Replies to post #7363 on Keeping It Simple

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Gap fill CLNE



50d 12.21
20d 11.88



Fin 12.00

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CLNE intraday

12.33

1-22-14

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CLNE

9.82

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CLNE Intraday

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CLNE Intraday

8.43

2-28-14

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CLNE Intraday

9.28

3/5/14
2.5,1.5,1.5
+0,1,1

gap 9.19
5d 9.05
d1 >5&9

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CLNE intraday

8.91

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CLNE 4/19 9.18

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CLNE Intraday

9.04 4/24



Intraday

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CLNE taking order with a bang!

5,9,14,20 moving above 50d


5/9
8:35m
$9.63 +0.83 (9.41%) on 1,939,177 Above Avg 5,9,14,20 moving above Vol with Average Volume (10 Day) 1,428,621

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CLNE

10.24

Support/Resistance  
  
 Type Value Conf.  
 resist. 13.44 4  
 resist. 12.55 4  
 resist. 12.02 4  
 resist. 11.47 3  
 supp    9.33 27  
 supp    8.55 6  
 supp    8.37 2 

Read more at http://www.stockta.com/cgi-bin/analysis.pl?symb=clne&cobrand=&mode=stock#kZDojIeZqHrH8Eyq.99

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CLNE gap Fill/tail:

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CLNE gap Fill/tail:


20 day @ 9.90

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CLNE

11.20

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CLNE env/dbl stk

10/09/14 5.83

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Why Clean Energy Fuels Corp Is Down 42% in 44 Days

By Jason Hall | More Articles | Save For Later
October 9, 2014 | Comments (0)


Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of natural gas for transportation refueling leader Clean Energy Fuels (NASDAQ: CLNE ) fell another 7% today, adding to the total losses that began in earnest in late August:



The precipitous drop has corresponded to falling oil prices, with WTI and Brent Crude -- the two main standards for oil pricing -- down 15% and 21% respectively since mid-June. What do oil prices have to do with a company that sells natural gas? A lot, when your biggest competitive advantage is a cheaper price than gas or diesel.

Furthermore, occasional partner and natural gas engine technology expert Westport Innovations (NASDAQ: WPRT ) dropped a bomb on the market on September 30, revising down its guidance for the full year and saying it wouldn't reach its adjusted EBITDA goals for its operating units in 2014, citing the economic and geopolitical situations in Europe, China, and Russia -- its biggest markets right now -- as the main reasons.

So what: The interesting thing is, there hasn't been any "bad" material news to Clean Energy Fuels in the interim. To the contrary, the only news that's come out about Clean Energy since late August is a series of announcements of long-term deals to fuel more heavy-duty trucks. Combined, these recent agreements are worth more than 3 million gallons of new natural gas sales per year.

However, Mister Market is clearly lumping all of the natural gas vehicles companies in one basket right now. And even though sales of heavy-duty natural gas trucks are expected to reach 11,000 this year -- 27% growth from 2013 -- adoption has happened at a slower rate than many hoped for.

Now what: Much like the offshore drilling industry, falling oil prices and economic uncertainty have created a lot of fear, even if some of it is unwarranted. If you're a Clean Energy Fuels shareholder, it's understandable if the losses are making it hard to not get out now. However, it's also important to remember that there hasn't been any material news about or from Clean Energy to indicate it has "earned" this beating. To the contrary, the company has only added more trucking customers in the past six weeks. Furthermore, its rate of fuel deliveries has only grown over the past several quarters, and that should continue, as its trucking customers are still using those trucks.

Finally, natural gas still remains far cheaper than diesel and gasoline, with many large trucking businesses paying as much as $1 per gallon less. Furthermore, Westport made it clear in its announcement that its 12 liter ISX12 G engine, being built in its JV with Cummins (NYSE: CMI ) , is unaffected by its sales forecast adjustment. This is the only widely available natural gas engine for the heavy trucking market, so another indicator that Clean Energy is largely unaffected by both falling oil prices and Westport's problems.

Keep an eye on Clean Energy's business fundamentals, and not all the market noise. I know how hard it is to do so (I'm a shareholder, too), but we own the business, not the market. While this could be an excellent opportunity to buy, I fully expect the market to remain uncertain for some time, and it's probably not a good idea to "go big." There's just too much uncertainty right now, and it's going to continue to be a bumpy ride.

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CLNE Intraday

6.02 10-10-14



Intraday

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CLNE

10/14/14

5.99
4* SB stox

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CLNE pinch

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CLNE Pinch

10/16/14

7.15

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CLNE
4.76
12-17-14

day 1 >5d

$4.76 +0.3845 (8.78%) on 1,243,475 Above Avg V

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Jacksonville Transportation Authority Awards Clean Energy $8.1 Million Deal; Additional Fueling Agreements with Clean Energy Announced

http://finance.yahoo.com/news/jacksonville-transportation-authority-awards-clean-110000961.html

Completion 2015

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CLNE

50 @ 4.81

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Price Target Update on Clean Energy Fuels Corp



Mathew Donald · Feb 25th, 2015
http://candlestrips.com/price-target-update-on-clean-energy-fuels-corp/337981/


Clean Energy Fuels Corp (NASDAQ:CLNE): The mean short term price target for Clean Energy Fuels Corp (NASDAQ:CLNE) has been established at $9.79 per share. The higher price target estimate is at $15 and the lower price target estimate is expected at $4 according to 7 Analyst. The stock price is expected to vary based on the estimate which is suggested by the standard deviation value of $4.14



The company has also received coverage from the Brokerage Firms. Citigroup maintains their rating on the shares of Clean Energy Fuels Corp (NASDAQ:CLNE). The current rating of the shares is Neutral. Equity Analysts at the Firm lowers the price target to $4.8 per share from $7.5 per share.

Clean Energy Fuels Corp (NASDAQ:CLNE) encountered a drop of 5.4% or -906,270 shares in the short positions. The number dropped from 16,651,533 on January 15,2015 to 15,745,263 on January 30,2015. The final interest is 22.5% of the floated stock. The days to cover figure of 12 can be arrived using the average daily exchange of 1,323,403 shares.

Clean Energy Fuels Corp (NASDAQ:CLNE) had a disappointing trading session and the shares declined 1% or 0.05 points till close. The opening trade occurred at $5. The closing price and volume were $4.94 and 906,107 shares respectively. Intraday, the stock had jumped to touch a high of $5.01 while the lowest level was $4.9. The counter had ended the previous trading session at $4.99. The counter has a 52-week high of $11.791 and the 52-week low price of the stock is $3.99. The counter has a market cap of $445 million with nearly 90,056,000 shares available in public circulation, as per todays data.

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Clean Energy Fuels (CLNE) Tops Q4 EPS by 28c

Clean Energy Fuels (NASDAQ: CLNE) reported Q4 EPS of $0.11, $0.28 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $132.1 million versus the consensus estimate of $111.2 million.

