Thursday, September 24, 2009
Clean Energy Fuels Buys BAF Technologies
Seal Beach-based Clean Energy Fuels, a provider of natural gas for the transportation industry, reported this morning that it has signed a purchase and sale agreement to acquire BAF Technologies, a provider of natural gas vehicle systems and conversions. The deal is worth approximately $8.3M, with around $3.8M in debt owed by BAF Technologies being used to pay off Clean Energy Fuels. The deal also includes unspecified earn out based on future gross profits. BAF provides conversion of light duty vehicles to support natural gas as a fuel source.