Clean Energy Fuels Corp (NASDAQ:CLNE) announced that it has been awarded a multi-year contract for Washington Metropolitan Area Transit Authority (WMATA), which provides transit services to more than 4 million people across the National Capital Region. The contract covers two transit stations that supply over 580 compressed natural gas (CNG) transit vehicles and represents approximately 6 million Gasoline Gallon Equivalents (GGEs) per year.
Clean Energy also welcomes the passage of two major climate change bills in California last week. Senate Bill 32 and Assembly Bill 197, which will require the state to cut greenhouse gas levels to 40 percent below their 1990 levels by 2030, are both expected to be signed into law by GovernorJerry Brown.
“The passage of these two bills are a testament to the commitment shown by the State of California to sustain its efforts to reduce greenhouse gas emissions,” said Andrew J. Littlefair, president and CEO of Clean Energy. “The use of natural gas transportation fuel by medium and large-size vehicle fleets can play a significant role in helping to achieve the goals laid out in these bills.”
Clean Energy has also signed additional agreements throughout the United States representing a growing portfolio of natural gas fueling.
- Akron Metro Regional Transportation Authority held a ribbon cutting ceremony to celebrate the public expansion of their CNG fueling station inAkron, Ohio. The private station, which is operated and maintained by Clean Energy to fuel Akron’s 60 full-sized CNG Transit buses, and 31 paratransit buses, will now offer CNG 24/7 to the public. Clean Energy will handle the retail, operations and maintenance of the public facility as well.
- Foothill Transit, the largest municipal operator in Los Angeles County, has awarded Clean Energy a $1.4 million contract to upgrade one of two Clean Energy natural gas fueling stations, which support 361 CNG Transit vehicles. The stations, currently under a maintenance contract with Clean Energy until 2024, dispense approximately 6 million GGEs per year.
- Clean Energy is completing an expansion of BC Transit’s Nanaimo Transit Center in Nanaimo, British Columbia, Canada. The station, originally built by Clean Energy in 2013, can now accommodate 50 CNG transit buses and is part of BC Transit’s long term plan to expand the use of CNG buses at many of their transit facilities.
- The Metropolitan Nashville Airport Authority has contracted with Clean Energy to design & build a new CNG station at the Nashville airport. Clean Energy was also awarded a 7-year operation and maintenance agreement for the station, which is expected to initially fuel 28 natural gas shuttle buses and other airport vehicles with an anticipated 350,000 GGEs per year.
- The Los Angeles World Airport’s Board of Directors has approved Clean Energy’s bid to supply CNG fuel for LAX’s offsite parking buses and service vehicle fleet. Clean Energy has three CNG fueling stations at the airport and expects to provide approximately 800,000 GGEs per year for the airport’s fleet.
- USA Hauling and Recycling, one of the largest private solid waste and recycling companies in the country, has contracted with Clean Energy to design, build, operate & maintain a third natural gas station in Connecticut. The new station, located in East Windsor, will initially serve 40 natural gas refuse trucks via time-fill dispensers, representing an anticipated 600,000 GGEs per year.
- Waste Connections, the third largest refuse hauler in the United States, signed a contract for Clean Energy’s Redeem™ for its San Jose, California location. The station is expected to use approximately 660,000 GGEs of Redeem annually.
- Burrtec Waste Industries, the largest private solid-waste company in California, has signed a contract to begin using Redeem™ at its Fontanastation. Burrtec will also use Redeem at their Santa Clarita station, which is currently being built by Clean Energy. The two stations combined are anticipated to account for approximately 800,000 GGEs per year.
- Clean Energy has completed construction of a time-fill CNG station in Edmonton, Alberta, Canada for GFL (Green for Life) Environmental Inc., one of Canada’s largest liquid and solid refuse companies.
- Mark W. Clemons Trucking, a USPS carrier, has named Clean Energy its preferred provider for fueling services in Arizona and California. Clemons currently has a CNG fleet of 8 Heavy-Duty Trucks and 3 Class 7 box trucks, and is expected to consume approximately 120,000 GGEs per year.
In addition to these projects, Clean Energy Fuels secured $1.2 million in grant funding for 7 Clean Energy customers in the refuse, transit and trucking industries. The grants, awarded by four different states, provide funding for a total of 53 natural gas vehicles, including refuse vehicles for South San Francisco Scavenger, shuttle vehicles for Wally Park at the Denver International Airport, and CNG heavy-duty trucks for Testa Produce inIllinois.
Natural gas fuel costs less than gasoline or diesel, depending on local market conditions. The use of natural gas fuel also reduces greenhouse gas emissions up to 21 percent and up to 90 percent with the use of renewable natural gas. In addition, nearly all natural gas consumed in North America is produced in North America. (Original Source)
Shares of Clean Energy Fuels closed yesterday at $4.37, down $-0.24 or -5.21%. CLNE has a 1-year high of $6.44 and a 1-year low of $2.15. The stock’s 50-day moving average is $3.52 and its 200-day moving average is $3.21.
Clean Energy Fuels Corp. provides natural gas as an alternative fuel for vehicle fleets in the U. S. and Canada, based on the number of stations operated and the amount of gasoline gallon equivalents of compressed natural gas, or CNG, and liquefied natural gas, or LNG, delivered. It also design, build, operate, service, repair and maintain fueling stations, manufacture, sell and service non-lubricated natural gas fueling compressors and other equipment used in CNG stations and LNG stations, offer assessment, design and modification solutions to provide operators with code-compliant service and maintenance facilities for natural gas vehicle fleets, transport and sell CNG to large industrial and institutional energy users who do not have direct access to natural gas pipelines, process and sell RNG, sell tradable credits.