Clean Energy Fuels Shares Rise 30% on Partnership with Chevron's Adopt-a-Port Initiative

Source: Streetwise Reports 07/08/2020

Shares of Clean Energy Fuels Corp. established a new 52-week high after the company reported it is teaming up with Chevron on its Adopt-a-Port renewable natural gas initiative to reduce emissions.

Clean Energy Fuels Corp. (CLNE:NASDAQ), which supplies compressed, liquefied and renewable natural gas for light-, medium- and heavy-duty vehicles, yesterday announced that it is partnering with Chevron Corp. (CVX:NYSE) on its Adopt-a-Port initiative. The firms stated that “the Adopt-a-Port program provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative renewable natural gas (RNG) to reduce emissions.”

As part of the Adopt-a-Port program, Chevron will be responsible for providing funding to subsidize truck operators to cover the cost of buying new RNG-powered trucks and supplying RNG to Clean Energy stations located near the ports. Clean Energy is charged with offering fueling services to qualified truck operators and managing the program.

The companies claimed that the initiative will serve to eliminate climate pollutants and will result in the reduction of smog-forming NOx emissions by 98% compared to diesel trucks.

Chevron’s V.P. of Americas Products – West Mike Vomund, commented, “We are excited to be partnering with Clean Energy as we continue to innovate in the renewable, low-carbon fuel space…Along with other recent investments like CalBio, selling branded renewable diesel in San Diego County and piloting EV charging stations, Adopt-a-Port further demonstrates Chevron’s commitment to increasing renewables in support of our business, continuing our overall aim to provide the affordable, reliable and ever-cleaner energy.”

“Switching trucks to fuel with RNG is vital to improving air quality and fighting climate change in our country’s largest port complex,” said Greg Roche, vice president, Clean Energy. “We’re proud to partner with Chevron on the Adopt-a-Port initiative that will put additional clean, carbon-negative trucks on the road and lessen the environmental impact on operations in the region.”

Clean Energy Fuels Corp. is based in Newport Beach, Calif., and is a provider of clean fuel for the transportation market. The company’s Redeem™ renewable natural gas (RNG) is derived from captured biogenic methane that is produced from decomposing organic waste. The company’s RNG products help power commercial vehicle fleets, airport shuttles, city buses and waste and heavy-duty trucks. The firm indicates on its website that it has a network of approximately 540 fueling stations across the U.S. and Canada and can deliver Redeem through both compressed natural gas (CNG) and liquefied natural gas (LNG).

Clean Energy started the day with a market capitalization of around $444.0 million with approximately 200.9 million shares outstanding. CLNE shares opened higher today at $2.29 (+$0.08, +3.62%) over yesterday’s $2.21 closing price and reached a new 52-week high price this morning of $3.75. The stock has traded today between $2.28 and $3.75 per share and is currently trading at $2.87 (+$0.66, +29.81%).

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