Total to Become Clean Energy's Largest Stockholder 

Total and Clean Energy Fuels announced today the two companies have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks. Total has agreed to purchase up to 50.8 million shares of Clean Energy’s common stock for $83.4 million. Total will become Clean Energy’s largest stockholder with ownership of 25%.

Clean Energy, with support from Total, plans to launch a leasing program that intends to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations. Total plans to provide up to $100 million of credit support for the program which the companies expect to launch in Q3 2018.

“Customers and regulators around the world are demanding cleaner transportation alternatives, particularly in the heavy-duty market,” said Patrick Pouyanné, Chairman and CEO of Total. “Natural gas can become the fuel of choice. Total believes there is a strong development opportunity in the natural gas for transportation market in particular in the United States which benefits from unique giant low-cost gas resources. Total is looking forward to partnering with Clean Energy to accelerate the remarkable innovation capacities of this company.”