Tuesday, July 6, 2010
Clean Energy Fuels Buys Firm
Seal Beach-based Clean Energy Fuels Corp., a producer of compressed and liquefied natural gas for the transportation industry, said today that it is in a deal to acquire IMW, a manufacturer of natural gas fueling compressors and related equipment, for $125M. IMW is based in Vancouver, British Columbia. Clean Energy Fuels said the deal includes $75M at closing, including $15M in cash plus $60M in the firm's common stock, plus four additional, annual payments of $12.5M each. Clean Energy said IMW will become a subsidiary of the firm.