Clean Energy’s Refuse Business Continues to Drive Growth
July 09 2015 - 6:00AM
Business Wire
Company is on Track to Complete a
Record 36 New Station Projects in 2015 for Waste Customers
Clean Energy Fuels Corp. (NASDAQ:CLNE) today announced that it
has completed 14 station construction projects for refuse customers
in the first six months of the year and expects to complete another
22 by the end of 2015, which will enable new or expanding refuse
fleets to fuel with clean, less-expensive natural gas. These
stations support the country’s largest waste companies such as
Waste Management, Republic Services and Progressive Waste
Solutions, as well as regional companies like Knight Waste and
municipalities like the City of Medicine Hat in Alberta,
Canada.
Clean Energy’s refuse business continues to steadily expand,
providing a significant portion of the company’s revenues now
through three sources. In addition to revenue received from the
construction of new stations and expansion of existing stations and
the recurring revenues from fuel sales and operating and
maintaining stations for long-term refuse customers, more and more
companies are now taking advantage of Clean Energy’s Facility
Modification Services unit. Clean Energy has been contracted by
Waste Management, Republic Services and others to upgrade vehicle
maintenance facilities to comply with all local and national code
requirements for a number of refuse customers.
“Despite being the first market to fully adopt natural gas years
ago, the refuse industry continues to provide Clean Energy with
very healthy growth,” said Andrew J. Littlefair, president and CEO
of Clean Energy. “The second half of each year typically provides
the most robust activity in station construction for our refuse
customers as this is when their new trucks arrive and we believe
2015 will be no exception.”
Over 60% of the new refuse trucks sold in the United States
today are powered by natural gas with some companies reaching 90%.
Clean Energy has relationships with over 125 individual waste
companies and municipality waste divisions in North America, and
over 9,400 refuse trucks fuel at a Clean Energy built or maintained
station daily.
“It has become almost a requirement for refuse companies to
convert at least part of their fleets to natural gas in order to
stay economically and environmentally competitive,” said Raymond
Burke, vice president of Clean Energy for business development
(solid waste). “Clean Energy works with each of our customers to
assess their individual needs to make the transition or expansion
to natural gas seamless so that they can begin to enjoy the
benefits of natural gas fueling without a hiccup.”
Watch a short video about Clean Energy’s refuse business at:
https://www.youtube.com/watch?v=zTOkYcXlVds
Natural gas fuel costs up to $1.00 less than gasoline or diesel,
depending on local market conditions. The use of natural gas fuel
not only reduces operating costs for vehicles, but also reduces
greenhouse gas emissions up to 30% in light-duty vehicles and 23%
in medium- to heavy-duty vehicles. In addition, nearly all natural
gas consumed in North America is produced domestically.
About Clean Energy
Clean Energy Fuels Corp. (NASDAQ:CLNE) is the leading provider
of natural gas fuel for transportation in North America. We build
and operate compressed natural gas (CNG) and liquefied natural gas
(LNG) fueling stations; manufacture CNG and LNG equipment and
technologies for ourselves and other companies; develop renewable
natural gas (RNG) production facilities; and deliver more CNG, LNG
and Redeem RNG fuel than any other company in the U.S. For more
information, visit www.cleanenergyfuels.com.
Forward-Looking Statements
This news 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, including without limitation
statements about the station construction activity for refuse
customers in the second half of 2015, the anticipated revenue
associated with construction of new stations and expansion of
existing stations and the benefits of natural gas relative to
gasoline and diesel. Actual results and the timing of events could
differ materially from those anticipated in these forward-looking
statements as a result of several factors, including without
limitation the price of natural gas relative to gasoline and
diesel, the cost and operating experience associated with natural
gas vehicles, and permitting and other factors affecting
construction. The forward-looking statements made herein speak only
as of the date of this press release and, unless otherwise required
by law, the Company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances. Additionally, the reports and other documents the
Company files with the SEC (available at www.sec.gov) contain risk
factors, which may cause actual results to differ materially from
the forward-looking statements contained in this news release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150709005366/en/
Clean Energy Media Contact:Gary Foster,
949-437-1113gfoster@cleanenergyfuels.comorClean Energy Investor
Contact:Tony Kritzer,
949-437-1403tkritzer@cleanenergyfuels.com
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