Here are a few analogies to describe Clean Energy Fuels (CLNE):

• It's like ChargePoint for natural gas-powered trucks, building the fueling infrastructure for an alternative fuel source.
• Think of it as the Tesla for natural gas fuel, focusing on sustainable fuel solutions for transportation fleets.

• Renewable Natural Gas (RNG) and Compressed Natural Gas (CNG) Fuel Sales: Clean Energy Fuels sells various forms of natural gas fuel, primarily renewable natural gas (RNG), for heavy-duty and light-duty vehicle fleets.
• Natural Gas Fueling Station Development and Operation: The company designs, builds, operates, and maintains a network of natural gas fueling stations across North America.
• Vehicle and Infrastructure Maintenance Services: Clean Energy Fuels provides maintenance, repair, and operational support services for natural gas vehicles and fueling station equipment.

Clean Energy Fuels (CLNE) primarily sells to other companies, specifically commercial fleets and businesses that operate vehicles fueled by natural gas.

Its major customers include:

• Amazon.com, Inc. (Symbol: AMZN) - A strategic partner and significant customer for renewable natural gas fueling its delivery fleet.
• Republic Services, Inc. (Symbol: RSG) - A major waste and recycling service provider, utilizing CLNE's fueling services for its large natural gas vehicle fleet.
• United Parcel Service, Inc. (Symbol: UPS) - A global package delivery company that uses CLNE's fueling infrastructure for its natural gas-powered logistics fleet.

• BP (BP)
• TotalEnergies (TTE)

Andrew J. Littlefair, President and CEO

Andrew J. Littlefair co-founded Clean Energy with T. Boone Pickens in 1997. Before Clean Energy, he was President of Pickens Fuel Corp (PFC), also co-founded with Boone Pickens in 1997, which was a predecessor company to Clean Energy. He served as Vice President of Public Affairs at MESA Inc., a significant independent natural gas producer, where he oversaw the company's natural gas vehicle activities and was a special assistant to Mr. Pickens for a decade. Prior to joining MESA in 1987, Mr. Littlefair worked as Staff Assistant to the President in the Office of Presidential Advance, traveling for President Reagan. He chaired NGVAmerica for eight years from 2003 to 2011 and was recognized as an NGV Champion by the International Association of Natural Gas Vehicles (IANGV) in 2004.

Robert Vreeland, Chief Financial Officer

Robert Vreeland serves as the Chief Financial Officer for Clean Energy Fuels.

Clay Corbus, SVP Strategic Development and Head of Renewable Fuels

Clay Corbus is responsible for developing and executing strategic growth opportunities, financing strategies, and acquisitions, while also leading Clean Energy's Renewable Fuels business. He previously held the position of Co-CEO at WR Hambrecht + Co, the firm that managed Clean Energy's 2007 IPO. Prior to that, he worked with Donaldson, Lufkin & Jenrette starting in 1989.

Chad M. Lindholm, Senior Vice President, Sales

Chad M. Lindholm leads Clean Energy's sales initiatives and is responsible for creating strategic growth opportunities, including the development of stations and fueling programs to support fleets transitioning to renewable natural gas (RNG), compressed natural gas (CNG), and liquified natural gas (LNG). He has been with Clean Energy since 2003, engaging in all market sectors the company serves, including trucking, refuse, transit, and airport.

Gary Foster, Senior Vice President, Corporate Communications

Gary Foster oversees Clean Energy's marketing and communications. Before joining Clean Energy, he was the Senior Vice President for Corporate Communications at The Walt Disney Company for a decade. His career also includes more than 18 years in various industries, federal and state government agencies, and political campaigns, including serving as an Assistant to the President and Deputy Press Secretary for President George H.W. Bush's Administration and as Director of Press Advance for President Ronald Reagan for five years.

The key risks to Clean Energy Fuels (CLNE) are primarily centered around its persistent financial instability, significant exposure to regulatory and policy uncertainties, and the substantial capital requirements for its aggressive growth strategy within a competitive market.

