# Clean Energy Fuels Corp.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Clean Energy Fuels Corp.).

## Overview

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.

## Products & services

• Renewable natural gas (RNG) vehicle fuel
• Compressed natural gas (CNG) fuel sales
• Liquefied natural gas (LNG) fuel sales
• RNG project development and operation
• Fueling station operations and maintenance (O&M)
• Station construction and customer fueling solutions

- **Vehicle fuel sales** (86%) — Sales of RNG, CNG and LNG used to power commercial vehicles and other fuel users.
- **Environmental credits and fuel incentives** (8%) — RINs, LCFS credits, tax credits and related fuel-linked monetization tied to RNG usage.
- **Station construction** (4%) — Design and construction of fueling stations and related infrastructure for customers.
- **Operations and maintenance services** (2%) — Operating and maintaining natural gas fueling stations owned by customers.

- Renewable natural gas (RNG) sold as vehicle fuel
- Compressed natural gas (CNG) fuel for fleets
- Liquefied natural gas (LNG) fuel for fleets and bulk users
- RNG project development, ownership and operation
- Fueling station O&M services for customer-owned sites
- Station construction and related fueling infrastructure

## 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.

- **Heavy-duty trucking fleets** (primary) — Buy RNG and natural gas fuel for Class 8 and other commercial trucks to reduce emissions and fuel costs.
- **Refuse, airports and public transit** (primary) — Buy fuel for centralized fleet operations where depot refueling and emissions compliance matter.
- **Industrial and marine users** (secondary) — Buy LNG/CNG in bulk for non-road applications where natural gas supply economics are attractive.
- **Customer-owned station operators** (secondary) — Buy O&M services and station support to keep fueling assets operating reliably.

- Heavy-duty trucking fleets seeking lower-emission diesel replacement
- Refuse fleets with centralized routes and predictable refueling needs
- Airports and public transit operators with depot fueling infrastructure
- Marine cargo ships and industrial users needing bulk LNG/CNG supply
- Customers pursuing sustainability targets and access to credits/incentives

## Geography

The 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.

- U.S. is the core market for RNG and natural gas vehicle fuel sales
- California is a key state because of LCFS economics and station density
- Stations are spread across 43 U.S. states and Washington, D.C.
- Canada is a smaller but strategic market with 27 fueling stations
- Geography matters because credits, regulations and fleet density vary by region

## 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.

- **Expand RNG fueling volumes in fleet markets** (short-term) — Higher dispensing volumes drive fuel sales and environmental-credit generation.
- **Develop owned RNG production projects** (medium-term) — Owning production can improve supply security and margin capture.
- **Expand and optimize fueling infrastructure** (medium-term) — More stations increase access to fleets and support national scale.

- Grow RNG adoption in heavy-duty trucking and other fleet markets
- Expand station network coverage to support fuel dispensing and credits
- Develop owned RNG production assets to improve supply control
- Use environmental credits and incentives to improve customer economics
- Support customer transition with financing, engineering and station buildout

## 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 vehicles** [high] — The company needs fleets to convert to its fuels for volume growth.
- **Commodity and environmental-credit price volatility** [high] — Fuel margins and credit monetization depend on diesel, gas and credit spreads.
- **Regulatory and incentive changes** [high] — Tax credits and low-carbon programs materially affect customer economics.
- **Competition from diesel and other alternative fuels** [medium] — Customers can switch to renewable diesel, electric, hydrogen or other options.
- **Goodwill and long-lived asset impairment** [medium] — Lower share price or weaker outlook can trigger impairment charges.

- Fleet adoption may stay slower than expected in trucking and transit
- Diesel and alternative fuels can pressure demand and pricing
- Environmental-credit prices and tax incentives can change materially
- RNG supply and project economics depend on fragmented third-party sources
- Goodwill and asset values can be pressured by share-price declines

## Accounting

Revenue is affected by fuel sales, environmental credits, station construction and O&M services, so mix changes can move reported margins materially. The company also uses derivative instruments tied to diesel-to-natural gas spreads and customer fueling contracts, and it has disclosed goodwill impairment testing after a sustained share-price decline, making estimates and fair-value judgments important for investors.

- **Revenue recognition by stream** — Mix shifts can change reported revenue and gross margin.
- **Derivative accounting** — Can add gains or losses unrelated to current fuel volumes.
- **Environmental credit accounting** — Changes in credit availability can materially affect results.
- **Goodwill impairment** — Could lead to non-cash impairment charges.

- Fuel, credit, construction and service revenue have different timing and margins
- Derivative fair-value changes can flow through revenue and earnings
- AFTC expiration reduced credit-related revenue after December 2024
- Goodwill impairment testing is sensitive to share price and forecast assumptions
- Station construction and RNG project costs create capitalized asset risk

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*Last updated: 2026-04-28T19:58:05.652089+00:00*