CLNE

Clean Energy Fuels Corp.

NASDAQ · UTILITIES · GAS & OTHER SERVICES COMBINED

1.46

+0.06 +4.29%

USD · close Oct 23

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MKT CAP $321.8MP/E —DIV YIELD —FCF YIELD 7.10%REV TTM $442.4M +5.2%NET INCOME −$94.1MNET DEBT $172M52W 1.35 – 2.99SEC XBRL · TTM TO Invalid Date

How CLNE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

59%

of sentences unchanged

Added

160

new sentences

Dropped

171

sentences removed

Length

+338

words, now 22,026

New in FY2025

We own registered or unregistered trademark or service mark rights to Clean Energy®.
We are focused on developing, owning, and operating dairy RNG projects and supplying RNG (currently procured from third party sources) to our customers in the heavy and medium-duty commercial transportation sectors.
We have participated in the alternative vehicle fuels industry for over 28 years.
Clean Energy also sells bulk natural gas in the form of LNG and CNG to customers ranging from marine cargo ships to space aircraft to large paper mills.
We believe we were the first organization to sell RNG as a vehicle fuel in the U.S., and sales of our RNG for such purpose have increased from 13.0 million gasoline gallon equivalents (“GGEs”) in 2013 to 237.4 million GGEs in 2025.
We are North America’s leading provider of the cleanest fuel for the commercial transportation market, based on both the number of stations we operate and the amount of GGEs serviced and GGEs sold of RNG, in the form of CNG and LNG, which amounted to a total of 468 million GGEs in 2025.
With the Company’s focus on RNG, our sales of RNG volume have grown from 12% of our vehicle fuel sales in 2013 to 88% of our vehicle fuel sales in 2025 (excluding GGEs from O&M (as defined below) services sales and non-vehicle sales).
We believe that during 2025 we provided 50% and 32% of the RNG used for transportation fuel in California and the U.S., respectively.
As a comprehensive clean energy solutions provider, we also design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the U.S. and Canada; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, New Mexico and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.
Our sources of commercial scale biogas are anaerobic digester gas (“ADG”), which is produced inside an airtight tank used to breakdown organic matter such as dairy and other livestock waste, and landfill gas (“LFG”), which is produced by the decomposition of organic waste at landfills.
To that end we believe owning RNG facilities that provide a portion of our demand is beneficial.
We do that on our own as well as through partnerships with TotalEnergies S.E.
(“TotalEnergies”), BP Products North America (“bp”) and Maas Energy.
Because our business transforms waste methane into a renewable source of energy, our RNG generates Environmental Credits under federal and state initiatives.
California Air Resources Board “Current Fuel Pathways” 2025 At present, we see the best use of RNG as a replacement for fossil-based fuel, primarily diesel, being in the transportation sector.
As of December 31, 2025, we deliver RNG to the transportation market through 582 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California.
We also own, operate, or supply 27 fueling stations in Canada as of December 31, 2025.
Critically, to generate Environmental Credits, the RNG must be placed in vehicle fuel tanks.
As of December 31, 2025, we served over 1,200 fleet customers operating over 65,000 vehicles on our fuels.
We source RNG from the DR JV (as defined below), and purchase RNG from bp and other third-party producers, comprising over 150 supply sources, typically under long-term RNG supply offtake agreements.
In 2025, our third-party sourced RNG consisted of 40% ADG and 60% LFG.
The Pickens Plant can produce 23.7 million gallons of LNG per year and includes a tanker trailer loading system and a storage tank that can hold up to 830,000 usable gallons.
The Company continues to source substantially all of its LNG from its own liquefaction plants, with supplemental volumes purchased from third-party sources as needed.
