Motorcoach

Clean Energy to acquire BAF Technologies

Posted on September 25, 2009

Clean Energy Fuels Corp. has signed a purchase and sale agreement to acquire BAF Technologies Inc. (BAF) of Dallas, a provider of natural gas vehicle systems and conversions in the U.S.

 

The acquisition will close upon each party meeting certain closing conditions. The purchase price payable at the closing of the acquisition of BAF is approximately $8.3 million. Pursuant to the terms of the acquisition agreement, the purchase price will be used in part to pay off the outstanding debt of BAF.

 

Due to the fact that approximately $3.8 million of BAF's outstanding debt is held by Clean Energy Finance, a wholly owned Clean Energy subsidiary, Clean Energy anticipates paying a net amount of approximately $4.5 million in cash to acquire BAF at the closing.

 

"BAF is a well-known company within the alternative fuel vehicle business providing product for several of our target markets," said Andrew J. Littlefair, Clean Energy's President and CEO.  "This action will give confidence to potential fleet customers in the light-duty arena who are considering transitioning their fleets to natural gas fuel. BAF will provide a significant resource for light-duty vehicle conversions as well as the ability to work with the automakers to develop additional U.S. products."

 

Founded in 1992, BAF provides natural gas vehicle conversions, alternative fuel systems, application engineering, service and warranty support and research and development. Its vehicle conversions include taxis, limousines, vans, pick-up trucks and shuttle buses. The company utilizes advanced natural gas system integration technology and has certified NGVs under both EPA and CARB standards achieving Super Ultra Low Emission Vehicle (SULEV) emissions. 

 

 

View comments or post a comment on this story. (0 Comments)

More News

ABA, AAA implore leaders to address DC parking crisis

The groups urged planners to add parking near the National Mall for the millions of people who will visit by bus and car over the next several months, kicking off with the National Cherry Blossom Festival.

UMA operators hold 418 appointments during 'Capitol Hill Days'

In their meetings, UMA members shared information about their own businesses and rallied for backing of three critical needs: opposition of FMCSA's proposal to raise the Federal financial responsibility limits, support of Rep. Barletta's proposal  to remove CSA scores from public view until the data used to calculate the score can be improved, and support to preserve the current charter service rule.

Trailways taps Outstanding Motorcoach Driver of the Year

David Cooper of Pacific Coachways Trailways in Garden Grove, Calif., was presented by Bob Crescenzo, VP, safety & loss control, at Lancer Insurance, the awards event sponsor.

Chinatown bus passengers attack driver

State police said the driver did not speak or understand English and did not know he was supposed to stop in Richmond, Va. The driver was reportedly dragged out of his chair, while the bus was swerving in and out of lanes for a half mile or so.

ABA names new VP, Government Affairs

Suzanne Te Beau Rohde will succeed ABA's sr. VP, Government Affairs and Policy, Clyde Hart, who is retiring after 14 years.

See More News

Post a Comment

Post Comment

Comments (0)

Please sign in or register to .    Close