TRANSACTION OVERVIEW

  • On March 1, 2017, BP p.l.c. (NYSE: BP) and Clean Energy
    Fuels Corp. (Nasdaq: CLNE) announced that Clean Energy
    would sell its upstream renewable natural gas (RNG)
    operations to BP for $155 million and that the companies
    would enter into a long-term strategic partnership for
    future renewable natural gas sales

CLEAN ENERGY OVERVIEW

  • Clean Energy is the leading provider of natural gas fuel
    for transportation in North America
  • Clean Energy builds and operates CNG and LNG vehicle
    fueling stations; manufactures CNG and LNG equipment
    and technologies; develops RNG production facilities; and
    delivers more CNG and LNG vehicle fuel than any other
    company in the U.S.
  • Clean Energy is the largest marketer and producer of
    RNG in North America and sells its RNG under the
    Redeem™ brand. Redeem™ is the cleanest transportation
    fuel commercially available, reducing greenhouse gas
    emissions by up to 70%
  • The partnership expands Clean Energy’s access to RNG
    to sell to its growing Redeem™ customer base through a
    long-term supply contract with BP

BP OVERVIEW

  • BP is a $110 billion market cap multinational oil and gas
    company with operations throughout the world
  • The partnership with Clean Energy accelerates BP’s
    expansion into renewable fuels and establishes BP
    as a leading fuel supplier to natural gas vehicles
  • BP receives access to Clean Energy’s market leading
    natural gas vehicle fueling infrastructure and downstream
    fuel customers

GCA’S ROLE

  • GCA served as exclusive financial advisor
    to Clean Energy and was closely involved
    in all aspects of the transaction, including
    structuring, valuation, due diligence and
    negotiation
  • GCA’s industry expertise, relationship
    credibility with potential buyers, and
    extensive transaction experience allowed
    Clean Energy to attract both strategic
    and financial buyers and run a highly
    competitive process
  • GCA used its in-depth knowledge
    of renewable fuels to craft a highly
    compelling investment case for
    Clean Energy

WHAT THE TRANSACTION MEANS
FOR THE RNG SECTOR

  • Oil and gas companies are increasingly
    interested in reducing their carbon
    footprints and integrating renewables
    into their fuel mix
  • Strategic buyers are seeking out
    differentiated platforms with entrenched
    downstream customer bases to accelerate
    their entry into renewable fuels