Clean Energy joins funding for natural gas vehicle

Jan. 1, 2020
Clean Energy Fuels Corp. has teamed up with an investment group providing funding to help launch a new, natural gas vehicle made in the United States for taxi and paratransit use.

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Clean Energy Fuels Corp. has teamed up with an investment group providing funding to help launch a new, natural gas vehicle made in the United States for taxi and paratransit use.

The company has committed a $10-million investment in an overall $160-million equity financing led by Perseus LLC, a merchant bank and private equity fund management company. Separately, Clean Energy’s co-founder, T. Boone Pickens, has committed a $10-million investment to the funding package. The funding will be provided to The Vehicle Production Group LLC (www.vpgautos.com), the original equipment manufacturer of the multi-purpose vehicle.

“We are making this strategic investment to help bring new, efficient, clean natural gas vehicles to the market in the United States,” says Andrew Littlefair, Clean Energy president and CEO. “Demand for natural gas vehicles is surging, particularly with the high cost of petroleum fuel and the savings to be gained by using natural gas fuel.”

Designed and engineered by automotive engineers with extensive input from taxicab and paratransit operators across North America, the new vehicle, available in both gasoline- and natural gas-powered models, is durable, cost-efficient to operate, and easy to maintain, according to a recent news release.

With a focus on accessibility, it provides seating positions for four passengers and additional space for a wheelchair or scooter, which is compliant with the vehicle standards of the Americans with Disabilities Act (ADA) and the Canadian Standards Association (CSA).

VPG expects to begin delivery of the vehicles in 2010.

For more information, visit www.cleanenergyfuels.com.

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