Clean Energy Fuels

What Clean Energy Fuels does

Clean Energy Fuels Corp. (NASDAQ: CLNE), founded in 1997 and headquartered in Newport Beach, California, is the largest provider of natural gas vehicle fuel for transportation in North America, with a strategic focus on Renewable Natural Gas (RNG). The company operates a vertically integrated business spanning upstream ADG RNG production at dairy farms, midstream liquefaction at two owned plants (Boron, CA and Houston, TX), and downstream distribution through a network of 582 fueling stations in 43 U.S. states plus D.C. and 27 stations in Canada — over 600 stations in total. RNG is produced via anaerobic digestion of dairy manure, yielding carbon-negative fuel sold as CNG or LNG to fleet customers in heavy-duty trucking, refuse collection, public transit, airports, and government fleets, including Amazon, UPS, FedEx, Waste Management, Republic Services, Coca-Cola, LA Metro, and NY MTA. Annual RNG production reached 237.4 million GGEs in 2025, powering 65,000+ vehicles across 1,200+ fleet customers.

The company's business model combines usage-based revenue from RNG and conventional natural gas fuel sales with transaction-based revenue from monetizing federal RINs and state LCFS credits. Additional revenue streams include station construction and engineering services (470+ stations built since 2008), operations and maintenance services delivered by 200+ in-house service technicians, and industrial/utility LNG and virtual pipeline delivery through its NG Advantage subsidiary (acquired 2014). Strategic upstream capacity is secured through 50-50 joint ventures with bp (CE bp Renew Co, 2021) and TotalEnergies (DR JV, 2021), plus a Maas Energy Works joint development agreement contemplating up to $132 million of equity capital (2024). Geographic expansion is supported by a CAD $70M Tourmaline Oil JV for Canadian CNG stations (2023) and 2026 contracts for LNG gas-to-power infrastructure in Puerto Rico. Capital structure includes a $150M sustainability-linked loan from Riverstone Credit Partners (2022) and a $300M Stonepeak financing with warrants (2023). The company is led by President and CEO Clay Corbus (effective April 2026, succeeding co-founder Andrew Littlefair after 30 years) and COO Bart Frabotta (effective June 2026), overseeing a workforce of 1,001-5,000 employees. Q1 2026 revenue was $117.6 million with $16.6M adjusted EBITDA, against FY2026 guidance of $420-440 million.

Name

Clean Energy Fuels

Legal name

Clean Energy Fuels Corp.

Website

https://cleanenergyfuels.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Clean Energy Fuels Corp. (NASDAQ: CLNE) is the largest provider of renewable natural gas (RNG) for transportation in North America, producing carbon-negative RNG from dairy manure and distributing it through 600+ fueling stations to 1,200+ fleet customers operating 65,000+ vehicles in trucking, refuse, transit, and logistics.

Ownership category

akta.pro rank

Product category

Renewable Natural Gas Fueling

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924)

akta.pro primary industry

Renewable Natural Gas (RNG) & Biomethane Trading (EUAGAGAI)

akta.pro secondary industries

Biogas/RNG Plant Operations, Maintenance & Asset Management (EUAAAEAI), RNG Liquefaction & Compression (Bio-LNG, Bio-CNG) (EUAAAEAF), RNG Offtake, Marketing & Environmental Attributes (RINs/LCFS/Guarantees of Origin) (EUAAAEAG), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• Renewable natural gas
• RNG vehicle fuel
• Heavy-duty fleet fueling
• CNG LNG stations
• Dairy biogas production

Headquarters

HQ city

Newport Beach

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. RNG and Natural Gas Fuel Sales: Primary revenue from selling Renewable Natural Gas (RNG) and conventional natural gas as vehicle fuel to fleet customers
2. Environmental Credit Monetization: Revenue from monetizing RINs (Renewable Identification Numbers) and LCFS (Low Carbon Fuel Standard) credits generated by RNG production
3. Station Construction and Operation Services: Revenue from building and operating CNG/LNG fueling stations for customers, including O&M services
4. Industrial LNG/CNG Solutions: Industrial natural gas solutions for energy users beyond transportation

