Case Studies


Sale of Clean Energy’s Upstream Renewable Gas Operations to BP

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

GREENTECH’S ROLE

  • Greentech 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
  • Greentech’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
  • Greentech 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

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