Clean Energy Fuels Corp (NASDAQ:CLNE) announced at its Annual Shareholders’ meeting that its wholly-owned subsidiaries, IMW Industries, NorthStar Inc. andClean Energy Renewable Fuels (CERF) have been renamed and redefined as divisions of Clean Energy Fuels Corp. IMW Industries is now Clean Energy Compression, NorthStar is now Clean Energy Cryogenics and CERF is now Clean Energy Renewables.
“The strategic importance of unifying our divisions under a single Clean Energy mark and brand identity cannot be understated. This move will strengthen our reputation and broaden our recognition as well as eliminate any confusion for our customers and other partners,” said Andrew J. Littlefair, president and CEO, Clean Energy.
While the name changes affect brand-identity it will not change operational practices, management infrastructure or business objectives.
Clean Energy Compression, formerly IMW, is North America’s largest sole manufacturer of non-lubricated gas compressors and related technologies and sells quality compressors in over 25 countries.
Clean Energy Cryogenics, formerly NorthStar, is the leading engineering and construction team responsible for building over 70% of the United States network of turnkey LNG/LCNG private fleet fueling stations.
Clean Energy Renewables, formerly CERF, operates biomethane processing facilities in Tennessee and Michigan and is a leading marketer of renewable natural gas (RNG), including Redeem®, the first RNG for commercial vehicles.
The transition to the new names will begin immediately. (Original Source)
Shares of Clean Energy Fuels closed yesterday at $7.36 . CLNE has a 1-year high of $11.79 and a 1-year low of $3.99. The stock’s 50-day moving average is $7.90 and its 200-day moving average is $5.89.
Clean Energy Fuels Corp is engaged in selling natural gas fueling solutions to its customers in the United States and Canada. It also designs, builds, finances, and operates natural gas filling stations for vehicle fleets.