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Clean Energy Fuels (CLNE) Up 4% Following Earnings Beat


By WSP Feb 26, 2015, 4:55 PM Author's Blog


Clean Energy Fuels Corp. (CLNE) reported fourth quarter non-GAAP EPS of $0.11 after the bell Thursday, compared to the consensus estimate of ($0.09). Revenues increased 55.4% from last year to $132.1 million. Analysts expected revenues of $112.73 million. The stock is now up $0.28, or 4.38%, to $5.32 on 2.19 million shares.

Revenue for 2014 came in at $428.9 million, compared to $352.5 million in 2013. The company said that gallons delivered for Q4’14 increased 30% to 72.4 million gallons, compared to 55.5 million gallons delivered in Q4’13. For the year ended December 31, 2014, gallons delivered totaled 265.1 million gallons, up from 214.4 million gallons delivered in the year ended December 31, 2013.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “I’m very pleased with our continued volume growth, strong station construction sales and continued leveraging of our existing infrastructure.”

On valuation measures, Clean Energy Fuels Corp. shares, which currently have an average 3-month trading volume of 1,654,860 shares, trade at a trailing-12 P/S of 1.24 and a P/E to growth ratio of (0.18). The median Wall Street price target on the name is $8.50 with a high target of $15.00. Currently ticker boasts 3 ‘Buy’ endorsements, compared to 5 ’Holds’ and 2 ‘Sell’.

Profitability-wise, CLNE has a t-12 profit and operating margin of (32.30%) and (20.98%), respectively. The $453.88 million market cap company reported $248.06 million in cash vs. $619.65 million in debt in its most recent quarter.

CLNE currently prints a one year loss of about 46% and a year-to-date return of around 5.11%.

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CLNE

$6.56 +0.56 (9.33%) 1,643,344 Above Avg.


Short Interest (Shares Short)
17,153,900


Days To Cover (Short Interest Ratio)
13.0


Short Percent of Float
24.43 %


Short Interest - Prior
16,558,900


http://www.stoxline.com/quote.php?symbol=clne




Support/Resistance

Type Value Conf.
resist. 7.35 2
resist. 6.60 2 Currently on it 10:42 am 4/14
supp 6.13 3
supp 6.01 3
supp 5.72 3
supp 5.41 11
supp 5.01 5
supp 4.88 3
supp 4.30 6
supp 4.14 4

Read more at http://www.stockta.com/cgi-bin/analysis.pl?symb=clne&cobrand=&mode=stock#SEM3X14Ex5iFhiDX.99

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CLNE

8369/11045

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CLNE

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Clean Energy Fuels Corp Rating Lowered to Sell at Vetr Inc. (CLNE)

Posted by Jim Brewer on May 4th, 2015


Clean Energy Fuels Corp logoClean Energy Fuels Corp (NASDAQ:CLNE) was downgraded by Vetr from a “buy” rating to a “sell” rating in a research note issued on Monday. They currently have a $13.55 price objective on the stock. Vetr‘s target price points to a potential upside of 31.94% from the company’s current price.

A number of other firms have also recently commented on CLNE. Analysts at Raymond James reiterated an “underperform” rating on shares of Clean Energy Fuels Corp in a research note on Monday, March 2nd. Separately, analysts at Citigroup Inc. raised their price target on shares of Clean Energy Fuels Corp from $4.80 to $5.05 and gave the company a “neutral” rating in a research note on Friday, February 27th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Clean Energy Fuels Corp currently has a consensus rating of “Hold” and an average price target of $9.12.

Shares of Clean Energy Fuels Corp (NASDAQ:CLNE) opened at 10.27 on Monday. Clean Energy Fuels Corp has a 1-year low of $3.99 and a 1-year high of $11.79. The stock has a 50-day moving average of $6. and a 200-day moving average of $5.. The company’s market cap is $928.03 million.

Clean Energy Fuels Corp (NASDAQ:CLNE) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.17) by $0.28. The company had revenue of $132.10 million for the quarter, compared to the consensus estimate of $111.20 million. During the same quarter last year, the company posted ($0.25) earnings per share. Clean Energy Fuels Corp’s revenue was up 55.4% compared to the same quarter last year. Analysts expect that Clean Energy Fuels Corp will post $-0.95 EPS for the current fiscal year.

Clean Energy Fuels Corp. is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The Company designs, builds, operates and maintains fueling stations and supplies customers with compressed natural gas (NASDAQ:CLNE) fuel for light, medium and heavy-duty vehicles and liquefied natural gas (LNG) fuel for medium and heavy-duty vehicles.

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CLNE

Last earnings Feb 26 amc /gapped up Feb 27th/filled 8 days later

Apr 14th: start of run into May: Clean Energy to Open Four New Natural Gas Fueling Stations; Announces Multiple Fueling Agreements and Receives Industry Accolades



20d currently 7.48

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Earnings

Clean Energy Fuels (NASDAQ: CLNE) reported Q1 EPS of ($0.32), $0.06 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $85.8 million versus the consensus estimate of $100.6 million.


THL Credit (NASDAQ: TCRD) reported Q1 EPS of $0.35, in-line with the analyst estimate of $0.35.


Golub Capital BDC (NASDAQ: GBDC) reported Q2 EPS of $0.31, $0.01 worse than the analyst estimate of $0.32.

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CLNE

50 day 7.31

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CLNE

$6.54 +0.98 (+17.63%) 2,462,688 Above Avg Volume

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CLNE

5.27 9/3/15

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CLNE

6.11

10/8

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CLNE

3.79

[eastunder]

CLNE 3.80

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CLNE

Support/Resistance

Type Value Conf.
resist. 6.35 2
resist. 6.04 6
resist. 5.85 2
resist. 5.36 4
resist. 5.06 8
resist. 4.66 3
resist. 4.26 5
resist. 4.07 5
resist. 3.88 5
resist. 3.51 4
supp 3.29 2

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CLNE

2.88

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Clean Energy Fuels (NASDAQ: CLNE) reported Q4 EPS of $0.08, $0.18 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $119.3 million versus the consensus estimate of $102.77 million.

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CLNE

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Can Clean Energy Fuels' Environmentally Friendly Fuel Offering Be a Boon for Investors?

http://www.fool.com/investing/general/2016/04/02/can-clean-energy-fuels-environmentally-friendly-fu.aspx?source=yahoo-2&utm_campaign=article&utm_medium=feed&utm_source=yahoo-2

Landfills make a lot of waste. Clean Energy Fuels is seeking to make good use of them.


As if being the first to distribute and market compressed natural gas as a fuel on a nationwide basis wasn't enough, CNG innovator Clean Energy Fuels Corp. (NASDAQ:CLNE) is now offering Redeem, a methane-based fuel. This renewable natural-gas product is 90% cleaner than comparable conventional fuels. It's produced on a mass scale through a process that includes collecting methane gas (CH4) from farms and landfills (sounds like fun, no?), purifying the gas of impurities, and then distributing it via pipeline.

