Clear Power Fuels and Whole signal a JV to develop RNG manufacturing
The preliminary agency dedication is $ 100 million (€ 83 million) and will improve to $ 400 million (€ 332 million) as improvement alternatives progress.
On condition that Clear Power and Whole will present the fairness portion of the investments, the precise quantity of capital invested in RNG initiatives could exceed $ 400 million (€ 332 million), relying on the quantity of leverage deployed.
Whole will present credit score assist for the event of unpolluted energies within the RNG worth chain, together with $ 45 million (€ 37.3 million) for the RNG refueling infrastructure beneath contract.
Clear Power is the biggest provider of RNG as a transportation gasoline in the US and the biggest provider of RNG gasoline beneath the California Low Carbon Gas Normal (LCFS) program. RNG can be utilized instantly as a car gasoline or as a feedstock to provide inexperienced hydrogen or inexperienced electrical energy, whereas producing LCFS environmental credit.
Andrew Littlefair, CEO and President of Clear Power, stated: “The completion of this JV with Whole, initially introduced in December of final yr, demonstrates the 2 corporations’ dedication to the expansion of RNG, a gasoline able to s ‘sort out critical local weather issues. at present.
“Buyer demand for RNG continues to speed up, highlighted by our latest announcement that the biggest bus fleet in the US, LA Metro, has transformed its whole fleet to RNG. This JV will assist Clear Power proceed to extend its provide of RNG within the years to return. “
The 2 corporations have already partnered to broaden the usage of RNG within the heavy-duty market via the Zero Now program, which permits fleets to buy RNG vans on the similar worth as their diesel counterparts. Trucking corporations akin to Kenan Benefit, KeHE Distributors, Estes Categorical Traces and Tradelink Transport have taken benefit of this program.