Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
If a quarter like this doesn't give the price a little momentum, I don't know what will.
567M book value ($3.78) tons of cash to pay off debt and ebitda positive. This company is not in risk of going out any more and we still see a $350M micro/small cap valuation!!
Things look good to me. I'll continue to hold and look forward to the price moving up towards book value. The margins are still .29c and the pipeline is robust! New interest in Canada?? Where did that come from?
Clean Energy Reports 85.1 Million Gallons Delivered and Revenue of $89.5 Million for First Quarter of 2017
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced operating results for the first quarter ended March 31, 2017.
The Company delivered 85.1 million gallons in the first quarter of 2017, a 9.8% increase from 77.5 million gallons delivered in the first quarter of 2016.
Revenue for the first quarter of 2017 was $89.5 million, a 6.6% decrease from $95.8 million of revenue for the first quarter of 2016. This decrease was primarily due to the expiration of excise tax credits for alternative fuels ("VETC") as of December 31, 2016, resulting in a $6.4 million decrease in revenue for in the first quarter of 2017 compared to the same period in 2016. Station construction revenue decreased between periods as a result of product mix favoring project upgrades for existing customers in the first quarter of 2017 compared to more standalone station builds in the same period in 2016. Compressor sales declined in the first quarter of 2017 compared to the same period in 2016 due to continued low global demand. Revenue from gallons delivered ("volume-related revenue") increased in the first quarter of 2017 compared to the same period in 2016 due to volume growth.
Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated: "The first quarter of the year was very significant. Not only did we grow volumes and strengthen our balance sheet with additional debt reductions, but the deal with BP to buy our RNG production assets and put in place a long-term supply agreement, positions us very well to continue to grow our Redeem business. The demand for Redeem renewable natural gas has grown from a niche product in California to a national offering that customers want because it's a great way to achieve sustainability goals at an affordable cost."
On a GAAP basis, net income for the first quarter of 2017 was $61.1 million, or $0.40 per share, compared to net income of $2.8 million, or $0.03 per share, for the first quarter of 2016. The first quarter of 2017 included gains of $3.2 million and $70.6 million, respectively, from the Company's repurchase of a portion of its outstanding debt at a discount to the face amount and the sale of certain assets related to the upstream production portion of the Company's RNG business to BP (the "Asset Sale"). The first quarter of 2016 included VETC revenue of $6.4 million and a gain of $15.9 million from the debt repurchase at a discount to the face amount.
Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2017 was $0.41 per share and $80.7 million, respectively, which included gains from the debt repurchases at a discount to the face amount and the Asset Sale. Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2016 was $0.05 per share and $29.7 million, respectively, which included VETC revenue and gains from the debt reduction. Non-GAAP income per share and Adjusted EBITDA are described below and reconciled to GAAP net income and income per share attributable to Clean Energy Fuels Corp.
Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial statements, which statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses non-GAAP financial measures that it calls non-GAAP income per share ("non-GAAP EPS" or "non-GAAP income per share") and adjusted EBITDA ("Adjusted EBITDA"). Management has presented non-GAAP EPS and Adjusted EBITDA because it believes that these measures provide meaningful supplemental information regarding the Company's performance for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management, as management uses these measures to assess the Company's operating performance, for financial and operational decision-making; (2) they exclude the impact of items that are not directly attributable to the Company's core operating performance and that may obscure trends in the core operating performance of the business; and (3) they are used by institutional investors and the analyst community to help analyze the results of Clean Energy's business. In future quarters, the Company may make adjustments for other expenditures, charges or gains in order to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income or income per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of non-GAAP EPS and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP EPS
Non-GAAP EPS is defined as net income attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, the total of which is divided by the Company's weighted-average shares outstanding on a diluted basis. The Company's management believes that excluding non-cash expenses related to stock-based compensation provides useful information to investors because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management's control), the subjectivity of the assumptions and the variety of award types that a company can use under the relevant accounting guidance, which may obscure trends in a company's core operating performance.
