Approximately $7.4m will be paid at closing with the balance paid in equal installments on each yearly anniversary date beginning in 2011 and ending in 2015.
Clean Energy will also pay retention bonuses not to exceed $4m in the aggregate over the four-year period following closing.
Clean Energy president and CEO Andrew Littlefair said that having LNG station provider Northstar in Clean Energy’s group will greatly enhance the company’s ability to build out the growing natural gas fueling infrastructure in the US.
"Our plan envisions a fueling infrastructure serving major goods movement and trucking corridors nationwide," Littlefair said.
Northstar is a provider of LNG/LCNG (liquefied to compressed natural gas) fueling system technologies.
Clean Energy is a provider of natural gas fuel for transportation in North America, and has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
