Clean Energy Fuels Corp (NASDAQ:CLNE) announced that it has completed 14 station construction projects for refuse customers in the first six months of the year and expects to complete another 22 by the end of 2015, which will enable new or expanding refuse fleets to fuel with clean, less-expensive natural gas. These stations support the country’s largest waste companies such as Waste Management, Republic Services and Progressive Waste Solutions, as well as regional companies like Knight Waste and municipalities like the City of Medicine Hat in Alberta, Canada.
Clean Energy’s refuse business continues to steadily expand, providing a significant portion of the company’s revenues now through three sources. In addition to revenue received from the construction of new stations and expansion of existing stations and the recurring revenues from fuel sales and operating and maintaining stations for long-term refuse customers, more and more companies are now taking advantage of Clean Energy’s Facility Modification Services unit. Clean Energy has been contracted by Waste Management, Republic Services and others to upgrade vehicle maintenance facilities to comply with all local and national code requirements for a number of refuse customers.
“Despite being the first market to fully adopt natural gas years ago, the refuse industry continues to provide Clean Energy with very healthy growth,” said Andrew J. Littlefair, president and CEO of Clean Energy. “The second half of each year typically provides the most robust activity in station construction for our refuse customers as this is when their new trucks arrive and we believe 2015 will be no exception.”
Over 60% of the new refuse trucks sold in the United States today are powered by natural gas with some companies reaching 90%. Clean Energy has relationships with over 125 individual waste companies and municipality waste divisions in North America, and over 9,400 refuse trucks fuel at a Clean Energy built or maintained station daily.
“It has become almost a requirement for refuse companies to convert at least part of their fleets to natural gas in order to stay economically and environmentally competitive,” said Raymond Burke, vice president of Clean Energy for business development (solid waste). “Clean Energy works with each of our customers to assess their individual needs to make the transition or expansion to natural gas seamless so that they can begin to enjoy the benefits of natural gas fueling without a hiccup.” (Original Source)
Shares of Clean Energy Fuels closed yesterday at $5.56. CLNE has a 1-year high of $10.94 and a 1-year low of $3.99. The stock’s 50-day moving average is $7.04 and its 200-day moving average is $6.17.
Clean Energy Fuels Corp is engaged in selling natural gas fueling solutions to its customers in the United States and Canada. It also designs, builds, finances, and operates natural gas filling stations for vehicle fleets.