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Clean Energy Fuels Corp. (CLNE) is the leading provider of natural gas fuel for transportation in North America. The company fuels over 35,000 vehicles daily at about 500 fueling stations across the United States and Canada. Clean Energy caters to a broad customer base, including sectors like trucking, airport shuttles, taxis, refuse collection, and public transit.
The company specializes in building and operating compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations. They also manufacture CNG and LNG equipment and technologies for their own use and for other companies. In addition, Clean Energy Fuels develops renewable natural gas (RNG) production facilities, aiming to provide a more sustainable future for transportation.
Clean Energy Fuels Corp. operates primarily in the U.S. and Canada, generating the majority of its revenue from compressed natural gas sales. The company purchases natural gas from local utilities and processes it—either compressing, cooling, or liquefying it—at their own plants. The processed natural gas products are then sold through a network of company-owned or customer-owned fueling stations. This vertically integrated approach helps ensure a reliable supply chain and consistent product quality.
In recent years, Clean Energy has made significant strides in expanding its RNG production facilities, tapping into an innovative and eco-friendly fuel source derived from organic waste. This RNG initiative aligns with global sustainability goals and provides a renewable alternative to traditional fossil fuels.
Furthermore, the company maintains strategic partnerships and collaborations with key industry players and governmental bodies, enhancing its market reach and technological capabilities. Financially, Clean Energy continues to capitalize on the growing demand for cleaner transportation solutions.
For those interested in exploring career opportunities with Clean Energy Fuels Corp., please visit their official careers page at Clean Energy Careers.
Cemex has signed a renewable natural gas (RNG) fuel agreement with Clean Energy Fuels Corp. (NASDAQ: CLNE) to power 39 of its ready-mix and cement bulk trucks in Southern California. This partnership will provide roughly 300,000 gallons of RNG annually, significantly reducing greenhouse gas emissions by approximately 8,822 metric tons of CO2e each year. Clean Energy will also build and manage a new private fueling station for Cemex in Rialto, CA, expected to be operational by year-end. This initiative supports Cemex's Future in Action program, aiming for net-zero CO2 emissions by 2050.
The U.S. Senate introduced Bill S. 4389, providing a $1.00 per gallon tax credit for using renewable natural gas (RNG) as a transportation fuel. This bill, backed by Senators Mark Warner and Thom Tillis, follows a similar House bill by Representatives Linda Sanchez and Brian Fitzpatrick. Clean Energy Fuels Corp. (NASDAQ: CLNE) CEO Andrew J. Littlefair supports the bill, highlighting RNG's growing acceptance in heavy-duty vehicle fleets and its potential to significantly reduce greenhouse gas emissions. RNG production benefits the agricultural industry, particularly dairies, and creates rural jobs. The bill seeks to further boost RNG's adoption, leveraging existing RNG infrastructure and new RNG-compatible engines from Cummins.
Clean Energy Fuels and Maas Energy Works have announced a joint venture to build nine renewable natural gas (RNG) production facilities at dairy farms across seven states, including Colorado, South Dakota, Georgia, Florida, Iowa, Nebraska, and New Mexico. This project aims to handle manure from around 35,000 cows, preventing methane emissions from being released into the atmosphere.
Each of these nine projects will undergo diligence before construction, with completion expected by 2026. These facilities are anticipated to produce up to 4 million gallons of RNG annually, which will be distributed through Clean Energy's network. The facilities will use lagoon cover digesters to capture methane more cost-effectively compared to traditional tank digesters.
Financed by Clean Energy, the total projected cost is approximately $130 million. The joint venture leverages Maas Energy Works' expertise in RNG development and Clean Energy's distribution network to supply clean fuel to transportation fleets, helping them achieve sustainability goals.
Clean Energy reported revenue of $103.7 million and 58.0 million RNG gallons sold in the first quarter of 2024. The net loss was $(18.4) million compared to $(38.7) million in Q1 2023. Adjusted EBITDA was $12.8 million, and cash reserves were $248.9 million as of March 31, 2024. Operational highlights include increased RNG gallons sold, new fueling stations in Texas, and progress on dairy farm RNG projects.
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