Parties
Company
Tourmaline Oil Corp.
Company
Clean Energy Fuels Corp.
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.
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 70,000,000Deal Status
ActiveClosing Date