Clean Energy Fuels Business Summary

Clean Energy Fuels Corp. (CLNE) operates a vertically integrated business model centered on the production and distribution of Renewable Natural Gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG). The company generates revenue primarily through transaction-based fuel sales at its network of over 600 fueling stations, the monetization of environmental credits—including Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits—and fees from station construction and long-term operations and maintenance (O&M) services. Its primary business segments include downstream fueling services for heavy-duty trucking, refuse, and transit fleets, and an expanding upstream production arm focused on dairy-to-fuel RNG projects. Direct competitors include OPAL Fuels, Montauk Renewables, and New Fortress Energy; Clean Energy maintains a dominant market position as North America’s largest provider of RNG for the transportation sector, currently leveraging its infrastructure to transition from a pure distributor to a high-margin fuel producer. The company was co-founded in 1997 by energy tycoon T. Boone Pickens and current President and CEO Andrew J. Littlefair, who previously served as Vice President of Public Affairs at MESA Inc. and as a staff assistant in the Reagan Administration. The leadership team includes Chief Financial Officer Robert Vreeland, who brings extensive finance experience from roles at Hypercom and Coopers & Lybrand, and Mitchell W. Pratt, who serves as Chief Technology Development Officer. Strategic development is led by Senior Vice President Barclay "Clay" Corbus, formerly the Co-CEO of WR Hambrecht + Co. Clean Energy is supported by a significant strategic partnership with TotalEnergies SE, which holds approximately 19% of the company’s shares and maintains board representation through Marc de Guilhem de Lataillade and Aimeric Ramadier. The board is chaired by Stephen Scully, founder of The Scully Companies, providing deep expertise in the logistics and trucking industries.