Clean Energy Fuels Corp. entered into a Securities Purchase Agreement to acquire Wyoming Northstar Inc. and affiliates for an aggregate purchase price of approximately $10.9 million in cash. Approximately $7.4 million will be paid at closing with the balance paid in equal installments on each yearly anniversary date beginning in 2011 and ending in 2015.
Clean Energy will also pay retention bonuses not to exceed $4 million in the aggregate over the four-year period following closing.
Northstar is the recognized leader in LNG/LCNG (liquefied to compressed natural gas) fueling system technologies, including the manufacture of one of only two weights-and-measures certified LNG dispensers. It has provided LNG station design, construction, operations and maintenance for major clients, and has worked closely with Clean Energy for several years.
"Having Northstar, the premier LNG station provider, in our group will greatly enhance our ability to build out the growing natural gas fueling infrastructure in the United States," said Clean Energy's President/CEO Andrew J. Littlefair. "Our plan envisions a fueling infrastructure serving major goods movement and trucking corridors nationwide."