The sale of American Honda’s FuelMaker Corporation, which makes the Phill natural gas home refueller to Clean Energy Fuels has been terminated, according to a Securities and Exchange Commission filing.
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Clean Energy agreed last month to buy Toronto-based FuelMaker Corporation for US$17m in cash. Under the agreement, either party could terminate the agreement if the closing did not occur on or before 3 October.
The Clean Energy filing said the closing did not occur primarily due to the fact that the sellers (Honda and Fuelmaker) were unable to deliver audited financial statements by 3 October for FuelMaker Corporation’s parent company, a subsidiary of Honda.
It said negotiations continued with Honda after 3 October to extend the share purchase agreement on revised terms but these subsequently ended “by mutual agreement”.
FuelMaker manufactures, distributes, installs and services vehicle refuelling appliances (VRA) and accessories for fuelling vehicles powered by compressed natural gas (CNG). Phill is the consumer version of the VRA and compresses natural gas from the home gas line for fueling vehicles such as Honda’s GX.
