Pilot Flying J or Love's for natural gas trucks.

Tesla's Supercharger network, but for natural gas vehicles.

• Renewable Natural Gas (RNG) Fuel: Sells and distributes biomethane derived from organic waste, offering a sustainable alternative to traditional fossil fuels for vehicles.
• Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) Fuel: Provides conventional natural gas fuels for commercial fleets across North America.
• Fueling Station Infrastructure: Designs, builds, operates, and maintains a network of natural gas fueling stations for commercial and public use.
• Maintenance and Support Services: Offers maintenance services for natural gas vehicles and fueling station equipment, along with technical support for fleets.

Clean Energy Fuels (CLNE) sells primarily to other companies that operate vehicle fleets, providing them with natural gas fuel and fueling infrastructure.

While the company serves a diversified customer base and does not typically have single customers that account for a significant majority of its revenue, its major customers broadly fall into several categories of businesses operating large vehicle fleets. Prominent examples of publicly traded customer companies that frequently utilize natural gas fleets and Clean Energy Fuels' services include:

• Waste Management (NYSE: WM)
• Republic Services (NYSE: RSG)

Beyond these specific companies, Clean Energy Fuels' customer base primarily consists of companies and organizations in the following fleet sectors, which collectively represent its major customer categories:

• Refuse Fleets: Waste management and recycling companies (such as those listed above) that operate extensive fleets of refuse trucks.
• Transit Agencies: Public and private transit operators, including municipal bus systems, airport shuttle services, and paratransit providers.
• Trucking and Freight Companies: Regional and long-haul trucking companies, port drayage operators, and other logistics and delivery service providers.

• BP (Symbol: BP)

Andrew J. Littlefair, President and CEO
Andrew J. Littlefair co-founded Clean Energy with T. Boone Pickens in 1997 and has served as its President and CEO since June 2001. Prior to co-founding Clean Energy, Mr. Littlefair was the President of Pickens Fuel Corp (PFC), a predecessor company. He also served as Vice President of Public Affairs at MESA Inc., a major independent natural gas producer, where he oversaw the company's natural gas vehicle activities and was a special assistant to Mr. Pickens. Before joining MESA in 1987, Mr. Littlefair was a Staff Assistant to President Ronald Reagan in the Office of Presidential Advance. He also served as Chairman of NGVAmerica for eight years from 2003 to 2011.

Robert Vreeland, Chief Financial Officer
Robert Vreeland was appointed Chief Financial Officer of Clean Energy Fuels in October 2014. He previously served as the company's Vice President of Finance and Accounting from 2012 to 2014. Before joining Clean Energy, Mr. Vreeland worked as a consultant at RV CPA Services, PLLC. From 1997 to 2009, he held various finance and accounting leadership roles, including Interim CFO, at Hypercom, a global manufacturer of electronic payment equipment. Earlier in his career, he spent twelve years at the accounting firm Coopers & Lybrand.

Clay Corbus, SVP Strategic Development and Head of Renewable Fuels
Clay Corbus serves as Senior Vice President of Strategic Development and Head of Renewable Fuels at Clean Energy, where he focuses on developing strategic growth opportunities, financing strategies, acquisitions, and leading the renewable fuels business. He was previously the Co-CEO of WR Hambrecht + Co, the firm responsible for managing Clean Energy's 2007 IPO. Prior to that, he worked at Donaldson, Lufkin & Jenrette starting in 1989. Mr. Corbus currently serves as a Director of Overstock.com and a Trustee of the College of the Atlantic.

Gary Foster, Senior Vice President, Corporate Communications
Gary Foster is the Senior Vice President of Corporate Communications at Clean Energy, overseeing the company's marketing and communications. He joined Clean Energy after a decade at The Walt Disney Company, where he held the position of Senior Vice President for Corporate Communications. Earlier in his career, Mr. Foster served as an Assistant to the President and Deputy Press Secretary in President George H.W. Bush's Administration. He has over 18 years of experience across various industries, federal and state government agencies, and political campaigns.

Jim Sytsma, Vice President, General Counsel and Corporate Secretary
Jim Sytsma holds the position of Vice President, General Counsel and Corporate Secretary at Clean Energy Fuels.

The most significant clear emerging threat to Clean Energy Fuels (CLNE) is the accelerating adoption and technological advancements in electric vehicles (EVs) and hydrogen fuel cell electric vehicles (FCEVs) for heavy-duty transportation. CLNE's core business relies on providing natural gas (including renewable natural gas - RNG) as fuel for commercial fleets, refuse trucks, transit buses, and port vehicles.

The rise of EVs and FCEVs presents a direct competitive alternative that offers zero tailpipe emissions and potentially lower total cost of ownership over time due to reduced fuel and maintenance costs. Major automotive and truck manufacturers are heavily investing in and deploying electric and hydrogen models across various heavy-duty segments. Governments are also implementing incentives and regulations that favor zero-emission vehicles, accelerating their market penetration. This trend threatens to displace natural gas as a preferred alternative fuel for fleets, similar to how digital streaming disrupted physical media rentals.

