Chesapeake Energy 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.
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