Clean Energy Fuels has confirmed the sale of its majority interests in McCommas Bluff to Cambrian Energy for $40.6million.
The sale also includes $3million in compensation, pending tests on the facility which are due to be finished early this year.
Clean Energy will continue to have to market and sell biomethane produced at the facility under its Redeem renewable natural gas vehicle fuel brand.
Harrison Clay, president of Clean Energy Renewables, said: “Buying the McCommas biomethane facility allowed Clean Energy to gain a valuable foothold in the renewable natural gas business.
“We are extremely proud of what we have accomplished at the project over the past six years, quintupling biomethane sales and providing for the long term financial stability that the project had historically lacked.
“We have successfully leveraged our success at McCommas into a greater knowledge of the entire supply chain and established a leadership position in the RNG fuel market.
“With McCommas remaining a RNG supplier, we will be able to focus our RNG business on Clean Energy Renewables’ core strength-marketing and selling alternative fuels.”
Cambrian Energy has been Clean Energy’s partner since Clean Energy bought into the McCommas project in August 2008.
Redeem renewable natural gas is currently available throughout Clean Energy’s public natural gas fueling stations in California. Biomethane is the only fuel commercially available today at a discount to diesel prices that achieves a 90% reduction in greenhouse gas emissions and can meet 100% of the fueling requirements of an 18-wheeler.