The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net income attributable to Clean Energy Fuels Corp. to an adjusted net income figure used in the calculation of non-GAAP EPS:
Three Months Ended
March 31,
(in 000s, except share and per-share amounts) 2016 2017
Net Income Attributable to Clean Energy Fuels Corp. $ 2,828 $ 61,059
Stock-Based Compensation, Net of $0 Tax 2,419 1,910
Adjusted Net Income $ 5,247 $ 62,969
Diluted Weighted-Average Common Shares Outstanding 99,821,844 152,972,153
GAAP Income Per Share $ 0.03 $ 0.40
Non-GAAP Income Per Share $ 0.05 $ 0.41
Adjusted EBITDA
Adjusted EBITDA is defined as net income attributable to Clean Energy Fuels Corp., plus or minus income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, and plus stock-based compensation expense. The Company's management believes that Adjusted EBITDA provides useful information to investors for the same reasons discussed above for non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income attributable to Clean Energy Fuels Corp.:
Three Months Ended
March 31,
(in 000s) 2016 2017
Net Income Attributable to Clean Energy Fuels Corp. $ 2,828 $ 61,059
Income Tax Expense (Benefit) 381 (2,263 )
Interest Expense 9,301 4,911
Interest Income (141 ) (192 )
Depreciation and Amortization 14,961 15,317
Stock-Based Compensation, Net of $0 Tax 2,419 1,910
Adjusted EBITDA $ 29,749 $ 80,742
Definition of "Gallons Delivered"
The Company defines "gallons delivered" as its gallons of compressed natural gas ("CNG"), liquefied natural gas ("LNG") and renewable natural gas ("RNG"), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company's proportionate share of gallons delivered by joint ventures in the applicable period.
The table below shows gallons delivered for the three months ended March 31, 2016 and 2017:
Three Months Ended
March 31,
Gallons Delivered (in millions) 2016 2017
CNG 61.1 68.5
RNG(1) 1.0 0.6
LNG 15.4 16.0
Total 77.5 85.1
(1) Represents RNG sold as non-vehicle fuel. RNG sold as vehicle fuel, also known as Redeem™, is included in CNG and LNG, as applicable.
Sources of Revenue
The following table represents our sources of revenue for the three months ended March 31, 2016 and 2017:
Three Months Ended
March 31,
Revenue (in Millions) 2016 2017
Volume -Related $ 67.8 $ 73.6
Compressor Sales 8.3 6.5
Station Construction Sales 13.3 9.3
VETC 6.4 —
Other — 0.1
Total $ 95.8 $ 89.5
Today's Conference Call
The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Sunday, June 4 by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13660270. There also will be a simultaneous live webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.
About Clean Energy Fuels
Clean Energy Fuels Corp. is the leading provider of natural gas fuel for transportation in North America. We build and operate CNG and LNG vehicle fueling stations; manufacture CNG and LNG equipment and technologies; and deliver more CNG and LNG vehicle fuel than any other company in the U.S. Clean Energy also sells Redeem™ RNG fuel and believes it is the cleanest transportation fuel commercially available, reducing greenhouse gas emissions by up to 70%. For more information, visit www.cleanenergyfuels.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding, among other things: growth in the market for natural gas and other alternative vehicle fuels; sales of growing volumes of natural gas vehicle fuel; the benefits of natural gas (including RNG) as an alternative vehicle fuel, including its effectiveness and economic and environmental benefits; continued interest and investment in natural gas as a vehicle fuel; and the success of the Company's relationship with BP and other strategic partnerships. Actual results and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas and other alternative fuels, as well as heavy-duty trucks and other vehicles powered by these fuels; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel; the Company's ability to capture a substantial share of the market for alternative vehicle fuels and otherwise compete successfully in this market; the Company's ability to recognize the anticipated benefits of building CNG and LNG stations, including receiving revenue from these stations equal to or greater than their costs or at all; future availability of capital, including equity or debt financing, as needed to fund the growth of the Company's business and repayment of its debt obligations (whether at or prior to maturity); the availability of tax credits and other government programs or incentives that promote natural gas or other alternatives as a vehicle fuel; changes to federal, state or local fuel emission standards or other environmental regulations applicable to natural gas production, transportation or use; compliance with other applicable government regulations; the Company's ability to manage and grow its RNG business after the sale of the upstream production portion of this business; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company's ability to sustain or grow its compressor business and manage risks and uncertainties related to the global scope of this business; the Company's ability to realize the intended benefits of any mergers, acquisitions, divestitures, investments or other strategic transactions or relationships; and general political, regulatory, economic and market conditions.
