The expanding network of fueling stations
represents a significant diesel displacement opportunity by
providing a reliable source of compressed natural gas (CNG) for
long-haul trucks and other fleets
Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline") and Clean Energy
Fuels Corp. (NASDAQ: CLNE) ("Clean Energy") announced today the
opening of two new compressed natural gas (CNG) fueling stations in
Alberta, marking a key milestone in their continuing efforts to
build Western Canada's first commercial-grade public CNG fueling
network. The new locations in Calgary and Grande Prairie, along
with the Edmonton station which opened in April 2023, establish a
crucial transportation corridor for trucking companies converting
their fleets from diesel to CNG.
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Tourmaline and Clean Energy CNG Calgary
Station Opening (Photo: Business Wire)
Powering long-haul trucks and other fleets with CNG results in
lower emissions of carbon dioxide, nitrogen oxides, sulphur dioxide
and particulate matter compared to traditional diesel-powered
vehicles.
“We are expanding our multi-year diesel displacement initiative
by making CNG more readily available to heavy-duty trucking
companies,” said Michael Rose, Chairman, President and CEO,
Tourmaline. “Right here in Alberta, we have the technology, an
abundance of natural gas, and now the infrastructure to help
facilitate a transformative shift in the transportation
sector.”
The $70 million Joint Development Agreement between Tourmaline
and Clean Energy was announced in April 2023, along with their
commitment to build up to 20 CNG fueling stations across Western
Canada in the next five years. In just over a year, their customer
base has grown to nine market-leading companies that have already
collectively displaced two million litres of diesel by utilizing
CNG technology.
“The adoption of CNG has continued to accelerate over the last
year, as more companies recognize the benefits of displacing diesel
with a reliable fuel that is easy to use and extremely cost
competitive for fleets,” said Andrew Littlefair, President and CEO,
Clean Energy. “The development of this critical infrastructure is
perfectly timed as the important new X15N natural gas engine from
Cummins is being introduced to the trucking industry to rave
reviews. We expect that the combination of more fueling locations
and the new engine technology, which is perfectly suited for the
Canadian market, will pave the way for continued growth of
CNG.”
Cummins, one of the world’s leading engine manufacturers, has
recently introduced its X15N natural gas engine into the Canadian
and U.S. heavy-duty truck market. Trucks with pre-production models
of the X15N were tested by some of the most demanding fleets over
the last year including Walmart, Werner, Knight Swift, FedEx
Freight and UPS. It was found to deliver diesel-like ratings as
well as durability and reliability to allow fleets to significantly
reduce emissions of carbon dioxide, nitrogen oxides, sulphur
dioxide and particulate matter without sacrificing capability.
Mullen Group Ltd. (Mullen Group), the first company to support
the Tourmaline and Clean Energy initiative, plans to leverage the
new X15N engine as it prepares to nearly double its fleet of
CNG-fueled trucks.
“As one of North America's largest logistics providers, the
Mullen Group is committed to being a leader in sustainability.
Today we operate one of the largest CNG-powered truck fleets in the
Province of Alberta, now having 19 fully operational, with plans to
deploy another 15 units as soon as they become available. Our CNG
fleet continues to perform well, and now with the opening of these
additional fueling stations, we can position the CNG units in
additional markets, providing an ESG alternative to a broader scope
of customers,” said Murray Mullen, Chair, SEO and President, Mullen
Group.
“Western Canada's first natural gas highway is taking shape
right here in Alberta, driven by the innovative efforts of
Tourmaline and Clean Energy,” said Alberta Premier Danielle Smith.
“This collaboration showcases how industry-led initiatives can
drive more efficient transportation solutions. Alberta is proud to
support forward-thinking projects that will help create a more
sustainable future for long-haul trucking across Canada.”
Once complete, the 20-station network could fuel up to 3,000
natural gas-powered trucks daily. Construction on the next CNG
fueling station is set to begin in Kamloops, B.C., with Fort
McMurray and Fort St. John to follow. The CNG stations are also
equipped with the same infrastructure needed for renewable natural
gas (RNG), making for a streamlined transformation when RNG becomes
more readily available in Canada.
Visit our media kit for images, b-roll, fact
sheets and videos of support from Alberta Premier Danielle Smith
and Alberta Energy and Mining Minister Brian Jean.
Additional quotes:
“Having access to commercially available, compressed natural gas
fueling is important to our industry and with the continued
addition of accessible fueling infrastructure, we can continue to
adopt natural gas fueling options across the region. At GFL, we
have long recognized the benefits of utilizing this technology in
our own operation and will now have the ability to replace more
diesel with CNG in additional markets as infrastructure comes
online.”
- Tyler Stefure, Fleet Director for Western
Canada, GFL Environmental
“As a strategic supply chain partner, with more than 850
alternative-fuel vehicles globally, Martin Brower is continuing to
expand our fleet of CNG-powered vehicles across Canada. Working
with partners, such as Tourmaline and Clean Energy, is critical to
our success in delivering on our commitment to reduce our scope 1
and 2 greenhouse gas emissions by over 50 per cent by 2030 and
create a more sustainable future.”
- Amy Senter, Global Vice President of
Sustainability, Martin Brower
About Tourmaline Oil Corp.