1. Persistent Financial Instability and Lack of Profitability: Clean Energy Fuels has a prolonged history of struggling to achieve profitability, consistently reporting operating and net losses. This ongoing financial challenge raises concerns about the company's ability to maintain operations, manage debt, and fund future growth without potentially needing to raise additional capital through equity or debt offerings. For instance, the company recognized a goodwill impairment loss of $64.3 million in the first quarter of 2025 due to a decline in its common stock market price, indicating underlying financial pressures. The company's working capital has also seen a decline, further exacerbating financial concerns.
2. Regulatory and Policy Uncertainty Affecting Environmental Credit Values: A significant portion of CLNE's revenue and the success of its projects, particularly those related to renewable natural gas (RNG) from livestock waste, depend heavily on environmental credits such as Low Carbon Fuel Standard (LCFS) credits and Renewable Identification Numbers (RINs). The prices of these credits are highly volatile, influenced by market forces, supply and demand dynamics, and mandated carbon intensity targets, leading to unpredictable revenue streams. Furthermore, changes in government regulations, the expiration or modification of subsidies like the Alternative Fuel Tax Credit, and shifts in broader energy policy can significantly impact CLNE's financial performance and strategic investments.
3. High Capital Investment Requirements and Market Competition: Clean Energy Fuels is pursuing an aggressive expansion strategy in RNG production and distribution, which necessitates substantial capital investments in infrastructure and joint ventures. These significant expenditures contribute to increased debt and interest expenses. The broader clean energy sector also faces challenges such as rising costs for materials and components, supply chain disruptions, and difficulties in securing long-term financing. Moreover, CLNE operates in a highly competitive market, competing with both traditional fuel providers and other clean energy companies, which can pressure margins and market share. The nascent demand for natural gas as a transportation fuel also means that CLNE has invested in infrastructure, some of which remains underutilized, leading to idle assets.

The clear emerging threat to Clean Energy Fuels (CLNE) is the rapid advancement and increasing adoption of **electric vehicles (EVs) and hydrogen fuel cell electric vehicles (FCEVs) in commercial fleets**, which directly compete with and aim to replace natural gas vehicles and their associated fueling infrastructure.

CLNE's core business revolves around providing natural gas (CNG, LNG, and Renewable Natural Gas - RNG) fueling solutions for heavy-duty and medium-duty vehicles, such as trucks, buses, and refuse vehicles. The rise of ZEVs (Zero Emission Vehicles) presents a fundamental technological and market shift:

• Direct Competition: EVs and FCEVs serve the same market segment that CLNE targets with natural gas vehicles. As major truck manufacturers (e.g., Volvo, Daimler, PACCAR, Tesla, Nikola) bring electric and hydrogen trucks to market, and as fleet operators (e.g., Amazon, UPS, Waste Management) increasingly transition to ZEVs, the demand for natural gas fueling infrastructure could diminish.
• Technological Displacement: This is analogous to the iPhone displacing BlackBerry. While natural gas offers a cleaner alternative to traditional diesel, electric and hydrogen vehicles represent a zero-emission at tailpipe solution, which is increasingly favored by environmental regulations and corporate sustainability goals. Improvements in battery technology, charging infrastructure, and hydrogen production/delivery are making ZEVs increasingly viable for commercial applications.
• Regulatory Push: Government mandates, such as California's Advanced Clean Fleets rule, are actively pushing for the phase-out of internal combustion engine vehicles (including natural gas) in commercial fleets in favor of ZEVs. This regulatory environment further accelerates the threat.

This shift to ZEVs for commercial fleets represents a clear, evidence-backed emerging threat that could significantly disrupt CLNE's long-term business model by rendering its core product and infrastructure less relevant.

Clean Energy Fuels (CLNE) primarily operates in the renewable natural gas (RNG) market, supplying RNG, compressed natural gas (CNG), and liquefied natural gas (LNG) for transportation, and providing related fueling station services in North America.

Addressable Markets for Clean Energy Fuels' Main Products and Services:

Renewable Natural Gas (RNG)

• Globally, the renewable natural gas market was valued at approximately USD 14.33 billion in 2024 and is projected to reach around USD 31.37 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.15% from 2025 to 2034. Other estimates place the global market at USD 14.74 billion in 2024, growing to USD 28.27 billion by 2031 with a CAGR of 9.8%.
• In North America, the RNG market is a dominant force, accounting for over 38.77% of the global market share with a revenue of USD 5.56 billion in 2024. The North American renewable natural gas market is projected to grow from USD 6.01 billion in 2025 to surpass approximately USD 12.18 billion by 2034, at a CAGR of 8.16% from 2025 to 2034. Another forecast indicates the North American RNG market could surge from USD 1.5 billion in 2022 to USD 4.0 billion by 2030, with a CAGR of 13.04%.