The latest results show Redeem volumes growing astronomically, which suggests that Clean Energy Fuels might just be on to something. Can it be that Clean Energy management has struck gold with not only a much cleaner diesel-fuel alternative, but one that's also renewable? (As long as we keep making garbage, anyway.)

Environmental benefits
Natural gas products, such as compressed natural gas (CNG) and liquefied natural gas (LNG), contain less carbon than any other fossil fuel out there. In a world where we're increasingly worried about the effects of burning such fuels, this alone makes what Clean Energy is doing a worthy endeavor. As noted in the company's latest 10-K annual report: "[A] study from Argonne National Laboratory, a research laboratory operated by the University of Chicago for the U.S. Department of Energy, indicates that natural gas vehicles produce at least 13% to 21% fewer GHG [greenhouse gas] emissions than comparable gasoline and diesel fueled vehicles."


Clean Energy Fuels boasts a customer base of 9,000 refuse trucks, 8,000 city transit vehicles, and dozens of truck fleets owned by major corporations. Image source: Clean Energy investor presentation.

For Redeem, it gets even better:


For natural gas vehicles that run on Redeem, it is estimated, based on CARB [California Air Resources Board] data[,] that the GHG emissions reduction ranges from 50% to 125%, depending on the source of biogas. RNG [renewable natural gas] is produced from waste streams such as landfills, animal waste digesters and waste water treatment plants. ... We believe Redeem is the first commercially available RNG vehicle fuel made from organic waste.

Not only is such a product no doubt attractive to customers for these reasons, but Clean Energy is also benefiting from selling Redeem in a way other than simple sales: carbon tax credits. Various states, including California and Oregon, grant credits to Clean Energy, and those credits can be resold to third parties who need them to comply with federal and state requirements. The company notes that in fiscal 2014 it generated a total of $5.6 million from the sale of carbon credits, and a whopping $18.4 million last year. Apparently, there's money to be found in landfills after all.

Financial benefits
Besides the obvious environmental benefits of Redeem, Clean Energy has begun truly reaping the benefits of commercializing this innovation. As CEO Andrew Littlefair noted on the latest conference call:


As I have emphasized on previous earnings calls, natural gas fueling is the most effective and immediate solution a company can take toward achieving greater sustainability. These environmental benefits will be unmatched with the Cummins Westport Low NOx [nitrogen oxide] engine, especially when combined with our Redeem renewable fuel. This combination is cleaner than running an electric vehicle that is plugged into the grid. As we announced in early February, Redeem sales more than doubled in 2015 to 50 million gallons and have become an important fuel for customers like UPS, Ryder, Republic Services, and many transit agencies.

That's right, Fools. Not only have sales of Redeem doubled year over year, but it now makes up 16.2% of total fuel volumes based on fiscal 2015 sales of 308.5 million gallons of fuel. Unfortunately for our purposes, Clean Energy doesn't break out the exact results for its Redeem product. While it's frustrating, this practice is not uncommon in corporate America. At the very least, we can say, anecdotally, that Redeem is proving to be a success for Clean Energy, especially when you couple Redeem's sales growth figures with the fact that the company is now operationally profitable, as of the fourth quarter of 2015.

Good and getting even better
It's been a long road for Clean Energy to build the infrastructure necessary for natural gas to be a viable alternative to diesel. Not only does natural gas need to be extracted, but it also needs to be purchased, transported, and either liquefied or compressed. On top of that, customers need to be counted on to invest in the engines that are capable of burning such a fuel.

In spite of the obvious difficulties of this endeavor, Clean Energy has succeeded in yet another, in creating a renewable fuel out of the waste product of our landfills and industrial farms. The proof is in the sales growth of Redeem. The product works, and, in all likelihood, it will continue to be a boon for Clean Energy Fuels and its shareholders for years to come.

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CLNE 3.10

$3.09 +0.34 (12.36%) 3,100,087 Above Avg

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CLNE

3.12

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CLNE Intraday

8/10/16

2.91 close 8/9

3,2,2,2,0,1,3,3
+2,1,1,1,0,1,1,2
25

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CLNE: Gap @ 2.91
5d 2.92
20d 3.97
14d 2.96

(2.99 - 3.10 B/R)

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Clean Energy Selected as Preferred Vendor for Cummins Facility Modifications; Opens Multiple Stations and Extends Long-Term Contracts


August 11, 2016


NEWPORT BEACH, Calif.--(BUSINESS WIRE)--

Clean Energy Fuels Corp. (CLNE) announced that it has been selected as a supplier to provide natural gas upgrades to facilities in Cummins Inc.’s Distribution Business Unit across North America. This will allow Clean Energy to assist Cummins with their continued support for natural gas vehicle implementations.

Clean Energy’s Facility Modification Services (FMS) provides natural gas facility assessments and design/build services for the natural gas industry assisting customers in North America. The group works with public and private agencies to support their transition and opportunities the natural gas vehicles provide.

Clean Energy FMS is also installing its proprietary NGV Easy Bay™ for a Ryder System, Inc. facility in Jeffersonville, Indiana. The NGV Easy Bay™, the first code-compliant industrial fabric barrier system, is scalable and can accommodate a single bay isolation project, or be used to divide a large building into multiple bays. It is retractable for easy storage and can even be relocated to another facility.

The FMS team is also providing design and build services for three McNeilus Truck & Manufacturing facilities, and anticipates beginning construction in early 2017.

In addition to the expanding FMS business, Clean Energy announced the following agreements in the Trucking, Transit and Refuse sectors:

Trucking

• Midway Ford Truck Center, Inc. and Clean Energy held a ceremony on August 9th to open a compressed natural gas (CNG) station in Kansas City, Missouri. The station is adjacent to vehicle up-fitter businesses that will provide CNG conversions and vehicle equipment for Ford Commercial Trucks equipped with CNG-prepped gasoline engines, including Transit Van and F-150 pickup trucks which are both manufactured at the nearby Ford Assembly Plant.

John Ruppert, Director of Commercial Vehicle Sales & Marketing for Ford Motor Company, said that “for many of our commercial fleet customers, sustainability and alternative fuels has become a key component of their business plans. Having options like CNG provides them with choices in how they may choose to implement those plans.”

• Baldor Specialty Foods, one of the largest distributors of fresh produce and specialty foods in the North East, has begun making the transition to natural gas for its fleet after testing a CNG truck provided by Clean Energy. Headquartered in the Bronx, New York, Baldor saw the opportunity to operate the Class-8 CNG truck as a unique way to explore the benefits of fueling with natural gas first hand. Baldor will be fueling at Clean Energy’s National Grid station in Everett, Massachusetts.

“We had been looking at natural gas for our fleet for some time, and the demo truck program was a perfect way for us to test it out,” said Steve Tufo, Director of Transportation. “After two weeks of operating the truck on a daily basis, the results were clear and we look forward to adding additional natural gas trucks to our fleet.”