The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company's Quarterly Report on Form 10-Q, filed on May 4, 2017 with the Securities and Exchange Commission (www.sec.gov), contains additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data, Unaudited)
December 31, March 31,
2016 2017
Assets
Current assets:
Cash and cash equivalents $ 36,119 $ 47,125
Restricted cash 6,996 253
Short-term investments 73,718 50,803
Accounts receivable, net of allowance for doubtful accounts of $1,063 and $1,006 as of December 31, 2016 and March 31, 2017, respectively 79,432 68,123
Other receivables 21,934 19,861
Note receivable — 123,487
Inventory 29,544 28,711
Prepaid expenses and other current assets 14,021 12,656
Total current assets 261,764 351,019
Land, property and equipment, net 483,923 433,317
Notes receivable and other long-term assets, net 16,377 15,244
Investments in other entities 3,475 2,606
Goodwill 93,018 66,777
Intangible assets, net 38,700 37,496
Total assets $ 897,257 $ 906,459
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of debt and capital lease obligations $ 5,943 $ 4,132
Accounts payable 23,637 17,220
Accrued liabilities 52,601 53,694
Deferred revenue 7,041 7,212
Total current liabilities 89,222 82,258
Long-term portion of debt and capital lease obligations 241,433 211,251
Long-term debt, related party 65,000 40,000
Other long-term liabilities 7,915 5,338
Total liabilities 403,570 338,847
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares — —
Common stock, $0.0001 par value. Authorized 224,000,000 shares; issued and outstanding 145,538,063 shares and 149,722,174 shares at December 31, 2016 and March 31, 2017, respectively 15 15
Additional paid-in capital 1,090,361 1,103,124
Accumulated deficit (603,836 ) (543,273 )
Accumulated other comprehensive loss (17,675 ) (16,741 )
Total Clean Energy Fuels Corp. stockholders' equity 468,865 543,125
Noncontrolling interest in subsidiary 24,822 24,487
Total stockholders' equity 493,687 567,612
Total liabilities and stockholders' equity $ 897,257 $ 906,459
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data, Unaudited)
Three Months Ended
March 31,
2016 2017
Revenue:
Product revenue $ 83,992 $ 76,229
Service revenue 11,790 13,262
Total revenue 95,782 89,491
Operating expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below):
Product cost of sales 53,371 54,597
Service cost of sales 5,884 6,264
Selling, general and administrative 25,595 23,773
Depreciation and amortization 14,961 15,317
Total operating expenses 99,811 99,951
Operating loss (4,029 ) (10,460 )
Interest expense (9,301 ) (4,911 )
Interest income 141 192
Other income (expense), net 250 (167 )
Loss from equity method investments (74 ) (36 )
Gain from extinguishment of debt 15,923 3,195
Gain from sale of certain assets of subsidiary — 70,648
Income before income taxes 2,910 58,461
Income tax benefit (expense) (381 ) 2,263
Net income 2,529 60,724
Loss attributable to noncontrolling interest 299 335
Net income attributable to Clean Energy Fuels Corp. $ 2,828 $ 61,059
Income per share:
Basic $ 0.03 $ 0.41
Diluted $ 0.03 $ 0.40
Weighted-average common shares outstanding:
Basic 97,178,768 148,847,503
Diluted 99,821,844 152,972,153
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504006236/en/
Clean Energy Fuels Corp.
Investor Contact:
Tony Kritzer
Director of Investor Communications
949.437.1403
or
News Media Contact:
Gary Foster
Senior Vice President, Corporate Communications
949.437.1113
Source: Clean Energy Fuels Corp.