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Clean Energy Fuels produces renewable natural gas (RNG) from dairy manure via anaerobic digestion and distributes it through a North American network of more than 600 compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations. The company sells RNG as a drop-in diesel replacement for heavy-duty trucking, refuse, transit, airport, and municipal fleets, and complements fuel sales with station construction, operations and maintenance services, environmental credit (RIN/LCFS) monetization, and the NG Advantage virtual CNG pipeline subsidiary.

Product overview

Clean Energy Fuels Corp. operates as a vertically integrated renewable natural gas (RNG) solutions provider, combining RNG production from dairy manure with a nationwide distribution network of 600+ fueling stations. The core offering includes RNG (delivered as CNG or LNG), supported by station construction and operations/maintenance services, environmental credit monetization (RINs and LCFS credits), and emerging hydrogen fueling capabilities. The company serves trucking, refuse, transit, airport, and municipal fleets through direct station operations, fleet services, and the California Fleet Fund incentive program. The portfolio also includes NG Advantage for virtual CNG pipeline delivery and dairy RNG production facilities developed through joint ventures with bp, TotalEnergies, and Maas Energy Works.

Differentiator

Problem solved

Functional benefit

Brands

• CE bp Renew Co: Joint venture brand with bp for RNG production at dairy farms
• California Fleet Fund
• NG Advantage

Products and services

• Renewable Natural Gas (RNG) Sustainable transportation fuel produced from organic waste (primarily dairy manure) sold as CNG or LNG to medium and heavy-duty fleet operators for diesel replacement at lower emissions.
• Compressed Natural Gas (CNG) RNG or conventional natural gas compressed into gaseous form and dispensed at fueling stations for vehicle fuel applications.
• Liquefied Natural Gas (LNG) RNG or conventional natural gas cooled to approximately -260°F for bulk storage and transport, supplied to fleet customers and for non-vehicle uses including marine, industrial, and power generation.
• Hydrogen Clean hydrogen produced from RNG feedstock, positioned as a pathway to negative carbon-intensity hydrogen; Clean Energy designs, builds, and operates hydrogen fueling stations for transit agencies.
• RNG Station Network Over 600 fueling stations (582 in 43 U.S. states + DC and 27 in Canada) where RNG, CNG, and LNG are dispensed into fleet vehicles, including public-access and private fleet stations.
• RNG Production at Dairies Development and operation of dairy RNG production facilities that capture methane from cow manure using anaerobic digesters; the company has 8 operational dairy RNG facilities plus additional projects through joint ventures.
• Station Construction and Engineering Design and general-contractor construction of public and private vehicle fueling stations; since 2008 the company has built over 470 natural gas fueling stations.
• Operations and Maintenance (O&M) Services Maintenance services for Clean Energy-owned and customer-owned fueling stations, backed by over 200 company-employed service technicians, a 24/7 remote monitoring center, and computerized maintenance management system.
• California Fleet Fund Incentive program offering up to $50,000 per Freightliner or Peterbilt truck equipped with Cummins X15N engines that fuel at Clean Energy's California station network, helping California fleets transition to RNG.
• Fleet Services Comprehensive fleet solutions including RNG supply, turnkey station development, financing assistance, and maintenance support for trucking, refuse, transit, airport, and municipal fleet customers.
• NG Advantage (CNG Virtual Pipelines) Wholly-owned subsidiary providing transport and sale of CNG via virtual natural gas pipelines to industrial and institutional energy users without direct pipeline access, using a fleet of 96 high-capacity trailers.
• Environmental Credits (RINs and LCFS Credits) Sale of federal Renewable Identification Numbers (RINs) under the Renewable Fuel Standard and Low Carbon Fuel Standard (LCFS) credits in California, Oregon, New Mexico, and Washington, generated when RNG is sold as vehicle fuel.

