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Chesapeake Energy Plans $1B Fund

Chesapeake Energy is planning to create a $1 billion fund to boost demand for natural gas, particularly as a clean-burning transportation fuel.

ChesapeakeEnergy is planning to create a $1 billion fund to boost demand for natural gas, particularly as a clean-burning transportation fuel, The Wall Street Journal reports. The new vehicle, Chesapeake NG Ventures, will invest in companies that develop infrastructure to increase the use of gas as a motor fuel, adds Bloomberg.

The U.S. natural-gas driller aims to invest $100 million in newly issued convertible debt of Clean Energy Fuels. The company will also spend $155 million to buy half of closely held Sundrop Fuels for the fund’s initial investments.

Click here for the story The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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