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Clean Energy’s BAF Subsidiary Receives Second 463-CNG-Vehicle Conversion Order
from AT&T for 2010
Seal Beach, CA (December 21, 2009) — AT&T has awarded to BAF Technologies, Inc., a wholly owned subsidiary of Clean Energy Fuels Corp. (Nasdaq: CLNE), an order to convert 463 Ford E-250 vans to run on compressed natural gas (CNG) to be fulfilled during the second quarter of 2010. The new order is in addition to a 463-unit order from AT&T for vehicles to be delivered during the first quarter of 2010. Additionally, although no formal order has been made, AT&T has requested that BAF procure on AT&T’s behalf CNG cylinders for 463 additional conversions to be completed in the third quarter of 2010.
Through BAF, AT&T is planning to convert a total of 1,850 vans in 2010, and is exploring additional vehicle conversions of other vehicle types, including Ford F-Series trucks.
BAF anticipates completing the 600 van conversions awarded by AT&T to BAF during 2009 by yearend. This past March AT&T announced its intent to deploy more than 15,000 alternative-fuel vehicles, approximately 8,000 of which are expected to be natural gas vehicles.
“The new orders demonstrate AT&T’s determination to significantly alter its fleet to alternative-fuel vehicles,” said Andrew J. Littlefair, Clean Energy President and CEO. “They also reflect AT&T’s choice of BAF as a superior conversion specialist for their vehicles.”
BAF also announced that the Ford E-250/350 Van has been successfully crash-tested to meet the FMVSS 303 (Federal Motor Vehicle Safety Standard). Additionally, Ford has approved the engine system for these vehicles converted by BAF and noted that Ford’s warranty covers everything in the vehicle as with any standard Ford vehicle.
“We are continuing to pursue additional national fleet conversion opportunities using BAF’s technology,” added Mr. Littlefair.
BAF is the premier provider of natural gas vehicle conversions. Founded in 1992, the company supports global clients with alternative fuel systems, application engineering, technical training, service parts, technical consulting, research and development, design, and engineered products. During the past decade, the company has been the leader in marketing and systems integration for niche markets within the AFV industry. Visit www.BAFtechnologies.com
Clean Energy (Nasdaq: CLNE) is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 17,500 vehicles at 195 strategic locations across the United States and Canada. Clean Energy owns and operates two LNG production plants, one in Willis, TX and one in Boron, CA, with combined capacity of 260,000 LNG gallons per day and designed to expand to 340,000 LNG gallons per day as demand increases. It also owns and operates a landfill gas facility in Dallas, TX that produces renewable methane gas or biomethane for delivery in the nation’s gas pipeline network. Clean Energy also owns and operates BAF of Dallas, TX, a leading provider of natural gas vehicle systems and conversions for taxis, limousines, vans, pick-up trucks and shuttle buses. Visit www.cleanenergyfuels.com
Forward-Looking Statements —This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including statements about the fulfillment of the AT&T orders by BAF, the number of vehicles that AT&T may ultimately convert to run on natural gas and the conversion of other national fleet vehicles to run on natural gas . Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including but not limited to the availability and cost of the Ford vehicles that BAF anticipates converting for AT&T, the availability and cost of the equipment necessary to convert the vehicles to run on natural gas, the performance and cost of the converted vehicles, any unanticipated termination of the AT&T purchase order by AT&T prior to fulfillment and BAF’s ability to timely procure necessary equipment and personnel to convert the vehicles. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contacts
News Media
Bruce Russell, 310/559-4955 x101
Investors
Ina McGuinness, 310/954-1100
Clean Energy to Acquire BAF Technologies, Leading Natural Gas Vehicle Technology and Conversion Company
Action Aimed to Increase Supply of Light-Duty Vehicles to Meet Increasing Demand for Natural Gas Vehicles in U.S.
Seal Beach, CA (September 24, 2009) — With growing demand for natural gas vehicles (NGVs) in the United States, Clean Energy Fuels Corp. (Nasdaq: CLNE) has signed a purchase and sale agreement to acquire BAF Technologies, Inc. of Dallas, Texas, the leading provider of natural gas vehicle systems and conversions in the United States. 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. BAF shareholders will be able to earn a percentage of the future gross profit earned by the acquired company as additional consideration if BAF achieves certain gross profit targets in fiscal 2010 and 2011.
“BAF is a well-known company within the alternative fuel vehicle business providing product for several of our target markets,” said Andrew J. Littlefair, Clean Energy's President and CEO. “This action will give confidence to potential fleet customers in the light-duty arena who are considering transitioning their fleets to natural gas fuel. BAF will provide a significant resource for light-duty vehicle conversions as well as the ability to work with the automakers to develop additional U.S. products.”
