million.
The company has a market value of about $875 million.
Legendary oilman Pickens is Clean Energy’s principal shareholder, founder and a director. He started Clean Energy as a tiny part of 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. Earlier this year, he called for $1 trillion in government and private investment in windmills to cut dependence on foreign oil.
