Clean Energy Acquires IMW Industries

IMW is pleased to announce they have signed a definitive agreement for Clean Energy Fuels Corp. (Nasdaq: CLNE) to acquire IMW and its subsidiaries in Colombia, Bangladesh and China for consideration of $125 million plus a cash earn-out arrangement.

A long-term customer of IMW, Clean Energy is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 18,300 vehicles at 200 strategic locations across the United States and Canada. Clean Energy owns and operates two LNG production plants, one in Willis, Texas and one in Boron, Calif., with combined capacity of 260,000 LNG gallons per day and designed to expand to 340,000 LNG gallons per day as demand increases. It owns and operates a landfill gas facility in Dallas, Texas, that produces renewable methane gas, or biomethane, for delivery in the nation’s gas pipeline network. Clean Energy also owns BAF Technologies, Inc. of Dallas, a leading provider of natural gas vehicle systems and conversions for taxis, limousines, vans, pick-up trucks and shuttle buses.

IMW intends to close the transaction in the third quarter of 2010. After closing, IMW will maintain separate operations as a subsidiary of Clean Energy. 

"I believe partnering with Clean Energy will launch IMW on its next stage of growth providing significant opportunities for our employees, customers and suppliers as we continue to expand our global presence in the large and rapidly growing natural gas fueling and alternative energy sectors," said Brad Miller, IMW President, who will remain at IMW's helm for at least four more years. 

"Our industry relationships are very important to our success in the competitive CNG and Fuel Cell manufacturing sectors," Miller added. "I wish to thank everyone for their ongoing support and collaboration. This change will give us the resources and capital required to increase our growth rate and accelerate the many opportunities available to us, our valued clients and colleagues."

“IMW is a world leader in compression technology with emphasis on the rapidly growing markets in China, Southeast Asia and South America,” said Andrew J. Littlefair, Clean Energy President and CEO. “During the economic slowdown of the last couple of years, while other companies were retrenching, IMW aggressively expanded its sales and service organization. The success of this strategy is demonstrated by the recent agreement it signed with China Gas to build 120 large-scale CNG stations in China, with 80 to 90 compressors related to this agreement anticipated to be delivered in the next 12 months. We are teaming up with the best in the business to drive global NGV expansion.”

“This acquisition transforms Clean Energy both in terms of capability and geographic reach,” Littlefair said.

IMW's day to day operations will remain 'business as usual' as they continue to focus on their strengths of manufacturing excellence and top-level customer support. For more information and the complete announcement go to Clean Energy.

For more information on IMW products and services, contact us

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