Total has teamed up with a North America transport fuel firm to deploy new natural gas heavy-duty trucks.
The French energy giant will buy up to 50.8 million shares of Clean Energy Fuels Corporation’s common stock for $83.4 million.
The deal will give Total 25% of Clean Energy’s shares.
Clean Energy, which has 550 service stations, plans to launch an innovative leasing programme for putting thousands of new natural gas heavy-duty trucks on the road.
Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in Q3 2018.
Total chief executive Patrick Pouyanne 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 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.”