Quantifiable outcome

• Carbon-negative emissions from RNG production using dairy manure
• +2 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered flagship, core and minor.

• bp (BP Products North America)flagshipStrategic or Co-development Partner50-50 joint venture (CE bp Renew Co) with bp to develop, own and operate new ADG RNG production facilities in the U.S. Strategic partnership leveraging bp's energy infrastructure expertise and Clean Energy's RNG operational experience.
• TotalEnergiesflagshipStrategic or Co-development PartnerJoint venture agreement with TotalEnergies for ADG RNG production facility development. Combines TotalEnergies' global energy capabilities with Clean Energy's RNG operational expertise.
• Maas Energy WorkscoreStrategic or Co-development PartnerJoint development agreement for ADG RNG production projects. Maas Energy Works specializes in dairy waste anaerobic digestion projects that feed into Clean Energy's RNG distribution network.
• Tourmaline Oil CorpcoreStrategic or Co-development PartnerJoint development agreement for CNG stations in Canada. Tourmaline is Canada's largest natural gas producer, providing local expertise and gas supply for the Canadian station expansion.
• ChevronminorStrategic or Co-development PartnerPartnership with Chevron referenced in investor materials for potential RNG market collaboration.
• CumminsTechnology or IntegrationPartnership with Cummins for X15N natural gas engine integration in heavy-duty trucks. Clean Energy RNG is certified for use in Cummins' latest engine platforms, ensuring customer access to modern natural gas truck technology.

Scale indicators6 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• New Fortress Energy: Develops and operates LNG infrastructure for transportation, industrial, and power generation customers. Direct overlap with Clean Energy's LNG fueling network and gas-to-power use cases, including the recent Puerto Rico LNG market entry.
• BP (BP Products North America): Global energy major and 50-50 JV partner in CE bp Renew Co for ADG RNG production. BP operates competing RNG/biomethane projects and downstream natural gas marketing capabilities, overlapping directly with Clean Energy Fuels' upstream-to-midstream RNG stack.
• TotalEnergies: Global energy major and 50-50 JV partner (DR JV) for U.S. dairy RNG production. TotalEnergies' biomethane business and global gas marketing footprint overlap with Clean Energy's RNG production and trading activities.
• Trillium (Love's Travel Stops): Operates one of the largest U.S. networks of CNG and LNG fueling stations, directly competing with Clean Energy's 582-station U.S. footprint for fleet fuel supply contracts across heavy-duty trucking and refuse.

Broad incumbents

• Shell: Integrated energy major with a global biomethane/RNG business and significant natural gas trading operations. Shell's scale and downstream reach make it a broad incumbent competitor in RNG offtake and fleet decarbonization solutions.
• Chevron: Integrated energy major referenced in Clean Energy investor materials as a potential RNG collaboration partner. Chevron's natural gas and emerging renewable fuels portfolio competes broadly with Clean Energy's transportation fuel positioning.
• Chart Industries: Manufacturer of cryogenic equipment, LNG liquefaction systems, and RNG upgrading technology. Supplies the hardware backbone that Clean Energy relies on for its two liquefaction plants and biogas conditioning infrastructure.
• Air Products: Global industrial gas and hydrogen major with hydrogen fueling station development for transit and heavy-duty transport. Competes in Clean Energy's emerging hydrogen fueling product line and broader clean fuel infrastructure space.
• Linde: Global industrial gases company with growing RNG/biomethane sourcing and hydrogen fueling capabilities. Adjacent competitor in the industrial gas supply and emerging clean transportation fuel value chain.

Others

• NG Advantage: Wholly-owned subsidiary of Clean Energy Fuels — included here as a structural reference point since virtual CNG pipeline delivery via high-capacity trailers is a unique capability few direct peers replicate at scale, though it operates only inside the Clean Energy portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CE_natgas
• LinkedInlinkedin.com/company/clean-energy-fuels-corp
• Facebookfacebook.com/cleanenergyfuels

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clean Energy Fuels