May 10, 2018 / 6:46 AM / 9 months ago

France's Total to take 25 percent stake in Clean Energy Fuels Corp

FILE PHOTO: The logo of French oil giant Total is seen on the uniform of an employee at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril/File Photo

PARIS (Reuters) - French oil and gas major Total (TOTF.PA) said on Thursday that it has agreed to buy up to 50.8 million shares of Clean Energy Corp’s (CLNE.O) common stock for $83.4 million, to become its largest stockholder with a 25 percent stake.

Total said the two companies have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks in the North American market.

It added that Total will provide a $100 million credit support for Clean Energy’s plan to launch an innovative leasing programme to place thousands of new natural gas heavy-duty trucks on the road and fuelling at Clean Energy stations.

Reporting by Bate Felix; Editing by Adrian Croft

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