Clean Energy Fuels Corp. (NASDAQ: CLNE)

Clean Energy Fuels Corp. operates as a leading provider of renewable natural gas (RNG) and compressed natural gas (CNG) for the commercial vehicle market in North America. The company specializes in the production, distribution, and sale of RNG, which is derived from organic waste sources such as landfills, wastewater treatment plants, and agricultural waste. Clean Energy Fuels Corp. plays a crucial role in the transition to cleaner transportation fuels, focusing on reducing greenhouse gas (GHG) emissions and promoting sustainable energy solutions.

The company generates revenue primarily through the sale of RNG and conventional natural gas as vehicle fuels, as well as through the sale of associated environmental credits. These credits include Renewable Identification Numbers (RINs) and state-level low-carbon fuel credits, such as those under California's Low Carbon Fuel Standard (LCFS) program. Clean Energy Fuels Corp. also generates revenue by providing operations and maintenance (O&M) services for public and private RNG and natural gas vehicle fleet customer stations, selling and servicing compressors and other equipment used in RNG production and at RNG and natural gas stations, and obtaining federal, state, and local tax credits, grants, and incentives.

• RNG Production and Supply: Clean Energy Fuels Corp. obtains RNG from over 220 supply sources, including landfills, wastewater treatment plants, and agricultural waste. The company leverages its extensive network of fueling stations and customer relationships to provide certainty of RNG supply to vehicle operators. The RNG produced is used as a transportation fuel, generating additional revenue streams through environmental credits.

• Fueling Infrastructure: The company operates a network of CNG and RNG fueling stations across North America. These stations cater to various markets, including trucking, airports, refuse, and public transit. Clean Energy Fuels Corp. also provides engineering, design, and construction services for fueling stations, charging construction, other fees, or lease rates based on the size and complexity of the project.

• Environmental Credits: Clean Energy Fuels Corp. generates and sells environmental credits, including RINs and LCFS credits. These credits are derived from the conversion of biogas to RNG that is used as a transportation fuel. The company's RNG projects are subject to federal RFS program regulations and state renewable fuel standard regulations, ensuring compliance with environmental standards.

Clean Energy Fuels Corp. holds a strong position within the renewable energy and waste-to-energy space. The company's competitive advantages include its extensive network of fueling stations, a diverse supply portfolio, and a proven track record in the alternative vehicle fueling industry. Clean Energy Fuels Corp. competes with other companies operating in the renewable energy and waste-to-energy space, including alternative vehicle and fuel companies, refuse collectors, industrial gas companies, truck stop and fuel station owners, fuel providers, utilities, and their affiliates. The company's strategic flexibility and ability to pivot towards projects and markets that deliver optimal returns and stockholder value have allowed it to maintain a competitive edge.

Clean Energy Fuels Corp. serves customers in a variety of markets, including trucking, airports, refuse, and public transit. The company's customer base includes well-known shippers, manufacturers, retailers, and other truck fleet operators, as well as municipal transit agencies. The success and growth of the company are significantly correlated with its ability to recruit, train, promote, and retain talented individuals at all levels of its organization. Clean Energy Fuels Corp. employs 503 people as of December 31, 2025, and has not experienced any work stoppages. The company's safety of personnel is a core value, and maintaining a safe work environment is critical to its ability to attract and retain employees.