You are subscribed to Clean Energy Fuels Corp. Investor Relations'' e-mail alerts as sonnynnos@aol.com.
To update your e-mail and alert preferences, please click here.
To unsubscribe, please click here.
Clean Energy Fuels Corp.
4675 MacArthur Court, Suite 800 , Newport Beach, CA 92660
Service provided by Nasdaq
AdChoices
© 2017 AOL Inc. All Rights Reserved
I just have the YOY numbers..
Unit sales were down 29%.
Hey Jack what where the Numbers for Q-1 2016 and 2017 on the CWI I never saw that in the Report? Good Day...
Ndakota
Great !! Now drill down and see what CWI's sales were...
CWI is the JV between Cummins and Westport...Unit sales and unit sales rates have been falling... YOY.
Good day!!
CMI just reported a Nice Q-1, we will see how much of it spills over on WPRT. and in turn to CLNE. some Malarky just get spit out, the news out and around looks better then some want to admit.. Good Day..
Ndakota
Bold statement, where's the proof? How about a link to prove your statement?
We all are aware the heavy duty market has been depressed for some time. The refuse and bus market is something completely different, just as Kettelman stated on Waste Management.
NGV unit sales were less in 2014 than in 2013.
NGV unit sales were less in 2015 than in 2014.
NGV unit sales were less in 2016 than in 2015.
NGV unit sales are less in 2017 than in 2016.
Good day!
2018- the Big year for the 18-Wheeler, all is lining up with the Best of the Best, Its being Tested and Run By many, the new Nox Engine will be well received, there are too many moves by the other Vehicles, Transit, Busses, Waste, UPS- spent 10 Million less then last go around because the only have to build 10 more stations and Not 35, that tells you More Trucks are Coming.. Good Day..
Ndakota
Selling an Organ as a short would put it- CLNE Removes around 10 Million in Dept. with this Deal gains a nice Amount of cash, holds on to the ability to take advantage of Selling RNG and now focuses on the core of the Company, which after this deal ends up almost Debt. Free.
To just throw out there We saw .33 cents and we are told the numbers will go to .27/.28. after the sell. What was the interest on the 10-Million of Dept we carried on these projects and possibly more down the road. 00.06 cents per Gallon is Maybe the smartest thing CLNE has done at this point. Good Day...
Ndakota
I saw that and was intrigued by the fact that it was Cramer who brought the subject up for discussion. I was kind of hoping for CLNE to get a mention.
Well, there you go! They can build all the stations that they want, just like the did a few years ago. The problem is that a lot of them are still in mothballs and will stay that way until tractor trailers with NG engines start moving. The company is doing a lot of good things but a real move in the PPS is predicated on the volume that those big rigs will generate. Just my opinion.
Are you kidding!! What it means is that it is one heck of a buying opportunity.
WE ARE JUST PENNIES FROM A NEW ALL-TIME LOW !!!
THAT MEANS NEARLY EVERY LONG IS OUT OF THE MONEY !
The BP deal is CLNE selling an organ.
If there is ever a rally, BOONE or the company will DUMP a ton of shares.
This company won't break $3.00 until a real Catalyst happens. Anything else is just window dressing.
after next weeks Q-1, the shift will be on, with the BP deal and the way the pay out is set, it will negate the loss of the VETC and possible look brighter, can you not see the light at the end of the tunnel. It's going to be shinning Bright going into 2018.. Good Day...
Ndakota
You have yet to show us a major Positive Catalyst which is capable of reversing the downward trend. Anecdotes are not CATALYSTS.
From this point fwd that will not happen, Good luck on your wishful Thinking. with the Debt. on a continued decline and the spending well under control. IMHO you've seen the lows of this Company...Good Day..
Ndakota
Cramer spoke to the Waste management CEO yesterday and he they have between 40-50% of there Trucks on Nat Gas. Nobody has turned back once they started, I Love it when a Plan Comes Together and the New Nox Engine being tested and Available in a year is our final link to a Very successful Investment.. Trump signed an Energy bill Today. Good Day..
