Landi Renzo S.p.A. and Clean Energy Fuels Corp. announced today that the two companies are combining their compressor manufacturing subsidiaries to form a new standalone company.
Upon closing, which is anticipated before the end of the year, Landi Renzo will own 51% of the new company and take over operational management, while Clean Energy will retain a 49% ownership. Andrew J. Littlefair, President and CEO of Clean Energy, will serve as the chairman of the board. The combined company will be headquartered in San Giovanni Persiceto, Italy, and retain Clean Energy’s manufacturing operation in Chilliwack, British Columbia, Canada.
“The world is rapidly waking up to the harmful impact that diesel is having on air quality,” said Cristiano Musi, who is currently Group CEO of Landi Renzo and will also be the CEO of the new company. “Natural gas is an obvious alternative for vehicles because it burns much cleaner, is plentiful around the world and there is a growing engine portfolio to choose from. This newly formed compressor company will be uniquely positioned to take advantage of the trend towards natural gas with a global footprint and a great product offering.”