Clean Energy Fuels Corp. has joined an investment group providing funding to help launch a new, natural gas vehicle made in the U.S. for taxi and paratransit use.
The company has committed a $10-million investment in an overall $160-million equity financing led by Perseus LLC, a merchant bank and private equity fund management company.
Separately, Clean Energy's co-founder, T. Boone Pickens, has committed a $10-million investment to the funding package. The funding will be provided to The Vehicle Production Group LLC, the original equipment manufacturer of the multi-purpose vehicle.
The new vehicle, available in both gasoline- and natural gas-powered models, is durable, cost-efficient to operate and easy to maintain. It provides seating positions for four passengers and additional space for a wheelchair or scooter, in compliance with the vehicle standards of the Americans with Disabilities Act (ADA) and the Canadian Standards Association (CSA).
VPG expects to begin delivery of the vehicles in 2010.