France-based energy major Total SA and Clean Energy Fuels Corp. have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks. Total has agreed to purchase up to 50.8 million shares of Clean Energy’s common stock for $83.4 million, to become Clean Energy’s largest stockholder with ownership of 25% of Clean Energy’s outstanding shares of common stock.

This transaction is subject to, among other things, Clean Energy obtaining the approval at its stockholders’ meeting, which was originally scheduled for 30 May 2018 and which Clean Energy is announcing will be postponed to 8 June 2018.

Clean Energy, with support from Total, also plans to launch an innovative leasing program that is intended to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations. As presently contemplated, this program will allow fleets to begin driving heavy-duty trucks with the cleanest engine in the world at no increased cost compared to the diesel alternative, while also guaranteeing a discounted natural gas fuel price to diesel. Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in Q3 2018.

Customers and regulators around the world are demanding cleaner transportation alternatives, particularly in the heavy-duty market. Natural gas can become the fuel of choice. Total believes there is a strong development opportunity in the natural gas for transportation market in particular in the United States which benefits from unique giant low-cost gas resources. Total is looking forward to partnering with Clean Energy to accelerate the remarkable innovation capacities of this company.

—Patrick Pouyanné, Chairman and CEO of Total

Promoting the use of natural gas and increasing its share in Total’s overall output are part of Total’s integrated strategy to expand its low-carbon businesses. Total has vast experience with natural gas, with operations on five continents, making Total one of the world’s largest leaders all along the natural gas value chain, including with liquified natural gas (LNG) positions in the US.