"Domestic auto manufacturers have been remiss in not making NGVs available in the United States, even though the same companies produce numerous makes and models overseas where the NGV market is also growing,” noted Littlefair. “We believe that automakers will ultimately produce natural gas vehicles for the U.S. market. When they do, BAF's technology may aid the automakers for future NGVs that are produced on a factory line. And today, BAF's after-market systems ensure that current NGVs are available for domestic light-duty fleets. We believe that the acquisition of BAF will support the needs of fleet customers today and will help us take advantage of the accelerating growth in the domestic NGV market in the future."
Founded in 1992, BAF provides natural gas vehicle conversions, alternative fuel systems, application engineering, service and warranty support and research and development. Its vehicle conversions include taxis, limousines, vans, pick-up trucks and shuttle buses. BAF utilizes advanced natural gas system integration technology and has certified NGVs under both EPA and CARB standards achieving Super Ultra Low Emission Vehicle (SULEV) emissions.
Following AT&T’s announcement in March of its intent to deploy more than 15,000 alternative-fuel vehicles over the next five years, approximately 8,000 of which are expected to be NGVs, BAF was awarded a purchase order to provide AT&T with the initial 600 Ford E-Series converted CNG vans.
Additionally, the recent action by the Texas legislature mandating the conversion of 13,500 fleet vehicles to alternative fuels with lowest fuel cost is another indicator of the potential increased demand for NGVs. Natural gas fuel is lower in cost than any other commercially available alternative fuel.
Clean Energy (Nasdaq: CLNE) is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 17,200 vehicles at 184 strategic locations across the United States and Canada. Clean Energy owns and operates two LNG production plants, one in Willis, TX and one in Boron, CA, with combined capacity of 260,000 LNG gallons per day and designed to expand to 340,000 LNG gallons per day as demand increases. It also owns and operates a landfill gas facility in Dallas, TX that produces renewable methane gas or biogas for delivery in the nation’s gas pipeline network. Please visit www.cleanenergyfuels.com.
Forward-Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including the closing of the proposed acquisition, the potential payment of additional consideration to BAF shareholders if the acquired company achieves future gross profit targets, the potential for U.S. car manufacturers to begin making and selling NGVs in the United States, the likelihood that BAF technology may prove useful to any U.S. car manufacturers that elect to make and sell NGVs in the United States, the number of potential NGVs produced and sold by BAF, and in particular, the number of vehicles that may be sold by BAF to AT&T or the State of Texas. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including the demand for and performance of BAF’s vehicles, BAF’s ability to produce the vehicles in a timely fashion and the growth of the natural gas vehicle market in the U.S. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
BAF Expands CNG Build Capacity Through Steelweld Relationship
Three additional plants increase production capability
DALLAS, Texas – August 19, 2009 – BAF Technologies, the premier provider of natural gas vehicle upfits, today announced a partnership with Steelweld Equipment Company to provide conversion capacity in the United States. The agreement will enable BAF to expand its upfit presence while providing Steelweld with an opportunity to expand operations in multiple facilities.
Steelweld will be able to sell CNG products with BAF’s proprietary CalComp System and Steelweld employees will be trained and certified by BAF to complete CNG upfits according to BAF specifications. Technicians will also be trained to perform warranty and service work, making it easier for customers in the region to obtain service.
Founded in 1932, Steelweld. is a manufacturer and distributor of truck bodies and related equipment. The company designs and manufactures bodies to meet specific customer needs with thousands of work-proven units furnished to telecommunication, public utility, construction, service, and cable television industries. BAF will leverage Steelweld’s locations in Missouri, Texas and Southern California.
“We are looking forward to this partnership,” says John Bacon, BAF’s president. “This relationship enhances our growth opportunities and broadens our capabilities for the rapidly growing CNG market.
BAF Joins with T. Baden Hardstaff
Exclusive distributorship to convert heavy-duty vehicles
DALLAS, Texas – July 23, 2009 – BAF Technologies, the premier provider of natural gas vehicle upfits, today announced that it has entered into an exclusive distributorship agreement with T. Baden Hardstaff to retrofit existing heavy-duty on-road vehicles to dual-fuel operation. As a result of this agreement, BAF will have exclusive territory rights for the United States.
Dual-fuel vehicles operate on natural gas and diesel simultaneously. The proven technology has been used in Europe and displaces up to approximately 70% diesel fuel consumption while significantly reducing harmful emissions.
BAF will be testing and certifying multiple heavy-duty engines, particularly those used for school buses, refuse haulers and other similar uses. BAF will soon announce projects already in place with interest in dual-fuel building.
“We are thrilled to partner with Hardstaff,” says John Bacon, BAF president. “There is so much pent-up demand in the United States for a product to address the heavy-duty diesel market and we believe that together we can make a huge impact in a big market.”
“We are excited to be affiliated with such a dedicated alternative fuel system supplier as BAF,” says Trevor Fletcher, Managing Director & Chairman of The Hardstaff Group. “This alliance will allow us to expand and engage more effectively with customers requiring the Hardstaff OIGI® dual fuel system in the United States, and is another milestone towards reducing world reliance on crude oil.”
