Clean Energy, GE unit partner in natural gas project
7:30pm ET, 09/17/2013 - Reuters
CHICAGO, Sept 17 (Reuters) - A company backed by Texas oil man T. Boone Pickens that provides natural gas as transportation fuel is partnering with Canada's Ferus Natural Gas Fuels, GE Ventures and GE Energy Financial Services to jointly deliver liquefied natural gas in the United States.
The consortium, called Eagle LNG Partners, will develop regional LNG projects to meet industry demand for long-haul trucking, rail, mining, marine, and oil and gas services, a spokeswoman for Ferus Natural Gas Fuels told Reuters.
Clean Energy Fuels Corp is the Pickens-backed part of the venture, which is expected to be unveiled Wednesday at the High Horsepower Summit in Chicago.
Natural gas, which roughly translates into cost savings of about 20-40 percent for companies as an alternative to diesel fuel, is being adopted by many industries in the United States as they look to cut costs and reduce carbon emissions.
But critics say the extraction of natural gas releases methane, a greenhouse gas that can be more harmful in the long run than the carbon released by burning other fuels.
Clean Energy Fuels, based in Seal Beach, California, builds and operates compressed natural gas and liquefied natural gas fueling stations. It also makes compressed natural gas and liquefied natural gas equipment and converts vehicles to natural gas.
The companies declined to say how much they would invest in the project. They said that, depending on production volumes, LNG liquefaction plants cost between $40 million and $100 million to build.
Eagle LNG Partners currently is considering projects in Florida, Washington, Colorado, North Dakota, Ohio and Texas, the companies said.
Sentiment: Strong Buy
GE and Clean Energy have history of working together.
GE and Clean Energy Fuels Partner to Expand ‘America’s Natural Gas Highway®’
HOUSTON—November 13, 2012—GE (NYSE: GE) and Clean Energy Fuels (Nasdaq: CLNE) today announced a collaboration to expand the infrastructure for natural gas transportation in the United States. The agreement supports Clean Energy’s efforts in developing “America’s Natural Gas Highway®,” a fueling network that will enable trucks to operate on Liquefied Natural Gas (LNG) coast to coast and border to border. Truck fleets often can reduce fuel costs by more than 25 percent and lower emissions with LNG.
Has anyone wondered why Littlefair bought 127K shares in the open on sept 12TH when on the 3rd he was still selling? Did GE twist his hand or no deal? Did GE doubted his selfish plan? Did GE tell him where is your stake on this? Is Big brother teaching him a moral lesson? Glad to see someone is watching!
What I think is a game changer is the ability and willingness to serve them (mobility)wherever they need the LNG. That is reassuring concept that will proliferate the growth of LNG /CNG vehicles.
"“The consortium is capable of providing its customers with complete LNG solutions including transportation and delivery, on-site storage, gasification and dispensing.”
if this is also something could relating to the GE deal
GE Signs MOU with China’s Endurance Industry for 260 CNG In A Box™ Systems; Opens Shenyang Compressor Facility to Meet Regional Demand for Natural Gas Solutions
•GE Solidifies Commitment to Modernizing China’s Energy Solutions with Advanced CNG Fueling Infrastructure
•Memorandum of Understanding for Purchase of 260 CNG In A Box™ Systems by Endurance; Infrastructure to Help Reduce Emissions in China
•Opens High-Speed Reciprocating Compressor Manufacturing Facility in Shenyang, China