Clean Energy Sells Interest in McCommas Bluff Biomethane Production Facility to Cambrian Energy
Clean Energy Fuels Corp. (NASDAQ: CLNE) has announced the sale of Clean Energy’s majority interest in its McCommas Bluff biomethane production facility located in Dallas, Texas, to minority interest owner Cambrian Energy for approximately $40.6 million with approximately $3.0 million in additional compensation pending further performance tests of the McCommas facility to be completed in early 2015.
Clean Energy will continue to have the right to market and sell biomethane produced at the facility under its Redeem renewable natural gas (RNG) vehicle fuel brand. C
ambrian Energy has been Clean Energy’s partner since Clean Energy bought into the McCommas project in August 2008.
According to Harrison Clay, president of Clean Energy Renewables, a division of Clean Energy, “Buying the McCommas biomethane facility allowed Clean Energy to gain a valuable foothold in the renewable natural gas business. With McCommas remaining a RNG supplier, we will be able to focus our RNG business on Clean Energy Renewables’ core strength—marketing and selling alternative fuels.”
Clean Energy commenced production at its new biomethane facility in North Shelby, Tenn., this year and added an additional 12 third-party-owned biomethane production sources to its portfolio of RNG supply. The U.S. Environmental Protection Agency underscored the potential of biomethane in the renewable fuel landscape when it recently reclassified biomethane as a cellulosic biofuel under the Federal Renewable Fuel Standard.
Category: CNG, Fuel and Oil
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