The number of Environmental Credits we sell and our revenue from these sales can vary depending on a number of factors, including the market for these credits, which has been volatile and subject to significant price fluctuations in recent periods (for example, in 2025, market prices for RINs were as high as $2.50 and as low as $2.05 and market prices for LCFS Credits were as high as $75.50 and low as $40.00), any changes to the federal and state programs under which the credits are generated and sold, and our ability to strictly comply with these programs.
Fueling transportation’s transition to renewable energy The fuel we provide enables our customers to transition from diesel to a solution with significantly lower GHG emissions and air quality impacts today.
We are committed to pushing ourselves and our partners further by helping to produce and distribute 100% RNG and continuing to achieve lower carbon intensity scores on the RNG every year.
Building the workforce for the future of renewable energy At Clean Energy we have always had a strong focus on employee and contractor safety and strive to be a zero-incident workplace for our service technicians and staff, as well as our customers using our facilities.
Advancing smart policies that drive the transformation to zero carbon fuels Widespread change will be necessary across all industries to achieve our collective climate goals while maintaining a vibrant economy.
Earning stakeholder trust To realize our ambitious goals we are building trusted partnerships with our stakeholders.
According to data released in 2025 by The Transport Project, a national organization dedicated to the development of a growing, profitable, and sustainable market for vehicles powered by alternative fuels, “in 2024, 86% of all-natural gas motor fuel dispensed for transportation use in the United States was RNG.” Further, RNG engines now commercially available for heavy-duty, regional-haul, refuse, transit, and vocational applications have been certified to satisfy CARB’s optional low nitrogen oxide (“NOx”) emission standard of 0.02 g/bhp-hr.
Increasing vehicle availability RNG is a replacement for fossil-based fuels used in vehicles powered by internal combustion engines, including those traditionally fueled by gasoline or diesel.
In the United States, a wide range of RNG-capable vehicles and engines are commercially available across heavy- and medium-duty applications, including long-haul and regional tractors, refuse trucks, transit and school buses, ready-mix trucks, delivery and vocational vehicles, and certain light-duty platforms such as pickup trucks and cargo and passenger vans. Engine and vehicle availability for heavy-duty natural gas applications continued to expand in recent years.
In 2024, Cummins Inc., a global engine manufacturer, introduced the X15N, a 15-liter natural gas engine designed for the heavy-duty truck market.
The X15N is intended to support long-haul and regional haul operations and represents an additional engine option for fleets evaluating natural gas-powered vehicles. In 2025, the Company launched its second heavy-duty truck demonstration program, featuring a Freightliner Cascadia Gen 5 day cab equipped with the Cummins X15N natural gas engine.
The program is designed to provide fleet operators with the opportunity to evaluate heavy-duty vehicles powered by RNG under real-world operating conditions while utilizing the Company’s nationwide RNG fueling network.
The program builds on the Company’s prior heavy-duty demonstration initiatives involving natural gas-powered vehicles. In addition, in 2025 the Company made a $1.5 million strategic cost-method investment in Pioneer Clean Fleet Solutions, Inc (“Pioneer”). in exchange for 2,000,000 shares of its Series A Preferred Stock, which represented approximately 9% of the equity in the investee.
Pioneer is a privately held company focused on providing low-carbon fleet leasing and fueling solutions.
The investment is intended to support broader adoption of natural gas-powered heavy-duty vehicles by helping address certain barriers to fleet deployment, including vehicle access and financing solutions. Availability of long-term feedstock supply Biogas is collected and processed to remove impurities for use as RNG and injected into existing natural gas pipelines.
From inception to December 31, 2025, we and bp have collectively contributed approximately $455.5 million of equity to the bpJV.
Currently, there are five ADG RNG projects in operation and one large ADG RNG project under construction, which is planned to be completed in 2026.

