Clean Energy Fuels to acquire BAF Technologies

Fri. September 25, 2009; Posted: 09:35 AM

Sep 25, 2009 (Datamonitor via COMTEX) -- CLNE | Quote | Chart | News | PowerRating -- Clean Energy Fuels, a provider of natural gas as an alternative fuel for vehicle fleets in the US, has signed a purchase and sale agreement to acquire BAF Technologies of Dallas, Texas, a provider of natural gas vehicle systems and conversions in the US.

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.

Andrew Littlefair, president and CEO of Clean Energy, said: "BAF is a well-known company within the alternative fuel vehicle business providing product for several of our target markets. This action will give confidence to potential fleet customers in the light-duty arena who are considering transitioning their fleets to natural gas fuel."

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For full details on Clean Energy Fuels Corp (CLNE) click here. Clean Energy Fuels Corp (CLNE) has Short Term PowerRatings of 6. Details on Clean Energy Fuels Corp (CLNE) Short Term PowerRatings is available at This Link.

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