Ndakota
You already had the POP last week when it went to $2.80...
Now we are back on track to go below $2.00.
We might get a pop but if it's based on the BP deal only, it'll be temporary.
Talk about long term you guys. Lets take it a step at a time, right.
This year could be the year CLNE starts to show a profit,imo. More truckers have completed testing and I'm sure will order NatGas power. Look forward to a decent Q1 report, but more importantly what Andrew says about the coming year.
we may see that in the next 5-10 years, I'd like to see it take off and get one split for share holders, before the Div. kick in.. I've actually researched a bit on big oil, they split a hand full of times and around 2000 they all started paying Div. Time will tell the Whole story... Good Day
Ndakota
Once debt is gone, dividends next instead of interest payments
T. Boone Pickens made a took a huge long position in natural gas.
The "Pickens Plan " is merely Boone pumping his position.
Thought some of you might be interested in this
http://www.pickensplan.com/inside-the-pickens-plan-campaign-with-tom-synhorst-and-jay-rosser/
This could be the year we have been waiting for,imo. UPS came in with better than expected earnings. Could be due to lower cost. Something to look into. I agree with your opinion, debt and dilution are being addressed. Everything is a go.
Pack, the two things that have been hanging over the company, IMHO- is the Debt. which is being taken care of and the share dilution- which looks ok, with the Growth of the company and the New Engine coming, I feel that is the catalyst for us going Forward. They are building stations to match what they've done in 2016. showing the growth in Nat. Gas is Alive and well.. Good Day....
Ndakota
Thanks, Been very Busy, and did not see the close, Nice to see you around whassup. Good Day...
Ndakota
Thanks Whas, that is why I think we get a 10% pop.
Earnings with the BP deal closed at quarter end will show huge earnings...imo...we get a pop.
On March 31, 2017, Clean Energy Renewable Fuels, LLC (“Renewables”), an indirect subsidiary of Clean Energy Fuels Corp. (the “Registrant”), completed its sale to BP Products North America, Inc. (“BP”) of certain assets related to the Registrant’s renewable natural gas (“RNG”) business, including two RNG production facilities, a 50% ownership interest in joint ventures formed to develop two new RNG production facilities, and third-party RNG supply contracts (collectively, the “Assets”) (such transaction, the “Asset Sale”).
Upon completion of the Asset Sale, BP paid Renewables $30.0 million in cash and delivered to Renewables a promissory note for $123.5 million that matures on April 3, 2017, and Renewables retained $7.1 million of cash relating to the Assets. BP has also agreed to pay up to an additional $25.0 million in cash over a five-year period, which amount could be paid in whole, in part or not at all, depending on the satisfaction of certain performance conditions related to the Assets. The Registrant expects the net proceeds from the Asset Sale, after deducting costs and other payments associated with the transaction paid or payable by the Registrant or Renewables, to be approximately $150.1 million, and the Registrant intends to use these net proceeds for general working capital, including the payment of its outstanding indebtedness.
Q-1 is next week, no VETC, and I don't believe the BP deal got done yet. Sounds like N/G Vehicle sales have been good according to some of the news out there. Good Day...
Ndakota
When I wrote the last post the pps was at 2.44. Keep that in mind as a 10% boast will put it at 2.68. Then 3.00 by/in June.
BTW Isn't it time for CLNE to announce something good? Andrew, don't break your cycle.
At what percentage increase do the insiders start dumping into the rally?
It seems to happen every time.
Check this out! Look at California.
https://www.eia.gov/petroleum/gasdiesel/
Get ready for a 10% upside move real soon. Its all about NatGas / gas / diesel.
Is it my imagination or are we back to where we were before the BP deal announcement?
In Texas ! Yawn.
I understand that unit sales by ALL NGV manufacturers? are falling;!!
Not a very good indication.
Great post Krays. Proves once again the use of NatGas is on a continuing upward spiral.