• Clean Energy expanded its America’s Natural Gas Highway™ with a ribbon cutting ceremony in July to open a new CNG station in Conley, Georgia. Anchor Fleet G&P Trucking Company, and additional fleet representatives, were present to celebrate the occasion. The public liquefied natural gas (LNG) station is expected to dispense approximately 270,000 gasoline gallon equivalents (GGEs) per year.

• In addition to opening truck-friendly stations, Clean Energy has added Davenport Transport, a United States Postal Service carrier based out of Blairsville, Georgia, to its list of trucking customers. Additionally, existing customer Bimbo Bakeries USA, the largest baker in the United States, has recently added additional natural gas vehicles to its alternative-fuel fleet.

Transit

• The City of Santa Clarita has extended a 4 year agreement with Clean Energy for the operation & maintenance of the city’s CNG fueling stations, which represents approximately 1.3 million GGEs per year. The city has continued to expand their CNG fleet of more than 70 vehicles within the Transit Department, and has also expanded its CNG fleet in the pool and Public Works departments.

• Clean Energy has been awarded a construction agreement with the City of Culver City, California to replace and install new CNG equipment at the city’s Transportation Department. This project will enhance Culver City’s existing fueling facilities, and will support the continued success of their expanding CNG program of more than 100 CNG vehicles.

• Atlas Refuel has contracted with Clean Energy to build, own and operate a natural gas fueling station at San Jose International Airport. The public station will support airport and other fleets and is anticipated to dispense approximately 300,000 gasoline gallon equivalents (GGE’s) per year.

• The Sacramento County Airport System has contracted with Clean Energy for a multi-year repair and maintenance agreement for its Sacramento International Airport station. Clean Energy will perform repairs and take over maintenance at the station which will fuel an anticipated 500,000 GGEs per year to airport and municipal vehicles.

• The Port of Oakland has extended Clean Energy’s ten-year operation & maintenance agreement for another five years with an additional five year option for the Oakland International Airport station. The station provides fueling services to the port authority’s natural gas fleet, as well to vehicles which service the airport.

• Clean Energy has been commissioned to construct a CNG station for the Kent School District in Kent, Washington. The station, which will also be maintained by Clean Energy, is expected to fuel 20 buses and distribute approximately 40,000 GGEs per year for the 4th largest school district in the state.

• Valley Metro, the regional public transportation agency for greater Phoenix, has extended a CNG station operations and maintenance agreement with Clean Energy for an additional 5 years. Such agreement covers Valley Metro’s Mesa facility and represents approximately 1.4 million GGEs per year. Clean Energy also operates and maintains Valley Metro’s Tempe natural gas fueling facility.

• Desert Sands Unified School District has awarded Clean Energy a three-year maintenance contract for its station in La Quinta, California. The station will support the district’s 40 CNG buses, which represents as much as 90,000 GGEs per year.

Refuse

• Homewood Disposal, a refuse company servicing over 12,500 commercial customers throughout Indiana and Illinois, held a ribbon cutting ceremony last Thursday to unveil its new CNG fueling station in Homewood, Illinois. Clean Energy constructed, and will provide operations and maintenance services for the station, which includes 40 time-fill posts and will begin offering fueling to the general public next month.

• The City of Scottsdale has renewed its operations & maintenance contract with Clean Energy for an additional year. The station, which supports the city’s natural gas refuse fleet, dispenses over 300,000 GGEs per year.

• Republic Services, one of the nation’s largest refuse companies, opened a new CNG station in Wilsonville, Oregon on June 10th. The station, was built and will be operated and maintained by Clean Energy.

In addition to these projects, Clean Energy Fuels announced it obtained $19.5 million in grant funding during the second quarter of 2016. The grants, awarded by multiple states, provide funding to Clean Energy and its customers for 369 natural gas vehicles and a station construction project. The award includes a $1.4 million grant by the Texas Commission on Environmental Quality for Ruan Transportation Management Systems to purchase 27 CNG class-8 trucks. Ruan is one of the largest, family-owned transportation providers in the country and provides dedicated contract transportation and supply chain solutions to customers across the country.

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.

About Clean Energy

Clean Energy Fuels Corp. (CLNE) is the leading provider of natural gas fuel for transportation in North America. We build and operate CNG and LNG fueling stations; manufacture CNG and LNG equipment and technologies; develop RNG production facilities; and deliver more CNG and LNG 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 90%. For more information, visit www.CleanEnergyFuels.com.

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CLNE Intraday & open gap

8/11/16

Open Gap

Direction Date range
up Aug-10-2016 2.94 to 3.16







3,2,2,2,0,1,3,3 CP
+2,1,1,1,0,1,1,2 OOGF
25 TIF

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Is This the Start of a Clean Energy Fuels Turnaround?

By Jon C. Ogg August 10, 2016 2:20 pm EDT

http://247wallst.com/energy-business/2016/08/10/is-this-the-start-of-a-clean-energy-fuels-turnaround/

Clean Energy Fuels Corp. (NASDAQ: CLNE) was supposed to be one of the alternative energy and future energy policy winners. It is not your classic alternative energy if you only think about batteries, solar power, wind or other forms of power. Afterhaving floundered for some time, now its shares are surging after the company’s earnings report. Could this be the start of a big turnaround for investors?

This company supplies compressed natural gas, liquefied natural gas, and renewable natural gas for trucks. It serves the light truck market for cities and serves medium and heavy-duty trucks as well.


If you want a reminder in history, Clean Energy Fuels is the company that T. Boone Pickens has been a large holder in and it was an effort to get trucks converted to using forms of natural gas rather than diesel and gasoline in the future U.S. energy policy. That future has never arrived and the politicians have yet to actual form an integrated energy policy that will really work in powering the economy and getting people and goods from here to there.

Clean Energy’s net income was actually $1.5 million during the second quarter. This is a thinly followed stock by analysts now, but Clean Energy reported a loss during the same period a year ago. Earnings per share was $0.01, but the adjusted earnings per share was $0.03.

The company was supposed to have a loss according to the analysts who track the stock. Also, adjusted EBITDA of $26.7 million was versus -$2.6 million a year ago.

Revenue of $108 million in the period, and this was with 82.9 million gallons delivered. For a comparison, Clean Energy Fuels saw a boost in revenue and in the more important $86.9 million for the second quarter of 2015. reading of gallons delivered. The figures for the second quarter of 2015 were $86.9 million in revenue and 74.4 million gallons delivered.

The company said that deliveries of vehicle fuel renewable natural gas and customer station construction activity were behind the gain in revenues. If this company can get more and more gallons delivered, one day that will also mean higher revenues if the prices cooperate.

Clean Energy Fuels is one of those companies that can see volatility and can also see periods of not much in major developing news. Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, said:


We had another strong quarter with positive Adjusted EBITDA and continued improvements to our capitalization. We believe the increasing attention to the immediate favorable environmental impacts of natural gas and particularly our Redeem renewable natural gas, coupled with growing volumes through customer fleet expansions and increased market penetration, are coming through in our operating results.