and 120 more.

Gone since FY2024

We own registered or unregistered trademark or service mark rights to Clean Energy™ and Clean Energy Renewables™.
We are focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG (currently procured from third party sources and from our anaerobic digester gas (“ADG”) RNG joint venture project with TotalEnergies S.E.
(the “DR JV”) (see Note 3)) to our customers in the heavy and medium-duty commercial transportation sectors.
We have participated in the alternative vehicle fuels industry for over 20 years.
We believe we were the first organization to sell RNG as a vehicle fuel in the U.S., and sales of our RNG for such purpose have increased from 13.0 million gasoline gallon equivalents (“GGEs”) in 2013 to 236.7 million GGEs in 2024.
We are North America’s leading provider of the cleanest fuel for the commercial transportation market, based on both the number of stations we operate and the amount of GGEs serviced and GGEs sold of RNG and conventional natural gas, in the form of CNG and LNG, which amounted to a total of 477.9 million GGEs in 2024.
With the Company’s focus on RNG, our sales of RNG volume have grown from 12% of our vehicle fuel sales in 2013 to 89% of our vehicle fuel sales in 2024 (excluding GGEs from O&M (as defined below) services sales and non-vehicle sales).
We believe that during 2024 we provided 50% and 39% of the RNG used for transportation fuel in California and the U.S., respectively.
As a comprehensive clean energy solutions provider, we also design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the U.S. and Canada; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.
Commercial transportation, including heavy-duty trucking, generates a significant portion of the emissions of overall carbon dioxide and other climate-harming GHGs, and transitioning this sector to low and negative carbon fuels is a critical step towards reducing overall global GHG emissions.
According to the Global Carbon Project’s Global Carbon Budget published in December 2024 and International Energy Agency’s topic analysis on transport, 37.0 billion metric tons of carbon dioxide were emitted globally in 2023, of which 8.0 billion metric tons, or 22%, came from the transportation sector.
There is a global demand for reducing GHG emissions, as evidenced by 98% of the world’s countries having committed to the Paris Agreement according to The United Nations Framework Convention in Climate Change, and 98.6% of S&P 500 companies focusing on sustainability metrics, including GHG emissions, according to the Governance & Accountability Institute’s Flash Report published in 2024.
Our sources of commercial scale biogas are ADG, which is produced inside an airtight tank used to breakdown organic matter such as dairy and other livestock waste, and landfill gas (“LFG”), which is produced by the decomposition of organic waste at landfills.
To that end we are pursuing development and ownership of dairy and other livestock waste ADG projects on our own and with partners including TotalEnergies S.E.
(“TotalEnergies”) and BP Products North America (“bp”).
Because our business transforms waste methane into a renewable source of energy, our RNG generates valuable Environmental Credits under federal and state initiatives.
California Air Resources Board “Current Fuel Pathways” Q2 2021 to Q3 2024 At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector.
As of December 31, 2024, we deliver RNG to the transportation market through 582 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California.
We also own, operate, or supply 25 fueling stations in Canada as of December 31, 2024.
Critically, to generate valuable Environmental Credits, the RNG must be placed in vehicle fuel tanks.
As of December 31, 2024, we served over 1,000 fleet customers operating over 50,000 vehicles on our fuels.
Recently, we have expanded our offering to include hydrogen fuel for vehicle fleets and have won multiple competitive bids to build hydrogen stations for California transit agencies.
As more operators deploy hydrogen powered vehicles, we can modify our fueling stations to reform our RNG and deliver clean hydrogen to customers.
We also believe our RNG can be used to generate clean electricity to power electric vehicles, and we have the capability to add electric vehicle charging at our station sites, although the cost of adding electric vehicle charging capacity may be significant.
We source RNG from the DR JV, one of our jointly owned RNG production facilities, and purchase RNG from bp and other third-party producers, comprising over 150 supply sources, typically under long-term RNG supply offtake agreements.
In 2024, our third-party sourced RNG consisted of 34% ADG and 66% LFG.
The Pickens Plant can produce 36.5 million gallons of LNG per year and includes a tanker trailer loading system and a storage tank that can hold up to 830,000 usable gallons.
In 2024, we produced 93% of our LNG at our plants and purchased the remainder of our LNG from third-party suppliers.
The number of Environmental Credits we sell and our revenue from these sales can vary depending on a number of factors, including the market for these credits, which has been volatile and subject to significant price fluctuations in recent periods (for example, in 2024, market prices for RINs were as high as $3.57 and as low as $2.08 and market prices for LCFS Credits were as high as $78.50 and low as $40.00), any changes to the federal and state programs under which the credits are generated and sold, and our ability to strictly comply with these programs.
Fueling transportation’s transition to renewable energy.
The fuel we provide enables our customers to transition from diesel to a solution with significantly lower GHG emissions and air quality impacts today.
We are committed to pushing ourselves and our partners further by helping to produce and distribute 100% RNG, which can have a low carbon profile.
Building the workforce for the future of renewable energy.
At Clean Energy we have always had a strong focus on employee and contractor safety and strive to be a zero-incident workplace for our service technicians and staff, as well as our customers using our facilities.
Advancing smart policies that drive the transformation to zero carbon fuels.
Widespread change will be necessary across all industries to achieve our collective climate goals while maintaining a vibrant economy.
To realize our ambitious goals we are building trusted partnerships with our stakeholders.
According to The Transport Project, a national organization dedicated to the development of a growing, profitable, and sustainable market for vehicles powered by alternative fuels, in 2023, “RNG use as a transportation fuel increased 92% from 2019 levels, and RNG use as a motor fuel displaced 6.96 million metric tons of carbon dioxide equivalent.” Further, RNG engines now commercially available for heavy-duty, regional-haul, refuse, transit, and vocational applications have been certified to satisfy CARB’s optional low nitrogen oxide (“NOx”) emission standard of 0.02 g/bhp-hr.
Increasing vehicle availability RNG is a replacement for fossil-based fuel consumed by vehicles that use internal combustion engines like those used in gasoline- or diesel-powered vehicles.
Virtually any car, truck, bus, or other vehicle is capable of being manufactured to run on RNG.

and 131 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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