Clean Energy Fuels Corp Dossier
Qualitative Analysis
Business overview
Clean Energy Fuels Corp. (NASDAQ: CLNE) is the leading provider of clean alternative fuels for the transportation market in North America. The company specializes in the production, distribution, and dispensing of Renewable Natural Gas (RNG), Compressed Natural Gas (CNG), and Liquefied Natural Gas (LNG). Operating an extensive network of over 600 fueling stations across 43 U.S. states and Canada, Clean Energy serves more than 1,200 fleets, including heavy-duty trucking, refuse, and public transit sectors. The company's vertically integrated model spans from upstream dairy farm anaerobic digester projects—developed independently and through joint ventures with TotalEnergies and BP—to downstream retail dispensing. Clean Energy also generates and sells environmental credits, such as federal Renewable Identification Numbers (RINs) and California Low Carbon Fuel Standard (LCFS) credits.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Developing and operating anaerobic digester gas (ADG) RNG production facilities at dairy farms to capture methane and process it into ultra-low carbon vehicle fuel.
Expected impact: Increases negative carbon-intensity fuel supply, driving higher environmental credit generation (RINs and LCFS) and improving long-term margins.
Expanding the company's network of over 600 fueling stations across the U.S. and Canada, including converting existing CNG customers to RNG.
Expected impact: Strengthens retail fuel sales and secures long-term fleet fueling contracts with transit, refuse, and trucking operators.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Finances and develops dairy RNG production projects, including the recently completed East Valley Cattle facility in Idaho.
Terms: Monetized $29.5 million in investment tax credits (ITCs) in August 2025 from four joint venture dairy projects.
Develops biomethane production units in the U.S., such as the Del Rio Dairy project in Texas, which recently received a highly favorable CARB pathway approval.
Terms: TotalEnergies held a 19.42% equity interest in Clean Energy Fuels Corp. as of December 31, 2025.
Focuses on developing covered lagoon anaerobic digester dairy RNG projects.
Terms: Clean Energy contributed $12 million to the JV in Q1 2026 and an additional $12 million in April 2026 to support three projects under construction.
Accelerates development and field testing of proprietary plasma technology to reduce natural gas infrastructure emissions and produce clean hydrogen.
Terms: Closed a $10 million strategic investment in February 2024; Rimere is held as an equity method investee.