Wednesday’s trading session had Clean Energy shares up 18% at $3.43. Its trading volume of 13 million shares right after 2:00 p.m. Eastern Time was already more than 8 times normal trading volume. The consensus analyst price target of $10.33 has not changed in three months and is derived from only 4 different analysts.

This stock has a 52-week range of $2.15 to $6.44, but it was also a $20 stock as recently as 2012.

[eastunder]

CLNE:

1/25/16

cpps 2.80
20d cpps 2.90



? PPS>20day w/vol: rb sets 2,1,1,1,1n,1n,2,2

[eastunder]

CLNE



(3-1-17 CLNE opened on a gap)

Here's Why Clean Energy Fuels Corp. Stock is Up 17% Today

A big deal with a very big partner may fundamentally change the game for Clean Energy Fuels.

https://www.fool.com/investing/2017/03/01/heres-why-clean-energy-fuels-corp-stock-is-up-17-t.aspx

Jason Hall
Mar 1, 2017 at 2:47PM

What happened

Shares in Clean Energy Fuels Corp. (NASDAQ:CLNE), a leader in natural gas for transportation, are skyrocketing on news that it has reached a deal to sell its RNG (renewable natural gas) production facilities at a number of Republic Services (NYSE:RSG) landfills to oil giant BP plc (ADR) (NYSE:BP), for as much as $180 million. At 12:25 p.m. EST, Clean Energy's stock was up 16.5%.

Shares of BP were up about 1.2% -- what is a big deal for Clean Energy is barely a blip on the radar for the much-bigger integrated energy company.

Clean Energy "Redeem" logo on the side of a transit bus
Image source: Clean Energy Fuels Corp.

So what

According to the terms of the deal, BP is acquiring "RNG production facilities located at Republic Services landfills in Canton, Michigan and North Shelby, Tennessee, [Clean Energy Fuels'] 50% ownership interest in joint ventures formed in November 2016 to develop new RNG production facilities at a Republic Services landfill in Oklahoma City, Oklahoma and an Advanced Disposal landfill near Atlanta, Georgia and [Clean Energy Fuels'] third party RNG supply contracts."

In return, Clean Energy Fuels will receive $155 million in cash, paid as $30 million at closing, and $125 million by April 3, 2017. The company could receive as much as an additional $25 million in incentives over five years after the sale. Clean Energy Fuels will also enter into a long-term supply contract with BP for the RNG at these facilities, which it sells under its Redeem trade name for use in vehicles.

Now what

This news can be taken on the surface as a little good, and a little bad. On one hand, the company is selling off assets which produce its most profitable, fastest-growing product, Redeem. On the other hand, the company has been issuing stock at rock-bottom prices over the past year to pay down its debt balance, and this asset sale will significantly reduce the need to sell more shares to raise capital in the near term.

Even factoring in the negative of selling off assets, this looks like a really smart move for Clean Energy. The company's core business is selling fuel, and building and operating stations for its customers, and its RNG production business is very capital-intensive. By selling these assets to BP, the company will not only raise up to $180 million in cash, but will also reduce its future capital expenditures related to expanding, improving, and maintaining these facilities. Furthermore, as the largest seller of natural gas for transportation, with by far the biggest network of stations in North America, the company will remain a key partner for BP when it comes to monetizing the RNG produced from these facilities.

In summary, Clean Energy will still have access to what it really needs from these facilities, but without the capital obligations, and will also gain a substantial amount of cash it can use to further reduce its debt and lower expenses.

[eastunder]

CLNE

http://finance.yahoo.com/news/edited-transcript-clne-earnings-conference-032007992.html

For the fourth quarter the Company delivered 84 million gallons, a 7.4% increase over the fourth quarter 2015. For the full year we delivered 329 million gallons, a 7% increase over the 308 million gallons we delivered in 2015.

Our fourth-quarter revenue was $102 million, and for the full year 2016 revenue was $403 million, a 5% increase over 2015. Bob will be going into more detail in a moment, but it's important to note that we recorded a full year of VETC in the fourth quarter of 2015 but only one quarter of VETC in the fourth quarter of 2016.

We reported $18 million of adjusted EBITDA in the fourth quarter, our sixth consecutive quarter of positive adjusted EBITDA. For the year we reported $85 million of adjusted EBITDA compared to $27 million in 2015.

In the beginning of 2016 we stated that our main focus as a Company would be to grow our fuel sales, deleverage our balance sheet and conserve our cash. As we review the year I feel that we have accomplished those goals, but understand that there is more work to do.

Specifically, we reduced our outstanding convertible debt by $285 million in 2016, which provides $18 million of interest savings annually. We reduced our SG&A by 7% year over year while increasing our margin per gallon 25% over 2015.

For the year our CapEx was $23.6 million, which was more than a 50% reduction from 2015. For 2017 we anticipate our CapEx budget to be around $22 million, with an additional $7 million for potential growth projects at NG Advantage. At the end of the year we had $110 million of cash and short-term investments on our balance sheet.

2016 was one of our strongest customer-focused construction years to date. For the year we completed 61 station projects and generated roughly $65 million in station construction revenue.

We grow our public station network, opening nine more truck stops including two stations on our Interstate 5 corridor, allowing fleet customers to operate along the entire West Coast from Seattle down to San Diego. We opened two stations in our Southeast corridor and two truck stops in Texas, as well as stations in North Platte, Nebraska, Salt Lake City and Oklahoma City where we anticipate supplying redeemed to over 100 Fed Ex freight trucks.

The refuse sector is one of our largest and most established markets, and it continues to grow at a healthy pace. 2016 was our strongest year yet.

We completed 32 new station projects and grew volumes to over 100 million gallons, a 15% increase over the prior year. We currently work with 152 different refuse customers fueling at 280 locations. This market has embraced natural gas fueling and invested over $1 billion in new natural gas trucks and fueling projects last year.

The transit market is another well-established and growing market. Municipal transit agencies continue to choose natural gas for their fleets of buses because of the ease, the superiority of the clean air impact and affordability. We added another nine transit customers last year, and we now fuel about 8,000 transit buses daily at 80 transit stations.

On the public policy front, we continue to be very engaged with local clean air initiatives. Here in Southern California the Port of Los Angeles and Long Beach are developing their Comprehensive Clean Air Action Plan to improve the air quality in one of the busiest ports systems in the country.

We hope spearhead the initial 2008 Clean Truck Program in the Port, which helped to launch natural gas fueling in the heavy-duty truck market. Now due to stricter air quality mandates and an aging truck fleet, the Ports are embarking on the next phase of the Clear Air Action Plan.

We anticipate that the point thousands of new trucks, powered by the zero NOx engines from Cummins Westport and fueled with low carbon renewable natural gas, will be instrumental part of this ambitious plan. And we will keep you posted as this continues to develop.

