Clean Energy Fuels Corp. (NASDAQ: CLNE) is a provider of renewable natural gas (RNG) for the transportation sector in North America. The company's core business model centers on producing, procuring, and distributing alternative fuels—specifically RNG, compressed natural gas (CNG), and liquefied natural gas (LNG)—to commercial and municipal vehicle fleets. Clean Energy operates an infrastructure network comprising over 600 fueling stations across the United States and Canada, which serve heavy-duty trucks, transit buses, refuse trucks, and other large vehicles.
The company generates the vast majority of its revenue (typically over 85%) from product sales, which include the direct sale of RNG and conventional natural gas, as well as the monetization of associated environmental credits such as Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits. The remainder of its revenue comes from services, primarily operations and maintenance (O&M) for fueling stations, and the design and construction of new fueling infrastructure.
Clean Energy has vertically integrated its operations by investing in its own RNG production facilities. Through joint ventures with major energy companies and partnerships with dairy farms, the company captures methane from agricultural waste to produce RNG. This strategic shift secures a proprietary supply of fuel and maximizes the value of environmental credits. By providing a comprehensive solution that encompasses fuel production, station construction, and daily fueling operations, Clean Energy supports the transition of heavy-duty transportation away from traditional diesel.