Clean Energy Fuels (CLNE) operates primarily in North America, focusing on providing renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) as alternative fuels for medium and heavy-duty vehicles, along with related fueling solutions and infrastructure services.

The addressable markets for Clean Energy Fuels' main products and services in North America are as follows:

• Renewable Natural Gas (RNG) Market (North America): The North America renewable natural gas market was valued at approximately USD 2.19 billion in 2024 and is projected to reach USD 6.01 billion in 2025. Another estimate places the North American RNG market at approximately USD 2.94 billion in 2024. A significant portion of this market, around 30% or about USD 2.20 billion in 2024, is attributed to vehicle fuel applications.
• Automotive Natural Gas Vehicle (NGV) Market (North America): This market encompasses vehicles fueled by CNG, LNG, and RNG. The North America Automotive Natural Gas Vehicle Market is projected to be approximately USD 13.52 billion in 2024. Specifically, the U.S. Natural Gas Vehicle Market size was valued at approximately USD 5.55 billion in 2024 and is anticipated to reach USD 9.31 billion by 2032, growing at a CAGR of 6.75%.

While Clean Energy Fuels also provides services such as designing, building, operating, and maintaining vehicle fueling stations, as well as selling and servicing related equipment, specific addressable market sizes for these services as standalone markets were not readily available. These services are typically integrated within the broader natural gas vehicle and renewable natural gas markets.

Clean Energy Fuels (CLNE) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion of Renewable Natural Gas (RNG) Production and Supply: Clean Energy Fuels is significantly expanding its renewable natural gas (RNG) production capabilities. The company has initiated operations at its two largest dairy RNG projects in Texas and Idaho, bringing the total number of operational projects to eight. Management anticipates a near doubling of RNG production in 2026 as new dairy projects come online, with a target to produce close to 20 million gallons by 2027. Strategic partnerships, such as those with BP and Maas Energy Works, are also contributing to the expansion of RNG supply.

2. Growth in Downstream Fueling Business and Heavy-Duty Trucking Adoption: The company's downstream fueling business continues to see steady contributions from its transit and refuse segments, supported by long-standing customer relationships. Clean Energy Fuels is actively focusing on increasing market penetration in the heavy-duty trucking sector, with its CEO emphasizing RNG as a "commonsense solution" with significant growth potential in this market segment. New contracts for RNG supply have been secured across various industries, including dairy and heavy-duty hauling, waste management, and shuttle and logistics. Furthermore, a partnership with Cummins is promoting the adoption of the X15N natural gas engine in heavy-duty trucks, which is compatible with RNG.

3. Leveraging Government Incentives and Favorable Policies: Clean Energy Fuels anticipates positive impacts on its financial trajectory from government policies and incentives. Specifically, the company expects benefits from the 45Z Clean Fuel Production Credit and is optimistic about potential improvements in Low Carbon Fuel Standard (LCFS) credit prices by 2026. The company is also leveraging tax credits from the Inflation Reduction Act (IRA), such as Section 45Q for carbon capture and sequestration, which are particularly beneficial for its dairy RNG initiatives.

4. Diversification and Expansion into New Market Segments and Solutions: Beyond its core RNG fueling business, Clean Energy Fuels is diversifying its offerings. The company has secured contracts to design, build, and maintain hydrogen fueling stations, indicating an expansion into new clean fuel infrastructure. The launch of "Pioneer Clean Fleet Solutions" represents another strategic initiative aimed at enhancing its market position and driving future growth. Additionally, Clean Energy Fuels has reported significant growth in its bulk Liquefied Natural Gas (LNG) customer base, securing contracts with emerging space and energy companies, further broadening its revenue streams.

Share Repurchases

• Clean Energy Fuels initiated a share repurchase program in March 2020.
• The capacity for repurchases under this program was increased to $50 million in December 2021.
• As of March 31, 2025, approximately $26.1 million of capacity remained for repurchases under the program.

Share Issuance

• The number of Clean Energy Fuels' shares outstanding has shown a slight decrease of -0.69% in one year, indicating repurchases rather than significant new issuances.
• As of February 14, 2025, there were 223,605,152 shares of common stock issued and outstanding.

Outbound Investments

• Clean Energy Fuels has been focused on developing, owning, and operating dairy and other livestock waste Renewable Natural Gas (RNG) projects.
• The company has also invested in RNG supply joint ventures, including a project with TotalEnergies S.E.
• Clean Energy and Tourmaline are expected to construct and commission up to 20 CNG fueling stations through a 50-50 shared investment over the next five years.

Capital Expenditures

• Clean Energy Fuels requires cash to fund capital expenditures for the design and construction of new fueling stations, additions or modifications to existing stations, and RNG production facilities.
• The company's ongoing investments are focused on expanding its renewable natural gas (RNG) operations and launching new RNG facilities.
• Clean Energy Fuels also plans significant investments in renewable natural gas projects.