Speaking of renewable natural gas, I assume everyone saw the announcement we made last week. But I feel it's important to highlight it again.

BP is acquiring the upstream portion of our renewable natural gas business, which includes our biomethane production plants and our third-party biomethane supply contracts. This is very significant for several reasons.

First, the $155 million of proceeds from the sale will allow us to address the majority of our outstanding convertible debt without dilution to our shareholders. Additionally, there is an earn-out of up to $25 million, and BP will be absorbing $10 million of debt from our renewable business.

This agreement allows both Companies to leverage their respective capabilities to further develop the renewable fuel market. And importantly, we feel this investment from BP is validation of Clean Energy's leadership in RNG fueling and the confidence they have that this business is well positioned for long-term growth.

Clean Energy will be taking the supply from these contracts and will continue to sell it as our Redeem branded renewable natural gas through our natural gas fueling infrastructure, and we will receive a revenue split on all of those gallons. So in essence the two Companies will focus on what each does best. BP will focus on the upstream business and we will continue to focus on the downstream business.

Since we first launched our Redeem renewable fuel business in our California stations over three years ago, we have seen phenomenal sales growth. In 2016 we sold approximately 60 million gallons to customers like UPS, Republic Services, Ryder, Kroger and multiple transit agencies, and we have expanded to multiple states.

We believe our Redeem fuel is the cleanest transportation commercially -- fuel commercially available for heavy-duty vehicles in the country today. BP recognizes the enormous potential of renewable natural gas, and we're thrilled that they want to collaborate with Clean Energy to grow this market. This is a good deal for BP, Clean Energy, our customers and our communities.

This morning the Federal Trade Commission granted early termination of the HSR waiting period, thereby eliminating the single largest condition to completing the deal. We fully expect to close in March -- we fully expect to close at the end of March.

We are proud of what we accomplished in 2016. We had our most profitable year and dramatically improved our balance sheet.

For 2017 our focus is on growth, profitability and the long-term opportunity in the marketplace. Growth and profitability are straightforward.

We want to add profitable volume to our existing recurring revenue base. In addition, and just as importantly, we will be working in 2017 to set ourselves up for long-term success.

We're confident that we're in a great position. The next generations of natural gas trucks have a superior emissions profile with new zero equivalent NOx engines that can run on a renewable biomethane, are far more cost effective than any other heavy-duty solution.

We have a developing market opportunity for significant deployment of these trucks in our backyard, which could be the catalyst for accelerated growth nationwide. Lastly, we have the largest nationwide network of fueling stations and infrastructure that can deliver this transformational solution to any fleet.

[eastunder]

CLNE's Pinch

cpps 2.17 11/21/17

[eastunder]

CLNE pinch

tracking for move if any

1.46

[eastunder]

Total to Make Significant Equity Investment in Clean Energy Fuels (CLNE)

Total SA (CAC: TOTF. PA) and Clean Energy Fuels Corp. (Nasdaq: CLNE) today announced that the two companies have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks. Total has agreed to purchase up to 50.8 million shares of Clean Energy’s common stock for $83.4 million, to become Clean Energy’s largest stockholder with ownership of 25% of Clean Energy’s outstanding shares of common stock. This transaction is subject to, among other things, Clean Energy obtaining the approval at its stockholders’ meeting, which was originally scheduled for May 30, 2018 and which Clean Energy is announcing will be postponed to June 8, 2018.

Clean Energy, with support from Total, also plans to launch an innovative leasing program that is intended to place thousands of new natural gas heavy-duty trucks on the road and fueling at Clean Energy stations. As presently contemplated, this program will allow fleets to begin driving heavy-duty trucks with the cleanest engine in the world at no increased cost compared to the diesel alternative, while also guaranteeing a discounted natural gas fuel price to diesel. Total intends to provide up to $100 million of credit support for the program, which the companies expect to launch in Q3 2018.

“Customers and regulators around the world are demanding cleaner transportation alternatives, particularly in the heavy-duty market,” said Patrick Pouyanné, Chairman and CEO of Total. “Natural gas can become the fuel of choice. Total believes there is a strong development opportunity in the natural gas for transportation market in particular in the United States which benefits from unique giant low-cost gas resources. Total is looking forward to partnering with Clean Energy to accelerate the remarkable innovation capacities of this company.”

Promoting the use of natural gas and increasing its share in Total’s overall output are part of Total’s integrated strategy to expand its low carbon businesses. Total has vast experience with natural gas, with operations on five continents, making Total one of the world’s largest leaders all along the natural gas value chain, including with liquefied natural gas (LNG) positions in the U.S.

“There couldn’t be a better endorsement for the future of natural gas heavy-duty trucking in North America than for Total, one of the largest energy companies in the world, to step up with this investment,” said Andrew J. Littlefair, CEO and president of Clean Energy. “Being a European-based company, Total is all too aware of the opportunity to transition to cleaner alternative fuels. Launching the financing program should expedite the adoption of natural gas as the most environmentally friendly fuel for the trucking industry.”

Clean Energy will host a conference call today at 10:00 am EDT (7:00 am PDT) with its CEO, Andrew Littlefair, to discuss this new partnership with Total. Investors interested in participating in the live call can dial 1-800-289-0438 from the U.S. and international callers can dial 1-323-794-2423. A telephone replay will be available approximately two hours after the call concludes through June 10, 2018, by dialing 1-844-512-2921 from the U.S. and 1-412-317-6671 internationally. The replay PIN number is 6756866. There also will be a simultaneous live webcast available on the Investor Relations section of Clean Energy’s website at www.CleanEnergyFuels.com, which will be available for replay for 30 days.

[eastunder]

Clean Energy Fuels Corp. (Nasdaq: CLNE) shareholders today approved, by over 97 percent of the shares present at the company’s annual shareholders meeting, the purchase by Total Marketing Services S.A., a wholly owned subsidiary of Total S.A. (CAC:TOTF.PA), of 50.8 million shares of Clean Energy’s common stock for gross proceeds of $83.4 million. The purchase and sale of the shares is expected to close on or about June 13, 2018. Total’s acquisition will represent 25 percent of Clean Energy’s outstanding shares and will make it Clean Energy’s largest shareholder. This new partnership will combine one of the world’s leading energy companies that operates over 16,000 fueling stations with North America’s leading provider of clean natural gas as a transportation fuel. The investment will also allow Total to nominate two members to Clean Energy’s board of directors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180608005502/en/

“This significant investment by Total, whose ambition is to become the Responsible Energy Major, is a confirmation of Clean Energy’s business plan to expand the use of clean natural gas as a transportation fuel, especially by those vehicles which consume the most fuel and cause the most pollution,” said Andrew J. Littlefair, CEO and president of Clean Energy. “The number one priority of the new partnership between the companies will be to make it easier for more heavy-duty truck fleets to transition away from diesel and adopt a cleaner, zero emissions natural gas fueling solution.”