Tourmaline is Canada's largest and most active natural gas
producer dedicated to producing the lowest-cost natural gas in
North America. The investment-grade exploration and production
company provides strong and predictable operating and financial
performance through the development of three core areas in the
Western Canadian Sedimentary Basin. With an existing large reserve
base, decades-long drilling inventory, relentless focus on
execution and cost management, and industry-leading environmental
performance, Tourmaline is excited to provide shareholders with an
excellent return on capital and an attractive source of income
through base dividend and surplus-free cash flow distribution
strategies. Visit http://www.tourmalineoil.com/ and follow
@tourmalineoilcorp on LinkedIn and Facebook and @tourmalineoil on
X.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is North America's largest provider of
the cleanest fuel for the transportation market. Our mission is to
reduce emissions in the transportation industry through the
development and delivery of renewable natural gas (RNG), a
sustainable fuel derived from organic waste. Clean Energy allows
thousands of vehicles, from airport shuttles to city buses to waste
and heavy-duty trucks, to reduce their amount of climate-harming
greenhouse gas. We operate a vast network of fueling stations
across the U.S. and Canada. Visit www.cleanenergyfuels.com and
follow @ce_renewables on X.
Reader Advisories
Currency
All amounts in this joint news release are stated in Canadian
dollars unless otherwise specified.
Forward-Looking Information
This joint news release contains forward-looking information and
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws including Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that involve risks, uncertainties and assumptions,
including without limitation information and statements about: the
benefits of the joint development agreement including that the
investment pursuant to the agreement will result in Western
Canada’s first commercial-grade public CNG fueling network and
establish a crucial transportation corridor for trucking companies
converting their fleets from diesel to CNG; the number of CNG
stations proposed to be constructed and the number of natural
gas-powered trucks that could be fueled by such stations, the
timeframe for such construction and the anticipated investment
pursuant to the joint development agreement; the expectation that
Mullen Group will use the network of stations to fuel its growing
fleet of CNG-powered trucks; the expectations that the CNG stations
will pave the way for RNG availability in the future; the timing
and location for the next CNG stations that Tourmaline and Clean
Energy expect to open; and the other benefits of CNG and CNG
stations generally. Actual results and the timing of events could
differ materially from those anticipated in the forward-looking
information.
The forward-looking information made herein speak only as of the
date of this joint press release and, unless otherwise required by
law, neither Tourmaline nor Clean Energy undertakes any obligation
to publicly update such forward-looking information to reflect
subsequent events or circumstances. Additional information on these
and other factors that could affect Tourmaline, or its operations
or financial results, are included in Tourmaline's most recently
filed Management's Discussion and Analysis (See "Forward-Looking
Statements" therein), Annual Information Form (See "Risk Factors"
and "Forward-Looking Statements" therein) and other reports on file
with applicable securities regulatory authorities and may be
accessed through the SEDAR+ website (www.sedarplus.ca) or
Tourmaline's website (www.tourmalineoil.com). Additionally, the
reports and other documents Clean Energy files with the SEC
(available at www.sec.gov) contain risk factors, which may cause
actual results to differ materially from the forward-looking
information contained in this joint news release.
Market, Independent Third-Party and Industry Data
Certain information contained in this joint news release
relating to environmental or statistical data including the cost
savings associated with fueling vehicles with CNG instead of retail
diesel prices and the CO2 reduction equivalents of removing
passenger vehicles from the road have been derived from market,
independent third-party and industry data and is based upon, or
derived from, information or estimates from government or other
independent industry publications and reports. Government and
industry publications and reports generally indicate that they have
obtained their information from sources believed to be reliable,
but neither Tourmaline nor Clean Energy has conducted its own
independent verification of such information or ascertained the
underlying assumptions relied upon by such sources. While
Tourmaline and Clean Energy believes this data to be reliable,
market and industry data is subject to variations and cannot be
verified with complete certainty due to limits on the availability
and reliability of raw data, the voluntary nature of the data
gathering process and other limitations and uncertainties inherent
in any statistical survey.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241022891800/en/
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tourmaline Oil Corp. Michael Rose Chairman, President and Chief
Executive Officer (403) 266-5992
OR
Tourmaline Oil Corp. Brian Robinson Chief Financial Officer
(403) 767-3587; brian.robinson@tourmalineoil.com
OR
Tourmaline Oil Corp. Scott Kirker Chief Legal Officer (403)
767-3593; scott.kirker@tourmalineoil.com
OR
Tourmaline Oil Corp. Jamie Heard Vice President, Capital Markets
(403) 767-5942; jamie.heard@tourmalineoil.com
OR
Tourmaline Oil Corp. Suite 2900, 250 – 6th Avenue S.W. Calgary,
Alberta T2P 3H7 Phone: (403) 266-5992; Facsimile: (403) 266-5952
E-mail: info@tourmalineoil.com Website: www.tourmalineoil.com
Clean Energy media contact:
Clean Energy Fuels Corp. Kimberly Fleer Manager, Corporate
Communications (949) 437-1447;
kimberly.fleer@cleanenergyfuels.com
Clean Energy Fuels (NASDAQ:CLNE)
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Clean Energy Fuels (NASDAQ:CLNE)
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