Tourmaline and Clean Energy announce $70 million deal to build CNG stations in Western Canada

Company

Tourmaline Oil Corp.

Law Firm / Organization
Tourmaline Oil Corp.
Lawyer(s)

Katie Beck

Company

Clean Energy Fuels Corp.

Law Firm / Organization
Clean Energy Fuels Corp.
Lawyer(s)

Jim Sytsma

Tourmaline Oil Corp. and Clean Energy Fuels Corp. have announced, on April 18, 2023, a $70 million Joint Development Agreement to build and operate a network of compressed natural gas (CNG) stations in Western Canada. The 50-50 shared investment aims to construct up to 20 CNG stations over the next five years, facilitating the transition of heavy-duty trucks and commercial transportation fleets to a lower carbon alternative. Clean Energy will operate the stations. The initiative is expected to result in significant carbon dioxide (CO2) emission reductions and cost savings for the transportation industry in Canada, with CNG offering up to 50% cost savings compared to retail diesel prices. The first station is already operational, and others are expected to be commissioned in 2024.

Merger & Acquisition
Energy
$ 70,000,000
Active