CLNE - Clean Energy Fuels Tourmaline to build CNG stations in western Canada

2023-04-18 13:28:09 ET

Clean Energy Fuels ( NASDAQ: CLNE ) and Tourmaline Energy ( OTCPK:TRMLF ) unveiled a $70M joint development agreement Tuesday to build and operate a network of compressed natural gas stations along key highway corridors across western Canada.

The companies said they plan to construct and commission as many as 20 CNG stations over the next five years to allow heavy-duty trucks and other commercial transportation fleets to transition to the use of CNG, a lower carbon alternative to gasoline and diesel; Clean Energy ( CLNE ) will operate the stations.

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, the companies said.

Clean Energy Fuels ( CLNE ) -4.9% in Tuesday's trading, as alternative energy names post broad losses .

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