May 10, 2018 / 7:52 AM / 9 months ago

UPDATE 1-France's Total to buy 25 pct stake in Clean Energy Fuels Corp

* Company is deploying natural gas heavy-duty trucks

* Total to provide $100 mln support for leasing programme (Adds details, quotes, background)

By Bate Felix

PARIS, May 10 (Reuters) - Total has agreed to buy up to 50.8 million shares in Clean Energy Corp for $83.4 million, becoming its largest stockholder with a 25 percent stake, the French energy company announced on Thursday.

Total will also provide $100 million in credit support for Clean Energy's plan to launch a leasing programme to place thousands of new natural gas heavy-duty trucks on North American roads by the third quarter of this year.

Clean Energy provides natural gas fuel and renewable natural gas fuel for transportation in North America with a network of over 550 stations.

"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 Chief Executive Patrick Pouyanne said in a statement.

The deal is in line with Total's strategy to expand its low carbon businesses and develop new markets for gas, it said.

Reporting by Bate Felix; editing by Richard Lough and Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below