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Total to invest in Clean Energy

Total is planning to acquire a 25% stake in Clean Energy Fuels Corporation for $83.4mn and drive development of natural gas heavy-duty trucks as part of the company’s integrated strategy to expand its low carbon businesses.

Total and Clean Energy are looking to launch an innovative leasing programme that is intended to place thousands of new natural gas heavy-duty trucks on the road and fuelling at Clean Energy stations. Total intends to invest up to $100mn in the programme, which is expected to launch in 3Q2018.

Commenting on the announcement, Patrick Pouyanné, Chairman and CEO of Total, said: ‘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 US which benefits from unique giant low-cost gas resources.’

Clean Energy Fuels Corporation is a leading provider of natural gas and renewable natural gas (RNG) transport fuels in North America, operating a national network of over 550 service stations. It owns natural gas liquification facilities in California and Texas, which produce LNG for the transport sector and other markets.

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