In a separate transaction, Clean Energy, with support from Total, expects to launch an innovative truck finance program to eliminate the incremental cost differential between the purchase of a natural gas truck equipped with the world’s cleanest engine and its diesel counterpart. Expected to launch during the third quarter of 2018, the program would also guarantee a five-year fixed discounted price for Clean Energy-supplied natural gas fuel, allowing heavy-duty truck fleets to immediately achieve sustainability goals at the price and ease of operating diesel trucks. Total intends to provide up to $100 million of credit support for the program.

[eastunder]

CLNE

NTS: Volume trend shift

(on Total's equity investment of 25% outstanding shares or 50.8 million shares for 83.4 million announced May 10, approved on June 8, and closed on apx June 13th)

[eastunder]

CLNE Notes:

https://www.sec.gov/Archives/edgar/data/1368265/000119312518168530/d570831ddefr14a.htm

The Purchase Agreement

On May 9, 2018, we entered into the Purchase Agreement with Total, pursuant to which we agreed to sell and issue, and Total agreed to purchase, in a private placement, up to 50,856,296 shares of our common stock at a purchase price of $1.64 per share, which was determined based on the volume-weighted average price for our common stock between March 23, 2018 (the day on which discussions began between us and Total) and May 3, 2018 (the day on which we agreed in principal with Total regarding the structure and basic terms of its investment). If all of the shares to be sold under the Purchase Agreement are issued, then we would receive gross proceeds from such sale of $83.4 million and, immediately after such issuance (and based on the number of shares of our common stock outstanding as of April 10, 2018, which was 152,514,550 shares), Total would hold 25.0% of the outstanding shares of our common stock and the largest ownership position of our Company. As of the date of the Purchase Agreement, Total did not hold or otherwise beneficially own any shares of our common stock, and Total has agreed, until the later of May 9, 2020 or such date when it ceases to hold more than 5% of our common stock then outstanding, among other similar undertakings and subject to customary conditions and exceptions, to not purchase shares of our common stock or otherwise pursue transactions that would result in Total beneficially owning more than 30% of our equity securities without the approval of the Board

Reason behind this partnership? From same link

First and most critically, the Board believes Total is a valuable strategic investor and partner for our Company. Total and its affiliates are a major global natural gas and energy organization. In particular, Total is actively pursuing clean energy initiatives and has enthusiastically embraced natural gas as a vehicle fuel. We believe a partnership with Total could enhance our strategies, initiatives and efforts to achieve our goals to grow fleet and other consumer support for the use of natural gas as a vehicle fuel in our target customer and geographic markets, through Total’s input of crucial insight and experience, its considerable influence in the global energy markets, and other contributions and factors. The Board also believes the proceeds from the sale of our common stock to Total under the Purchase Agreement would enhance our liquidity in support of our operations, our ability to execute our business plans and pursue opportunities for further growth, and our satisfaction of our commitments (including repayments on our outstanding debt). Further, the Board believes the potential truck leasing program and credit support arrangement with Total could play a critical role in generating increased adoption of natural gas as a vehicle fuel in the U.S. heavy-duty truck market, which, if this expectation materializes, could have a direct and positive impact on our financial condition and performance, and the Board believes Total’s purchase of our common stock under the Purchase Agreement would align Total’s interests with the interests of our other stockholders and the success of our Company, both in general and in connection with any truck leasing program and credit support arrangement that may be finalized.

Total update: SC 13D/A

NTS: This shows 33% not 25% ownership

June 13, 2018, the Issuer sold and issued, and Purchaser purchased, 50,856,296 shares of Common Stock for an aggregate purchase price of $83,404,325.44. The funds for the payment of the purchase price for such shares of Common Stock were obtained from Purchaser’s general working capital.

Note: Percentage calculated based on 152,568,887 shares of Common Stock outstanding as of June 10, 2018 plus 50,856,296 shares of Common Stock, which is the number of shares that Purchaser purchased pursuant to the Purchase Agreement.

https://www.sec.gov/Archives/edgar/data/879764/000119312518192618/d606663dsc13da.htm


Potential reverse split

APPROVAL OF AMENDMENT TO OUR RESTATED CERTIFICATE OF INCORPORATION

TO EFFECT A REVERSE STOCK SPLIT

Our Board is proposing for approval by our stockholders an amendment to our Restated Certificate to effect a reverse split of our authorized, issued and outstanding common stock, at such ratio and at such time as determined by the Board (or an authorized committee thereof) and as described in this Proposal 6 below. For purposes of this Proposal 6, “Reverse Stock Split” refers to such a reverse split of our common stock effected at the ratio and time as the Board may determine. Our preferred stock, 1,000,000 shares of which are authorized and none of which are issued, outstanding or reserved for issuance, would remain unchanged by the amendment to our Restated Certificate contemplated by this Proposal 6.

Background

In May 2018, our Board determined to seek the approval of our stockholders of a proposal to authorize the Board, in its discretion, to amend the Restated Certificate to effect a Reverse Stock Split of our issued and outstanding common stock at a ratio of 1-for-5, 1-for-6, 1-for-7, 1-for-8, 1-for-9 or 1-for-10, such ratio to be determined by the Board in its discretion. As a result, if the Board determines to effect a Reverse Stock Split, each outstanding five, six, seven, eight, nine or ten shares of common stock would, at the effective time of the Reverse Stock Split, be combined, converted and changed into one share of our common stock. As part of the Reverse Stock Split, the number of authorized shares of our common stock (as it may be increased pursuant to the amendment to our Restated Certificate contemplated by Proposal 5) would be reduced by the same ratio as the issued and outstanding shares of our common stock.

This Proposal 6, if approved, would not immediately cause a Reverse Stock Split to be effected, but rather would grant the Board, or an authorized committee thereof, the authority to effect a Reverse Stock Split, if and when determined by the Board or such committee, at any time on or before May 31, 2019. As a result, the Board or any such committee would have the sole discretion, until May 31, 2019, to elect whether to effect a Reverse Stock Split and, if so, the number of shares, whether five, six, seven, eight, nine or ten, of our common stock that would be combined into one share of our common stock upon implementing the Reverse Stock Split. Accordingly, approval of this Proposal 6 would authorize the Board or any such committee, in its discretion, to effectuate the Reverse Stock Split at any of the ratios described above and at any time until the date set forth above, or not to effect the Reverse Stock Split at all.

If the Board elects to effect a Reverse Stock Split, the number of shares of our common stock that are authorized but unissued, issued and outstanding, and reserved for future issuance, as well as certain other aspects of or factors related to our common stock, would undergo a variety of changes. Please see “Effects of the Reverse Stock Split on Our Common Stock” below for more information.

