IMW manufactures advanced natural gas fuelling compressors and related equipment that is sold to station operators and commercial fleets.

The purchase price includes $15.6m in cash and 4,017,408 shares of Clean Energy stock that will be issued to IMW’s shareholder, and an additional $288,000 will be paid by Clean Energy once the Chinese regulatory authorities approve the transfer of IMW Compressors (Shanghai) Co to the company.

Clean Energy president and CEO Andrew Littlefair said that this acquisition positions Clean Energy strategically in the forefront of the growing natural gas vehicle industry worldwide.

“It also strengthens our service package domestically as an integrated provider of advanced compression technology, station-building and fuelling,” Littlefair said.