Three investment companies — Springleaf Investments Pte. Ltd., Lionfish Investments Pte Ltd and Greenwich Asset Holding Ltd. — agreed to invest $150 million in Clean Energy Fuels Corp.
"This investment by Temasek, Seatown and RRJ demonstrates their confidence in the opportunity for fueling natural gas vehicles as well as in Clean Energy's position as the leader in growing this market," said Clean Energy President/CEO Andrew J. Littlefair. "Our development program for fueling station-building is expanding rapidly and we welcome the support provided by the funds."
The $150-million investment is in the form of 7.50 percent convertible notes due in 2016. The notes will be convertible into shares of Clean Energy common stock at $15 per share. The closing of the investment is scheduled to occur on or before Aug. 30, 2011 and is subject to customary conditions.
The use of proceeds is intended to support Clean Energy's fueling infrastructure building program broadly, including the development, construction and operation of liquefied natural gas and compressed natural gas fueling stations and the related support, management, maintenance and marketing of those stations, including the development, construction and operation of offloading facilities, related production assets and delivery trucks.