Clean Energy Fuels Corp
XMUN:WIQ
Clean Energy Fuels Corp
Clean Energy Fuels Corp. engages in the provision of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The company is headquartered in Newport Beach, California and currently employs 482 full-time employees. The company went IPO on 2007-05-25. The firm is focused on the procurement and distribution of renewable natural gas (RNG) and conventional natural gas, in the form of compressed natural gas (CNG) and liquefied natural gas (LNG), for the United States and Canadian transportation markets. The company is focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG to its customers in the heavy and medium -duty commercial transportation sector. The company also designs and builds as well as operate and maintain, public and private vehicle fleet customer stations in the United States and Canada; sell and service compressors and other equipment used in RNG production and at fueling stations; sell U.S. federal, state and local government credits (Environmental Credits) it generates by selling RNG as a vehicle fuel; and obtain federal, state and local tax credits, grants and incentives.
Clean Energy Fuels Corp. engages in the provision of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The company is headquartered in Newport Beach, California and currently employs 482 full-time employees. The company went IPO on 2007-05-25. The firm is focused on the procurement and distribution of renewable natural gas (RNG) and conventional natural gas, in the form of compressed natural gas (CNG) and liquefied natural gas (LNG), for the United States and Canadian transportation markets. The company is focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG to its customers in the heavy and medium -duty commercial transportation sector. The company also designs and builds as well as operate and maintain, public and private vehicle fleet customer stations in the United States and Canada; sell and service compressors and other equipment used in RNG production and at fueling stations; sell U.S. federal, state and local government credits (Environmental Credits) it generates by selling RNG as a vehicle fuel; and obtain federal, state and local tax credits, grants and incentives.
Strong 2025 Finish: Clean Energy Fuels exceeded the high end of its 2025 adjusted EBITDA guidance, reporting $67.6 million despite the expiration of the alternative fuel tax credit.
Debt Reduction: The company repaid $65 million of debt in Q4, lowering future interest expenses and ending 2025 with $156.1 million in cash and investments.
Upstream Growth: Two of the largest RNG dairy projects in the country came online, bringing Clean Energy's total operating projects to 8 and setting up for increased production in 2026.
2026 Guidance: Management guided to $70–75 million adjusted EBITDA, $420–440 million in revenue, and 250 million gallons of RNG delivered, with expectations of improved RNG upstream business and lower SG&A expenses.
Policy Environment: The company expressed optimism about federal and California clean fuel credit programs, and expects the regulatory backdrop to remain supportive.
RNG Demand: Downstream fuel distribution volumes grew, with major contract renewals and new customer wins, though some margin pressure is expected due to competition and contract terms.
