IMW to supply up to 416 compressors to China Gas Holdings for 310 fueling sites

Under the agreement, IMW anticipates supplying a suite of its CleanGAS TechnologyTM products and services, including up to approximately 416 CleanCNG CompressorsTM, 186 dryers, 527 dispensers, and 387,500 liters of buffer storage to China Gas’ joint venture distribution partners for the construction of up to 310 stations.  This is in addition to the 124 stations IMW has already equipped in China; all equipment is manufactured at IMW’s facility in Suzhou-Taicang, China.

“China has grasped the potential of natural gas as an alternative to gasoline and diesel fuel and is aggressively building the necessary infrastructure to realize this potential,” said Andrew J. Littlefair, president and CEO of Clean Energy.  “In the coming years, China Gas and its partners plan to construct the equivalent of over half of all the public access CNG stations currently available in the United States—significant for our companies and the future of cleaner transportation in China.”

China Gas has secured financing for this transaction from Export Development Canada, which is expected to be utilized throughout the three-year agreement to help purchase the products and services under the purchase contract.  An initial $5 million has been utilized for the purchase of 29 CleanCNG Compressors, which are anticipated to be delivered during the fourth quarter of 2013 and used to construct the first 19 stations.

“IMW is proud of the long term partnership we have developed with China Gas and we are eager to build this relationship through our continued support of their growth,” added Brad Miller, president of IMW.

Source: Clean Energy Fuels.