ENERGY
Shares of Clean Energy Fuels Corp. surged after the Newport Beach company said it received an investment and launched a leasing program for heavy-duty natural gas trucks. Investors seized on news that Total SA in Paris agreed to buy up to 50.8 million shares of Clean Energy common stock for $83.4 million, becoming its largest stockholder with a 25% stake. The transaction must be approved by shareholders at a June 8 meeting. Clean Energy is the largest builder and operator of natural gas stations in the country, though it has struggled for profitability for much of its history.
— Chris Casacchia
FINANCE
Irvine-based Acorns Grow Inc. won a major endorsement from BlackRock Inc., the world’s largest asset manager, with $6.3 trillion, as part of a $50 million fundraising round BlackRock’s leading, the Wall Street Journal reported. The amount
wasn’t revealed, but BlackRock said it’s “an anchor investor and key partner” of Acorns, the country’s fastest-growing micro investing app, with more than 3.3 million investment accounts, according to the financial giant. The firms agreed to pursue technology-enabled tools to help them participate “among the next generation of investors.” BlackRock Chief Marketing Officer Frank Cooper will have an observer seat on Acorns’ board.
— Peter Brennan
HEALTHCARE
Allergan Plc named Carrie Strom senior vice president of U.S. Medical Aesthetics, reporting to Chief Commercial Officer Bill Meury. She joined Allergan in 2011, most recently serving as vice president of marketing for plastic surgery and regenerative medicine. Allergan’s medical aesthetics portfolio includes Botox, Juvederm fillers, Natrelle breast implants, regenerative tissue Alloderm, SkinMedica and fat cooling technology CoolSculpting. The unit, which generated $2.4 billion in revenue last year—more than double year-over-year—remains a top grosser.
— Sherry Hsieh
PHILANTHROPY
Orange County United Way President Sue Parks co-founded the Women’s Philanthropy Fund 17 years ago within the nonprofit. Last week, with a big assist from basketball legend, businessman and part-time Monarch Beach resident Earvin “Magic” Johnson as keynote speaker, the fund’s annual breakfast posted a record take before a record, sold-out crowd. “It’s still going,” Parks said, “but we’re over $600,000 and attendance topped 920.”
— Pete Weitzner
