Billionaire financier, oil magnate and one of the world’s wealthiest men, T. Boone Pickens has joined a five-member group in investing $150 million in the Seal Beach-based Clean Energy Fuels Corp.
The 83-year who made his name in the oil business and corporate takeovers has more recently become a proponent of alternative fuels. Predicting an irrevocable decline in the production of oil, he has spent much of the last decade investing in and promoting natural gas.
At the end of the year, the company announced that Pickens had purchased 1.5 million shares at $10 per shared and transferred his rights to purchase 13.5 million shares to four other investors.
"These investments bring the total invested or committed to Clean Energy to $450 million during 2011," said Andrew J. Littlefair, President and CEO of Clean Energy said in a written statement. "We see this as a tremendous affirmation of both Clean Energy as the leader in natural gas vehicle fueling in America and our America's Natural Gas Highway initiative that is expanding natural gas fueling infrastructure in cities throughout the country."
"We have a significant program underway to develop CNG and LNG fueling stations serving fleets in the long-haul, regional and port trucking markets, as well as for solid waste, transit, airport and municipal transportation nationwide," added Littlefair.
At the moment, natural gas costs roughly $1.50 less per gallon lower than gasoline
The company’s shares were valued at $12.95 at the close of today’s stock market.