Business
Tourmaline and Clean Energy Announce $70 Million Joint Development Agreement to Build CNG Stations in Western Canada
Investment will establish a commercial fueling network for heavy-duty natural gas trucks across Western Canada CALGARY, AB, April 18, 2023 /PRNewswire/ -
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":"\nInvestment will establish a commercial fueling network for heavy-duty natural gas trucks across Western Canada\nCALGARY, AB, April 18, 2023 /PRNewswire/ - Tourmaline Oil Corp. (TSX: TOU) (\"Tourmaline\") and Clean Energy Fuels Corp. (NASDAQ: CLNE) (\"Clean Energy\") announced today a $70 million Joint Development Agreement to build and operate a network of compressed natural gas (\"CNG\") stations along key highway corridors across Western Canada. Through this 50-50 shared investment, Tourmaline and Clean Energy expect to construct and commission up to 20 CNG stations over the next five years, which will allow heavy-duty trucks and other commercial transportation fleets that operate in the area to transition to the use of CNG, a lower carbon alternative to gasoline and diesel. Clean Energy will operate the stations. One of North America's largest logistics companies, Mullen Group Ltd. (\"Mullen Group\"), has indicated its support for the initiative as an early adopter and expects to use the network of stations to fuel its growing fleet of CNG-powered trucks.\n\"Tourmaline is Canada's largest natural gas producer, and innovation is at the heart of everything we do. So this partnership with Clean Energy is a natural fit,\" said Michael Rose, Chairman, President and CEO, Tourmaline. \"Across our operations, we have achieved significant emission reductions and cost savings by displacing higher-emitting fuels with natural gas. Thanks to this exciting initiative, we're able to help the transportation industry do the same.\"\nThis initiative will develop critical infrastructure needed to support the adoption of lower-carbon natural gas fuels that are commercially available today. The use of this domestic, abundantly produced and easily distributed resource is expected to result in significant carbon dioxide (CO2) emission reductions and cost savings for the transportation industry in Canada. Currently, fueling vehicles with CNG results in up to 50% cost savings when compared to retail diesel prices, on an energy equivalent basis. These CNG stations also pave the way for renewable natural gas (RNG) availability in the future, as the same fueling-station infrastructure that dispenses CNG can be used to dispense RNG.\n\"Clean Energy currently operates the most extensive network of natural gas fueling stations and is the largest distribu...