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France's Total to take 25 percent stake in Clean Energy Fuels Corp

Published 10/05/2018, 07:46
Updated 10/05/2018, 07:50
© Reuters. FILE PHOTO: Logo of French oil giant Total is seen on the uniform of an employee at its first gas station in Mexico City
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PARIS (Reuters) - French oil and gas major Total (PA:TOTF) said on Thursday that it has agreed to buy up to 50.8 million shares of Clean Energy Corp’s (O:CLNE) common stock for $83.4 million, to become its largest stockholder with a 25 percent stake.

Total said the two companies have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks in the North American market.

© Reuters. FILE PHOTO: Logo of French oil giant Total is seen on the uniform of an employee at its first gas station in Mexico City

It added that Total will provide a $100 million credit support for Clean Energy's plan to launch an innovative leasing programme to place thousands of new natural gas heavy-duty trucks on the road and fuelling at Clean Energy stations.

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