Total To Buy Clean Energy Stake To Deploy Natural Gas Heavy-Duty Trucks

(RTTNews) - French energy giant Total SA (TTA.L, TTFNF.PK, TOT) announced Thursday that it has entered into a broad strategic agreement with Clean Energy Fuels Corp. (CLNE) 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, to become Clean Energy's largest stockholder with ownership of 25% of Clean Energy's stock.

This transaction is subject to, among other things, Clean Energy obtaining the approval of its stockholders' meeting, which was originally scheduled for May 30, 2018 and which Clean Energy is announcing will be postponed to June 8, 2018.

Clean Energy, with support from Total, also plans to launch an innovative leasing program that is intended to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations.

Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in third quarter.