Natural Gas Vehicles (NGV) Fuel (including CNG, LNG, and RNG as vehicle fuel)

• The global automotive natural gas vehicle market size was estimated at USD 34.5 billion in 2024 and is projected to reach USD 40.9 billion by 2030, growing at a CAGR of 2.8% from 2025 to 2030.
• In the U.S., the natural gas vehicle market was valued at USD 5,546.25 million in 2024 and is anticipated to reach USD 9,308.08 million by 2032, with a CAGR of 6.75%. The U.S. CNG vehicles market alone was USD 5.09 billion in 2025 and is expected to reach USD 9.04 billion by 2033, growing at a CAGR of 7.47% during 2026-2033. Consumption of natural gas vehicle fuel in the United States more than doubled from 30 billion cubic feet (Bcf) in 2013 to over 62 Bcf in 2023.
• North America's automotive natural gas vehicle market is expected to experience a CAGR of 5.1% during the forecast period of 2022-2028.

Fueling Station Services (Design, Construction, Operation, and Maintenance)

Market sizes specifically for "fueling station services" are not readily available as a standalone figure but are integrated within the broader NGV and RNG market growth, as the demand for such services directly correlates with the expansion and utilization of natural gas and RNG as transportation fuels. Clean Energy Fuels operates over 600 fueling stations across North America.

Clean Energy Fuels (CLNE) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market dynamics:

1. Expansion of Renewable Natural Gas (RNG) Production: Clean Energy Fuels is actively expanding its RNG production capabilities, particularly through dairy farm projects. The company has eight projects in operation, with two large dairy projects in Texas and Idaho recently beginning initial operations. Additionally, three new dairy RNG projects have broken ground in South Dakota, Florida, and New Mexico, which are expected to produce approximately 3 million gallons of RNG annually once fully operational. Management anticipates a near doubling of RNG production in 2026 and aims for close to 20 million gallons by 2027.
2. Increased Adoption of the Cummins X15N Natural Gas Engine in Heavy-Duty Trucking: The heavy-duty trucking sector is identified as the largest opportunity for Clean Energy Fuels. The company is strategically promoting and investing in the adoption of the Cummins X15N natural gas engine through initiatives like Pioneer Clean Fleet Solutions, a partnership with Cummins and Hexagon Agility, and expanding its Class A demo truck program with the 2026 Freightliner Cascadia Gen 5 day cab.
3. Growth in Fueling Station Network and Diversified Customer Base: Clean Energy Fuels continues to expand its fueling infrastructure and secure new supply agreements across various sectors. Recent agreements include commitments from dairy fleets (United Dairymen of Arizona), recycling fleets (Paper Transport, USA Hauling & Recycling, Ecotech Waste Logistics), public transit agencies (LA Metro, Trinity Metro, City of El Paso), and waste management leader Republic Services. The company is also expanding into high-purity LNG markets, supplying fuels for energy and aerospace applications with new deals for space exploration companies like Astrobotic and Stoke Space.
4. Monetization of 45Z Clean Fuel Production Credits: The 45Z clean fuel production credit is recognized as a significant driver for dairy RNG development. Clean Energy Fuels plans to monetize its 2025 45Z credits once the Treasury Department finalizes its guidance.
5. Gradual Improvement in California Low Carbon Fuel Standard (LCFS) Credit Prices: While LCFS credit prices have faced some challenges, anticipated program changes are expected to tighten the market and foster a gradual price improvement in 2026 and beyond. This improvement is projected to positively impact the profitability of the company's RNG segment.

Share Repurchases

• Clean Energy Fuels' share repurchase program was initiated in March 2020.
• The capacity for repurchases under the program was increased to $50 million in December 2021.
• As of March 27, 2025, approximately $26.5 million of remaining capacity exists, and the company announced the resumption of repurchases.

Inbound Investments

• A strategic partnership with Amazon involves building 19 publicly accessible fueling stations, contributing to higher recurring revenue.
• Clean Energy Fuels has established joint ventures with major energy companies like TotalEnergies and bp to expand its renewable natural gas (RNG) production capabilities.
• A partnership with Tourmaline, Canada's largest independent gas producer, aims to establish a network of RNG fueling stations in Western Canada.

Outbound Investments

• The company invested $242 million in joint ventures equity between fiscal year 2021 and fiscal year 2023.
• Clean Energy Fuels made a $29.6 million investment in October 2024 as part of a partnership with Maas Energy Works, which plans up to a $132 million investment in a joint venture for RNG production facilities.
• The company invested in Pioneer Clean Fleet Solutions to enhance low-carbon leasing and fueling solutions for North American fleets.

Capital Expenditures

• Capital expenditures were $57 million for 2024.
• Projected capital expenditures are $30 million for 2025.
• From fiscal year 2021 to Q3 2024, the company's capital expenditures totaled $257 million, primarily focused on expanding RNG production and distribution, including new RNG sites and infrastructure across North America.