Clean Energy Fuels Corp.
Clean Energy Fuels Corp. supplies renewable natural gas (RNG) and conventional natural gas as transportation fuel, mainly through compressed natural gas (CNG) and liquefied natural gas (LNG). The company also develops and operates RNG projects and monetizes environmental credits tied to fuel dispensed into vehicle tanks, with a focus on heavy-duty commercial fleets in the U.S. and Canada.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSales of RNG, CNG and LNG used to power commercial vehicles and other fuel users.
RINs, LCFS credits, tax credits and related fuel-linked monetization tied to RNG usage.
Design and construction of fueling stations and related infrastructure for customers.
Operating and maintaining natural gas fueling stations owned by customers.
Products
Reported · share of revenue- Volume Related Fuel Sales67.5 %
- Volume Related Operations and Maintenance Service Revenue13.3 %
- Station Construction Sales8.0 %
- Volume Related Renewable Identification Number Credits7.6 %
- Volume Related Low Carbon Fuel Standard Credits3.1 %
- Other Service Revenue Source0.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The core customers are heavy-duty trucking fleets, along with other centralized-fueling operators such as refuse, airports and public transit. The company also serves marine cargo, industrial and other bulk natural gas users, with demand driven by fuel cost, emissions reduction goals and the ability to refuel at dedicated stations.
Buy RNG and natural gas fuel for Class 8 and other commercial trucks to reduce emissions and fuel costs.
Buy fuel for centralized fleet operations where depot refueling and emissions compliance matter.
Buy LNG/CNG in bulk for non-road applications where natural gas supply economics are attractive.
Buy O&M services and station support to keep fueling assets operating reliably.
Strategy
The company is focused on expanding RNG use in transportation, especially in heavy-duty trucking and other centralized fleet markets where fuel consumption is high and emissions pressure is rising. It is also investing in its own RNG production projects and station network to secure supply, deepen customer relationships and capture more of the value chain.
Higher dispensing volumes drive fuel sales and environmental-credit generation.
Owning production can improve supply security and margin capture.
More stations increase access to fleets and support national scale.
Geography
Q1/2026The business is concentrated in the United States, especially California, where the company has over 200 fueling stations and a large share of its RNG vehicle-fuel footprint. It also operates in Canada, but the company’s economics are heavily tied to U.S. transportation-fuel regulation, fleet adoption and environmental-credit markets.
Share of the revenue the company reports by geography.
Risks
Demand depends on fleets adopting RNG and natural gas vehicles, and management notes that growth has been slow and uneven in several end markets. The business is also exposed to fuel-price spreads, environmental-credit pricing, regulatory changes and competition from diesel and other alternative fuels, while project economics can shift quickly with customer and supply conditions.
- Slow adoption of RNG and natural gas vehiclesImpact: HighLikelihood: High
The company needs fleets to convert to its fuels for volume growth.
Exposure - Commodity and environmental-credit price volatilityImpact: HighLikelihood: High
Fuel margins and credit monetization depend on diesel, gas and credit spreads.
Exposure - Regulatory and incentive changesImpact: HighLikelihood: High
Tax credits and low-carbon programs materially affect customer economics.
Exposure - Competition from diesel and other alternative fuelsImpact: MediumLikelihood: High
Customers can switch to renewable diesel, electric, hydrogen or other options.
Exposure: Vehicle fuel market
- Goodwill and long-lived asset impairmentImpact: MediumLikelihood: High
Lower share price or weaker outlook can trigger impairment charges.
Exposure: Single reporting unit goodwill
Accounting
Judgemental itemsFuel sales, credits, construction and O&M services are recognized differently and affect comparability.
Impact: Mix shifts can change reported revenue and gross margin.
Commodity swaps and customer fueling contracts are marked to fair value and can create revenue volatility.
Impact: Can add gains or losses unrelated to current fuel volumes.
RINs, LCFS credits and tax credits are important revenue drivers but depend on program rules and pricing.
Impact: Changes in credit availability can materially affect results.
Management performed an interim test after a sustained decline in share price.
Impact: Could lead to non-cash impairment charges.
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Last updated: 24/09/2026