Sustainability

Clean Energy completes IMW acquisition

Posted on September 8, 2010

Clean Energy Fuels Corp. completed the acquisition of substantially all of the assets of IMW Industries Ltd. (IMW).

IMW manufactures and services advanced natural gas fueling compressors and related equipment that is sold to station operators and commercial fleets and has provided more than 1,000 installations in over 20 countries. IMW is headquartered near Vancouver, British Columbia, and has a second manufacturing facility near Shanghai, China.

The purchase price includes $15.6 million in cash and 4,017,408 shares of Clean Energy stock that will be issued to IMW's shareholder. An additional $288,000 will be paid by Clean Energy once the Chinese regulatory authorities approve the transfer of IMW Compressors (Shanghai) Co. Ltd. to the company, which is anticipated within the next 45 days.

Clean Energy has also agreed to pay IMW's shareholder four additional annual payments of $12.5 million each (consisting of $5 million in cash plus an additional $7.5 million in cash or Clean Energy common stock to be determined at Clean Energy's option) on Jan. 31, 2011 through 2014.

IMW's shareholder may also receive an earn-out payment based on certain percentages of future gross profits earned by IMW over the next four years, assuming the gross profit exceeds certain minimum thresholds, up to a maximum of $40 million in the aggregate.

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

More News

BYD debuts SkyRail at Mayors Summit in Mexico City

BYD President/Chairman Wang Chuanfu made the announcement as he called on countries around the world to reduce the earth’s temperature by 1 degree Celsius.

CCW wins contract to convert 4 Calif. buses to all-electric ZEPS system

This contract comes on the heels of a project CCW completed in December 2015 for GTrans, in which one gasoline hybrid bus was converted to ZEPS technology.

Marin Transit to add 2 BYD electric buses

The $1.6 million pilot project will evaluate the performance, reliability, cost, and sustainability of the buses on various routes throughout Marin County.

CCCTA adds WAVE in-route wireless charging at BART station

The system uses a charging pad that lies flush with the pavement, is sturdy enough to be run over all day without damage, and wirelessly charges the bus during routine stops.

EXCLUSIVE: Europe's Air Pollution Issues and Some Cities' Solutions

Much of the impact of pollution has been as a result of waves of industry and resource extraction and processing, but much is also as a result of our lifestyle choices and, in particular, the choices that we have made in terms of mobility.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close