Reasons for the Reverse Stock Split

https://www.sec.gov/Archives/edgar/data/1368265/000119312518168530/d570831ddefr14a.htm

The Board has determined, in its business judgment, that a Reverse Stock Split of our authorized, issued and outstanding common stock at one of the proposed ratios is in the best interests of the Company and our stockholders, and as a result the Board has unanimously approved such a Reverse Stock Split, subject to stockholder approval, and has unanimously recommended that our stockholders approve such a Reverse Stock Split by voting in favor of this Proposal 6. In addition, the Board has determined that obtaining the approval of our stockholders of the six proposed ratios for a Reverse Stock Split (as opposed to approval of a single ratio) provides the Board with appropriate flexibility to better achieve the purposes of a Reverse Stock Split, and as a consequence, is in the best interests of our Company and our stockholders. In making this determination and approval, the Board considered, among other things: the historical market price and trading volume of our

common stock; prevailing market and economic conditions and trends; input of our significant stockholders; recent practices at other public companies; guidelines and potential voting recommendations of third-party proxy advisory services, including ISS; a recommendation from our management; and our agreement to issue and sell shares of our common stock to Total under the Purchase Agreement, as described in Proposal 4 above.

The Board is requesting that our stockholders approve, and grant the authority to the Board to determine whether to effect, a Reverse Stock Split primarily because it could improve the marketability and liquidity of our common stock by increasing its prevailing market price. We believe the current low per share market price of our common stock has had a negative effect on the marketability of the outstanding shares of our common stock, and we believe there are several reasons for these effects. First, certain institutional and other investors have internal policies that prohibit purchases of lower-priced stocks, and a variety of policies and practices of broker-dealers also discourage individual brokers within these firms from dealing in lower-priced stocks. Second, because the brokers’ commissions on lower-priced stocks generally represent a higher percentage of the stock price than commissions on higher-priced stocks, the current market price of our common stock could result in individual stockholders paying transaction costs (commissions, markups or markdowns) that are a higher percentage of the total share value than would be the case if the market price of the shares was higher. This factor is also believed to limit the willingness of some institutions and other investors to purchase shares of our common stock at all. We expect a Reverse Stock Split could result in a higher prevailing market price for our common stock, which could help to alleviate some of these negative effects, and we believe the other transactions discussed in this Supplement (and in some cases for which we are also seeking stockholder approval), including our transactions and proposed relationships with Total discussed in Proposal 4 above, could add momentum to any such increase. In addition, the Board believes the decrease in the number of shares of our common stock outstanding as a consequence of the Reverse Stock Split, as well as the anticipated increase in the prevailing market price of our common stock, could attract new long-term investors and generate new interest in our common stock, which could potentially promote greater liquidity for our existing stockholders, and could also reduce holdings by speculative investors, which could help to reduce volatility in the trading volume and market price of our common stock. We note, however, that if the Board elects to implement the Reverse Stock Split, an increase in the market price of our common stock after the Reverse Stock Split, if any, may be proportionately less than the decrease in the number of outstanding shares, and any such increase may not be sustained and may subsequently decrease to current or lower market prices, any of which would effectively reduce our Company’s market capitalization. See “Possible Effects of the Reverse Stock Split on Our Common Stock” below for more information.

This transaction is not, and the Board does not intend for it to be, the first step in a series of plans or proposals of a “going private” transaction within the meaning of Rule 13e-3 under the Exchange Act.

Board Discretion to Implement the Reverse Stock Split

If this Proposal 6 is approved by our stockholders, a Reverse Stock Split would be effected, if at all, only upon a determination by the Board or an authorized committee thereof to effect the Reverse Stock Split, with a ratio among those set forth in this Proposal 6 as determined by the Board or such committee and as of an effective time on or before May 31, 2019. Such determination would be based on many factors, including the factors described above that were considered by the Board in determining to approve the solicitation of stockholder approval for this Proposal 6. Notwithstanding any approval of this Proposal 6 by our stockholders, the Board may, in its sole discretion, determine to abandon the Reverse Stock Split for a period of time or in its entirety. If, however, the Board does not implement the Reverse Stock Split before May 31, 2019, further stockholder approval would be required in order to implement any reverse stock split.

Effects of the Reverse Stock Split on Our Common Stock

After a Reverse Stock Split, if implemented, each of our stockholders would own a reduced number of shares of our common stock; however, the Reverse Stock Split would affect all of our stockholders uniformly,

and thus would not, in itself, affect any stockholder’s percentage ownership in our Company, except to the extent the Reverse Stock Split results in a stockholder receiving cash in lieu of an interest in a fractional share, as described below. Similarly, the number of our stockholders would not be affected by the Reverse Stock Split, except to the extent any stockholder holds only an interest in a fractional share after the Reverse Stock Split and receives cash for such interest rather than any shares of our common stock, as described below. As of April 10, 2018, there were approximately 59,444 holders of our common stock, including an estimated 59,390 beneficial owners whose shares are held on their behalf by brokers, banks or other nominees.

In addition, proportionate voting rights and other rights of the holders of our common stock would not be affected by the Reverse Stock Split, except as a result of the payment of cash in lieu of fractional shares, as described below. For example, a holder of 2% of the voting power of the outstanding shares of our common stock immediately before the Reverse Stock Split would continue to hold 2% of the voting power of the outstanding shares of our common stock immediately after the Reverse Stock Split.

Also, the number of outstanding shares of our common stock and the number of authorized shares of our common stock would be reduced in accordance with the ratio for the Reverse Stock Split selected by the Board (or an authorized committee thereof) from among those set forth in this Proposal 6, but the percentage of the authorized shares of our common stock that are issued and outstanding would remain the same before and after the Reverse Stock Split is implemented (unless Proposal 5 as described in this Supplement is also approved and implemented, as described above and as shown in the tables below). For example, based on the 152,514,550 shares of our common stock outstanding on April 10, 2018 and the 224,000,000 shares of our common stock currently authorized under the Restated Certificate, a Reverse Stock Split at a ratio of 1-for-10 would have the effect of reducing the number of outstanding shares of our common stock to approximately 15,251,455 and reducing the number of authorized shares of our common stock to 22,400,000, thereby reducing the number of authorized but unissued shares of common stock from 71,485,450 to approximately 7,148,545; however, the number of shares of outstanding common stock would remain approximately 68% of the number of shares of authorized common stock both before and after the Reverse Stock Split.

Further, the Reverse Stock Split would reduce the number of shares of our common stock issuable upon conversion, exercise or vesting and settlement of outstanding convertible notes, options and restricted stock units (and, if applicable, would increase the conversion, exchange or exercise price per share under such convertible notes, options and restricted stock units), as well as the number of shares of our common stock reserved for issuance pursuant to our employee stock purchase plan and equity awards we may grant in the future under our equity incentive plans. In each such case, the number of shares of our common stock would be reduced by the ratio at which the Reverse Stock Split is implemented, and any applicable conversion, exchange or exercise price per share would be increased by the same ratio.

[eastunder]

CLNE

3-9-19

2.06

Clean Energy Fuels Corp (Nasd: CLNE)

SEC, nasdaq,

ShortSqueeze, yahoo

Finviz, StockTA, Stoxline,