Clean Energy Fuels Corp. (NASDAQ: CLNE)

Clean Energy Fuels Corp. is a leading renewable energy company focused on the procurement and distribution of renewable natural gas and conventional natural gas in the form of compressed natural gas and liquefied natural gas for the United States and Canadian transportation markets. The company recovers waste methane from sources such as dairy livestock waste and landfills processes it into renewable natural gas and sells it as a vehicle fuel. It also builds owns and operates fueling stations provides operation and maintenance services and generates environmental credits from the sale of renewable natural gas.

We generate revenue primarily from the sale of renewable natural gas and conventional natural gas as fuel for medium and heavy duty vehicles. Additional revenue comes from the sale of environmental credits such as Renewable Identification Numbers and Low Carbon Fuel Standard credits that are created when renewable natural gas is used as a transportation fuel. We also earn income from operation and maintenance contracts for customer owned and company owned fueling stations from station construction and engineering projects and from the sale or lease of fueling equipment. Furthermore we receive fees for transporting compressed natural gas through virtual pipeline services and we benefit from federal state and local tax credits grants and incentives related to our renewable activities.

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Clean Energy Fuels Corp. holds a leading position in the renewable natural gas market for commercial transportation in North America. The company operates the largest network of fueling stations with 582 stations in the United States and 27 stations in Canada as of the end of 2025 and it delivered about 468 million gasoline gallon equivalents of renewable natural gas in that year. It estimates that it supplied roughly half of the renewable natural gas used for transportation in California and about one third of the national total in 2025. Competitive advantages include exclusive access to a large number of dispensers long term supply agreements with major energy partners such as TotalEnergies bp and Maas Energy and the ability to generate valuable environmental credits that can be sold to obligated parties. Main competitors are diesel fuel providers other alternative fuel companies such as renewable diesel biodiesel and ethanol producers and other natural gas fueling stations that seek to capture the same fleet customers.

The company serves a diverse base of fleet operators across several sectors. In heavy duty trucking customers include Amazon Pepsi Frito Lay FedEx Anheuser Busch USPS UPS Kroger KeHe Distributors Kenan Advantage Group and Estes Express. In the refuse sector it fuels vehicles for Waste Management Republic Services Waste Connections GFL Environmental Atlas Disposal Burrtec CR&R Recology Waste Pro and many municipal fleets. Public transit customers comprise the Los Angeles County Metropolitan Transit Authority New York MTA Foothill Transit Orange County Transit Authority Santa Monica Big Blue Bus Dallas Area Rapid Transit Phoenix Transit New Jersey Transit Jacksonville Transportation Authority NICE Bus and Washington Metro Area Transportation Authority. Airport delivery fleets rental car shuttles and taxi operators also use the fuel. Beyond transportation the company sells bulk liquefied and compressed natural gas to marine cargo ships space aircraft large paper mills and industrial institutional users through its NG Advantage subsidiary. Additionally the company works with government agencies to help fleets obtain grants tax credits and financing for vehicle purchases and station construction.