Three global private investment firms have injected $150 million into Seal Beach, CA-based Clean Energy Fuels Corp., a provider of natural gas and fueling infrastructure for the transportation sector.

Touting the new investors as an indication of a “growing” natural gas vehicle (NGV) market in the United States, Clean Energy identified its newest backers as two Singapore-based firms — Springleaf Investments Pte Ltd., a subsidiary of Temasek Holdings Pte Ltd.; and Lionfish Investments Pte Ltd., an investment vehicle managed by Seatown Holdings International Pte Ltd. — and UK-based Greenwich Asset Holding Ltd., a subsidiary of RRJ Capital Master Fund I LP.

Clean Energy said the $150 million is in the form of 7.50% convertible notes due in 2016, with the notes convertible into Clean Energy Fuels stock at $15/share. Closing is expected by Tuesday (Aug. 30).

Proceeds will be used to support fueling infrastructure building programs, including the development, construction and operation of liquefied natural gas (LNG) and compressed natural gas (CNG) fueling stations and the related support, management, maintenance and marketing for those stations. This includes development, construction and operation of LNG and CNG offloading facilities, related production assets and delivery trucks.

The latest investment in Clean Energy, which was founded by former oil/gas billionaire T. Boone Pickens, comes on the heels of shale gas pioneer Chesapeake Energy Corp. and its CEO Aubrey McClendon ponying up $150 million for the natural gas fuel firm as part of a $1 billion initiative to displace gasoline in transportation (see Daily GPI, July 12).

“We are pleased to have introduced Clean Energy to our friends at Temasek, Seatown and RRJ,” said McClendon, characterizing the latest investment by the three global investors as “beneficial to increasing the demand for natural gas in North America and also to keeping Clean Energy in the lead for providing natural gas vehicle fueling and deployment solutions in North America.”

In the current relatively low-priced natural gas wholesale market, Clean Energy repeatedly plays up the fact that by its estimate CNG or LNG is “currently priced $1.50-2/gallon lower than diesel or gasoline (depending upon local markets),” along with the contention that the use of natural gas fuel reduces costs significantly for vehicle and fleet owners while slashing greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium- to heavy-duty vehicles.

In addition to being a leading builder of a network of natural gas fueling facilities for long-haul trucks, Clean Energy is adding stations for serving various medium- and heavy-duty fleets, including refuse, transit, airport, municipal and regional trucking markets.

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