AT&T Announces BAF to Upfit Vehicles with Alternative-Fuel Technology
BAF Technologies to Convert 600 Vehicles with CNG Technology in 2009; Part of 10-Year Commitment to Spend up to $565 Million on Alternative-Fuel Vehicles
DALLAS, Texas, June 30, 2009 – AT&T* today joined Dallas-based BAF Technologies to announce that conversion of vehicles purchased by AT&T to Compressed Natural Gas (CNG) is underway. BAF Technologies, the premier provider of natural gas vehicle upfits, will convert 600 Ford E-Series vans to CNG technology in 2009.
AT&T expects to spend an estimated $350 million to purchase about 8,000 CNG vehicles as part of a $565 million, long-term strategy to deploy more than 15,000 alternative-fuel vehicles over the next 10 years. AT&T’s investment represents the largest U.S. corporate commitment to CNG vehicles to date. The new deployments will bring AT&T’s alternative-fuel fleet to more than 15,000 vehicles by 2019.
“AT&T’s commitment to alternative-fuel vehicles reflects our long-term goal to minimize dependence on imported sources of fuel and explore new automotive technologies,” said Charlene Lake, AT&T chief sustainability officer. “Together with BAF Technologies, we hope this initiative helps boost other industries, while at the same time signaling demand for the production of more fuel-efficient vehicles.”
The vehicles will utilize the BAF CapComp System™, a proprietary CNG fuel system certified by the EPA. CNG vehicles are expected to emit approximately 25 percent less greenhouse gas emissions than those traditionally powered by gasoline.
“We’re proud to join AT&T in its efforts to introduce more CNG vehicles into its fleet,” said John Bacon, BAF Technologies president. “Not only will the new vehicles operate on domestic fuel, they also will be among the cleanest vehicles on the road. This program will soon be the standard other companies will follow.”
The Center for Automotive Research (CAR) in Ann Arbor, Mich. estimates that for the years AT&T’s fleet purchase program is operating, more than 1,000 jobs in the United States will be created or saved.
“I’m honored to stand with AT&T and BAF Technologies, two American businesses doing their part during tough economic times to help lessen our country’s reliance on imported oil and create demand for more fuel-efficient vehicles. This announcement is good for business, good for the environment and good for our economy,” said U.S. Rep. Joe Barton.
BAF To Convert Vans For AT&T Fleet
DALLAS, Texas – April 2, 2009 – BAF Technologies, the premier provider of natural gas vehicle upfits, today announced that it has entered into a five-year contract with AT&T to convert vehicles for what will soon be the nation’s largest corporate fleet of alternative fuel vehicles. According to the terms of the agreement, BAF will convert 600 Ford E-Series vans to dedicated CNG by the end of 2009.
These 600 vans will be converted at BAF’s headquarters in Dallas, adding approximately 18 jobs to the local community. The vehicles will utilize the BAF CapComp System™, a proprietary CNG fuel system that is certified by both CARB and EPA. Not only will the AT&T fleet operate on domestic fuel, they will be among the cleanest vehicles on the road.
“This is really an amazing commitment on the part of AT&T,” says John Bacon, BAF President. “Not only will these vehicles run entirely on a domestic fuel, they will decrease emissions drastically. All this while adding jobs to the local community. This program will soon be the standard other companies will follow.”
AT&T issued a press release on March 11, 2009 titled, AT&T to Deploy More Than 15,000 Alternative-Fuel Vehicles. The full press release along with related articles and media campaign can be found on the company’s corporate site: http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26598. In this press release, AT&T states that it “Makes Largest Commitment to Compressed Natural Gas to Date by a U.S. Company; Part of 10-Year Commitment to Spend up to $565 Million on Alternative-Fuel Vehicles.”
BAF Secures Approvals for Ford F-Series
August 27, 2008 – BAF Technologies, the premier provider of natural gas vehicle upfits, today announced that it has received CARB and EPA certification, including OBD II, for the Ford F-Series pick-ups including the F-150, F-250 and F-350. With this product line addition, BAF becomes the only converter with dedicated CNG pick-ups meeting the stringent standards.
The F-Series joins the BAF Ford E-450 shuttle, E-350 van and Crown Victoria/Town Car in achieving full certification using BAF’s proprietary BAF CalComp System™ technology, meeting all SULEV requirements for light-duty vehicles.
The F-Series conversions to dedicated CNG will be done in both Dallas and California and will be allowed to drive in HOV lanes in states that allow alternate fuel vehicles to use the special lanes. The standard configuration will include a single tank installed in the bed with a capacity of 20 GGE.
“The F-Series gives us a new entry into the CNG market,” says John Bacon, president. “We recognize there is broad market potential since there is a large number of fleets in the US using F-150/250/350 pick-ups.”
BAF already has a healthy order bank for vehicles in California and across the Midwest and production is beginning immediately. In addition, several Ford dealers have already committed to selling the F-Series converted vehicles, recognizing the large market potential.
Putting CNG on the road.
