Clean Energy Fuels (CLNE) Subsidiary BAF Gets Verizon CNG Conversion Order

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07:56:54 am on April 22, 2010

A Clean Energy Fuels (CLNE) subsidiary, BAF Technologies, has received an order from Verizon to convert 501 new Ford E-250 vans to CNG using BAF’s proprietary CalComp System.  BAF will provide the technology and will outsource the installs to Steelweld Equipment of California and North American Upfitters of New Hampshire which are both participants in Verizon’s Supplier diversity program and have been long time suppliers.  No word on the financials of the deal. 

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“Verizon’s deployment of natural gas-fueled vehicles sets a powerful example for fleet operators across America to emulate. Use of natural gas fuel for fleets is a trend that is rapidly gaining momentum in many U.S. industry sectors,” said John Bacon, President of BAF. “Because it is abundant and renewable, cleaner and cheaper than gasoline or diesel fuel, natural gas can carry us forward to a sustainable future.”

Shares of CLNE aren’t moving on the news this morning and are currently trading below key support of the 50 day moving average, but there is some support around the Jan highs of 19.50.  They have continued to move lower following a bearish article in Barrons.

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