Clean Energy Fuels Raises $32.5M, Losses Expand

Tuesday, Nov 18, 2008

Written by Katie Fehrenbacher1 CommentPosted November 14th, 2008 at 5:00 am in Energy,StartupsClean Energy Fuels, the natural gas vehicle distribution company of which T. Boone Pickens is a director and largest shareholder, finished raising $32.5 million in a combination of sold shares and warrants, Andrew Littlefair, CEO and President of Clean Energy Fuels, told us this week. The details were also revealed in its earnings statement release on Thursday. And yes, in this troublesome economic climate, it was a “difficult and painful process,” Littlefair says. Pickens has had his own problems with the debt markets, too.

The company needs money due to the fact that it has been investing in various new businesses, including development of a natural gas vehicle, and a landfill gas waste project. The company also needs the money because, according to its earnings, it had a net loss of $10.64 million for the three months that ended September 30, compared to a net loss of $1.5 million for the third quarter of 2007. That’s a drop of more than 85 percent. Clean Energy’s revenues were more positive, however: Revenues for the third quarter of 2008 rose 21 percent to $35.3 million, up from $29.2 million for the third quarter of 2007.