Texas Natural Gas Motor Fuel Sales Up 15%
https://docs.google.com/document/u/1/d/1nrAASEGmN0BUSkbv3ATs83PyUPkmiqLvg17D_5KunyE/pub?platform=hootsuite
Slow march to $2.00 by June....
The trend is your friend.
I might agree with you..., HOWEVER....
Every time CLNE starts to rally, BOONE or the company does something stupid or issue more shares and move this back to red.
Slow march to $3.00 a share by June. Get them on the low end while you still can.
Let's see how the pps reacts with oil going higher!!
Clean Energy Fuels C (CLNE)
2.51 ? -0.03 (-1.18%)
Volume: 1,205,464 @ 4:28:57 PM ET
Bid Ask Day's Range
2.46 2.8 2.49 - 2.56
CLNE Detailed Quote
Source????
Without? a source or link, I don't believe you.
Nope! Sorry "JACK"
They will convert all of their delivery trucks to PLUG power. No brainer!!!!
Followers
|
133
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
8474
|
Created
|
08/13/07
|
Type
|
Free
|
Moderators |
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Our Mission
Clean Energy is changing the way the world fuels its vehicles. Energy independence is an undisputed goal for our nation, and we at Clean Energy know just how realistic and attainable that goal is with natural gas fuel. Moving forward in our thinking as well as in our vehicles means a safer, healthier planet for all of us. This change is already happening. Natural gas is abundant and domestically available and is already used as a cleaner source of energy around the world. - See more at: https://www.cleanenergyfuels.com/about-us/#sthash.xIy4zrGL.dpuf
Clean Energy Fuels’ company growth over the decades has been marked with risk and reward, and always defined by passion. Entrepreneur and energy pioneer T. Boone Pickens and current Clean Energy President and CEO Andrew Littlefair had a vision they felt could change this country for the better.
The idea behind natural gas fuel is two-fold, and Americans hear a lot about both of its main benefits: a greener planet and energy independence. Like all paradigm-shifting ventures, Pickens’ company started relatively small and grew with consistency that proved he wasn’t just “onto something.” He was putting in motion a company that is instrumental in making the change that so many of us talk about.
Leadership
Message from the CEO Clean Energy is working to change the way America fuels their vehicles. Energy independence is an undisputed goal for our nation, and we at Clean Energy know just how realistic and attainable that goal is. – Andrew Littlefair,
Andrew J. Littlefair Andrew J. Littlefair is President and CEO of Clean Energy, a company he co-founded with T. Boone Pickens in 1997. Previously, Mr. Littlefair served as Vice President of Public Affairs at MESA Inc., then one of America’s largest independent producers of natural gas. In this role Littlefair oversaw the company’s natural gas vehicle activities and served as special assistant to Mr. Pickens. Mr. Littlefair served as Chairman of NGVAmerica for 8 years from 2003 to 2011. In 2004, he was named an NGV Champion by the International Association of Natural Gas Vehicles (IANGV). In 2014, Mr. Littlefair received an Environmental Leadership Award from the California League of Conservation Voters for his work in renewable natural gas and building America’s Natural Gas Highway. Mr. Littlefair graduated from the University of Southern California with a B.A. in Political Science. He and his wife have two sons. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/andrew-littlefair/#sthash.EEGOiMLZ.dpuf
Raymond Burke Mr. Burke serves as our Vice President, Business Development (Solid Waste). In this role, Raymond focuses on developing new strategic growth opportunities for Clean Energy in the solid waste industry. He leads outreach efforts aimed at educating waste industry leaders on the benefits of using clean-burning natural gas fuel for their trash collection fleets. Prior to joining Clean Energy, Raymond served as Southern California Area Vice President for Waste Management, one of America’s largest solid waste companies. He began his career at a 50-route disposal company where he held operational posts leading up to General Manager. Raymond earned an MBA from Chapman University, Orange, CA. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/raymond-burke/#sthash.rOhaZrw5.dpuf
