IMW will become subsidiary of Clean Energy Fuels
Clean Energy Fuels Corp., a provider of natural gas for transportation across North America, and IMW Industries, Ltd. (IMW) have signed a definitive agreement for Clean Energy to acquire IMW for consideration of $125 million plus a cash earn-out arrangement. IMW manufactures and services advanced natural gas fueling compressors and related equipment that is sold to station operators and commercial fleets and has provided more than 1,000 installations in over 20 countries. IMW, a private company, is headquartered near Vancouver, British Columbia and has a second manufacturing facility near Shanghai, China.
Completion of the transaction is subject to certain closing conditions being met. The companies intend to close the transaction in the third quarter of 2010. After closing, IMW will maintain separate operations as a subsidiary of Clean Energy.
“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. “In the US market, we now can provide integrated, advanced compression technology and station-building for our customers, adding value to our service package and broadening our attraction as a one-stop fueling provider.
“Our core business of providing fueling services in North America is now integrated with domestic NGV vehicle conversions (from our BAF vehicle technology subsidiary), domestic biomethane production (from our landfill gas asset in Dallas, Texas), and with this acquisition we have significant sales, manufacturing and service operations worldwide,” he noted.
Clean Energy has deployed IMW compressors and related equipment for several years in many of its 200 stations across the United States. Unlike other compressors using oil for lubrication, IMW’s proprietary, oil-less technology reportedly requires less maintenance and provides oil-free CNG.
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