Seal Beach-based Clean Energy Fuels Corp., a provider of natural gas for trucks, announced Monday it would sell 6 million shares of its stock in a public offering.
Shares were down more than 10% following the news, giving it a market value of close to $400 million.
The company backed by billionaire oilman T. Boone Pickens makes and operates natural gas fuel stations for fleets of vehicles like buses and taxis.
Demand for its services has been on the rise with increased environmental concerns and interest for less dependence on foreign oil, the company said in March.
A stock price for the offering was not given. Based on Monday’s stock values the new shares would be worth close to $50 million.
The company said it would use money from the sale for general expenses as well as for construction of a fuel station, an investment in biomethane plants and future acquisitions.
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.
He also is a major holder of Canada’s Westport Innovations Inc., a maker of engines that run on natural gas.