Harrison Clay
Mr. Clay serves as our President of Clean Energy subsidiary Clean Energy Renewable Fuels. In this role, Harrison is responsible for leading Clean Energy’s efforts to produce and sell renewable natural gas (or biomethane) that is derived from the anaerobic decomposition of organic waste. Prior to joining Clean Energy in 2008, Mr. Clay worked at the San Francisco investment bank WR Hambrecht + Co. Mr. Clay has extensive experience in structuring and trading environmental commodities, venture capital, corporate and project finance and the clean tech and energy industries. Mr. Clay has a JD from the University of Virginia and a dual AB in Anthropology and English from the University of Georgia. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/harrison-clay/#sthash.4k2DvBTr.dpuf
Clay Corbus
Mr. Corbus serves as our Senior Vice President, Strategic Development. In this role, Clay helps develop strategic growth opportunities, acquisitions and financing strategies for Clean Energy. Previously he was Co-CEO of WR Hambrecht & Co, the firm that managed Clean Energy’s 2007 IPO. Prior to that, he worked with Donaldson, Lufkin & Jenrette from 1989. He graduated from Dartmouth College with an AB in Government and has an MBA in Finance from Columbia University. Clay serves as a Director with three companies: Alaska Energy and Resources Co., Overstock.com and Goodwill of San Francisco.
Mitchell Pratt
Mr. Pratt serves as our Chief Operating Officer. In this role, Mitchell initiates business strategy and oversees production across all of Clean Energy’s divisions. Before coming to Clean Energy, Mitchell was the General Manager of the Natural Gas Vehicle (NGV) department for the Southern California Gas Company. His 18-year career represents a diverse background of leadership roles ranging from customer satisfaction, financial and distribution operations, to public policy, and sales and market development. He has a degree in Engineering as well as an MBA..
Robert Vreeland
Robert Vreeland serves as our Chief Financial Officer. In this role he manages the finances for Clean Energy while seeking new revenue opportunities in the marketplace. Prior to this, Bob served as Vice President of Finance and Accounting at Clean Energy from 2012 to 2014. Before joining Clean Energy, Bob was a consultant at RV CPA Services, PLLC, a provider of certified public accounting services. From 1997 to 2009, Bob held various finance and accounting leadership positions including Interim CFO at Hypercom, a global manufacturer of electronic payment and transaction equipment. Prior to Hypercom, he spent twelve years at accounting firm Coopers & Lybrand. He has extensive experience leading global finance and accounting teams as well as deep tax and financial planning expertise. Bob earned a B.S. from Northern Arizona University and is a certified public accountant.
-- Gary Foster Senior Vice President, Corporate Communications
-- Peter Grace Senior Vice President, Sales and Finance
-- James Harger Senior Advisor to the CEO-Trucking
-- James Hooley Vice President, Federal Government Relations Don Horning Vice President, National Truck Team
-- Nate Jensen Vice President and General Counsel
-- Barbara Johnson Vice President, Administration
-- Chad M. Lindholm Vice President of Sales, Heavy Duty Trucking
Shares Outstanding5: | 70.4M |
Float: | 48.61M |
% Held by Insiders1: | 24.23 |
% Held by Institutions1: | 39.29 |
Target Price | 15.67 |
Book Value | 5.88 |
Short % of Float (as of Jul 15, 2010)3: | 25.31% |
Customer Solutions:
Airport Service Vehicles
Price-Stable Efficiency Ready For TakeoffWe understand the logistic and economic pressure airport authorities face when supporting thousands of passengers a day. Stabilize your fuel budgets, potentially increase non-aviation revenue, and offer your community cleaner skies with clean natural gas fuel.Fueling taxis, parking, hotel and rental car shuttles alongside service vehicles at North America’s busiest airports, Clean Energy has built over 37 airport-serving natural gas fueling stations to create a greener transit environment and control costs for drivers and airport authorities alike. - See more at: https://www.cleanenergyfuels.com/customer-solutions/airport-service-vehicles/#sthash.lO4XCjfr.dpuf
Construction
Your construction fleet must be efficient, clean, and cost-conscious on the job site and on deliveries. Manage your bottom line and distinguish your business as a community leader with price-stable natural gas, abundantly available in North America. - See more at: https://www.cleanenergyfuels.com/customer-solutions/construction/#sthash.O6AdGI06.dpuf
Government Fleets
The pressure to enhance your community and balance budgets can be daunting. Switching your local fleets to natural gas is an easy way to win community support, clean up the environment and control costs. Clean Energy is already serving cities and municipalities across North America, which are now enjoying the benefits of natural gas. - See more at: https://www.cleanenergyfuels.com/customer-solutions/government-fleets/#sthash.DMHyDhWd.dpuf
Heavy Duty Trucks
Carriers looking for cost stability and reliable fueling, choose Clean Energy as their natural gas fueling partner. - See more at: https://www.cleanenergyfuels.com/customer-solutions/heavy-duty-trucks/#sthash.IU7BCSy8.dpuf
Industrial Facilities
Switching to a reliable, cleaner-burning fuel is not only good for the communities where you do business, but it’s also smart for your bottom line. We deliver CNG and LNG to facility owners today, providing all the benefits of natural gas without the hassle of supply, logistics or price negotiations. - See more at: https://www.cleanenergyfuels.com/customer-solutions/industrial-facilities/#sthash.VHkzzrBb.dpuf
Light & Medium Duty Trucks
Switching to a reliable, cleaner-burning fuel is not only good for the communities where you do business, but it’s also smart for your bottom line. - See more at: https://www.cleanenergyfuels.com/customer-solutions/light-and-medium-duty-vehicles/#sthash.SmVAgs0T.dpuf
Marine
We’ll take care of everything you need to accommodate the LNG fueling process, from fitting plant-to-dock pipelines to modifications and upgrades to both your yard and dock. And of course, Clean Energy will help you navigate through the necessary permitting to make this change happen. It’s a part of the process we know well, and our experts will help make it quick and worry-free. - See more at: https://www.cleanenergyfuels.com/customer-solutions/marine/#sthash.DKavLjDu.dpuf
Mining
Your mining fleet must be efficient, clean and cost-conscious on the work site. Manage your bottom line and distinguish your business as a community leader with price-stable natural gas, abundantly available in North America. - See more at: https://www.cleanenergyfuels.com/customer-solutions/mining/#sthash.Hrl7XDO4.dpuf
Rail
In order to stay competitive in the evolving transportation industry, railroads are choosing Clean Energy as their natural gas fueling partner. We have pioneered the use of natural gas fuel in other transportation market segments, and we’ll use this depth of knowledge to help you forge the way forward in LNG-fueled locomotion. - See more at: https://www.cleanenergyfuels.com/customer-solutions/rail/#sthash.4aP13J6C.dpuf
Refuse
You are in the business of managing waste and budgets while making the world a cleaner place. Natural gas fuel for your refuse fleet can help you reach every one of these goals. That’s more than gasoline or diesel can say. - See more at: https://www.cleanenergyfuels.com/customer-solutions/refuse/#sthash.3Ksq5BHg.dpuf
Shuttles
Win customers, build loyalty and manage costs by going green. When you team up with Clean Energy, your fleet starts controlling fuel costs from day one, and customers who ride with you will feel good about their sound, environmental choice. - See more at: https://www.cleanenergyfuels.com/customer-solutions/shuttles/#sthash.2fZ7HDru.dpuf
Taxis
Your customers rely on your fleet to get them where they need to go, and to do it responsibly. Gain loyalty and repeat business with a more cost-effective, environmentally friendly fuel for your taxis. - See more at: https://www.cleanenergyfuels.com/customer-solutions/taxis/#sthash.CKcFw1Wf.dpuf
Transit
Build a cleaner, more cost-efficient transit system for your community. - See more at: https://www.cleanenergyfuels.com/customer-solutions/transit/#sthash.HG3nU4CT.dpuf
Press Release:
April 20, 2018
Investor Relations Contact: 562-493-2804, Extension 320 or call directly to 562-493-7215.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |