Clean Energy Fuels Corp. (CLNE) Bundle
A Brief History of Clean Energy Fuels Corp.
Clean Energy Fuels Corp. (CLNE) has established itself as a leader in providing natural gas as an alternative fuel for vehicle fleets. The company focuses on the development and operation of natural gas fueling stations across North America and Europe, supporting the transition to cleaner energy sources.
Company Overview
Founded in 1997, Clean Energy Fuels has expanded its operations significantly over the years. As of September 30, 2024, the company operates over 550 fueling stations worldwide, with a strong presence in the United States and Canada.
Financial Performance
As of the nine months ended September 30, 2024, Clean Energy Fuels reported total revenue of $306.5 million, a decrease from $318.3 million in the same period of 2023.
| Financial Metric | Q3 2023 | Q3 2024 | 9M 2023 | 9M 2024 |
|---|---|---|---|---|
| Total Revenue | $95.6 million | $104.9 million | $318.3 million | $306.5 million |
| Product Revenue | $81.3 million | $89.9 million | $276.6 million | $262.3 million |
| Service Revenue | $14.3 million | $15.0 million | $41.7 million | $44.3 million |
| Net Loss | $(25.9) million | $(18.3) million | $(81.3) million | $(53.4) million |
Cost Structure
For the nine months ended September 30, 2024, the company's cost of sales was $212.7 million, resulting in an operating loss of $23.4 million. This is a significant reduction from the operating loss of $69.8 million reported for the same period in 2023. Key components of the cost structure include:
- Product cost of sales: $184.2 million (60.1% of total revenue)
- Service cost of sales: $28.5 million (9.3% of total revenue)
- Selling, General and Administrative Expenses: $83.4 million
- Depreciation and Amortization: $33.8 million
Debt and Financing
As of September 30, 2024, Clean Energy Fuels reported total indebtedness of approximately $303.3 million. Interest expense for the nine months ended September 30, 2024 was $24.0 million, up from $12.6 million in the prior year, primarily due to increased outstanding debt levels.
| Debt Obligation | As of December 31, 2023 | As of September 30, 2024 |
|---|---|---|
| Stonepeak Term Loan | $300.0 million | $300.0 million |
| Other Debt | $255,000 | $211,000 |
| Total Debt | $300.3 million | $300.2 million |
Market Position and Growth Strategy
Clean Energy Fuels continues to expand its market presence through strategic partnerships and joint ventures. In collaboration with TotalEnergies and bp, the company manages RNG projects, generating additional revenue streams through management and operational fees.
The company’s focus on renewable natural gas (RNG) is pivotal for its growth strategy, as it aligns with global trends towards sustainability and reducing carbon emissions. The total fuel volume sold as of September 30, 2024, was 218.9 million GGEs, an increase from 215.3 million GGEs in the same period of 2023.
Conclusion
Clean Energy Fuels Corp. is well-positioned within the alternative fuel market, leveraging its extensive network of fueling stations and commitment to renewable energy. The company's financial performance reflects its ongoing efforts to improve operational efficiency and expand its market share in an evolving energy landscape.
A Who Owns Clean Energy Fuels Corp. (CLNE)
Major Shareholders
As of 2024, the ownership structure of Clean Energy Fuels Corp. (CLNE) consists of various institutional and individual shareholders. The largest shareholders include:
| Shareholder | Ownership Percentage | Shares Owned |
|---|---|---|
| Stonepeak Infrastructure Partners | 20.0% | 44,500,000 |
| Amazon.com, Inc. | 26.5% | 59,000,000 |
| BlackRock, Inc. | 6.3% | 14,000,000 |
| Vanguard Group, Inc. | 5.0% | 11,000,000 |
| Other Institutional Investors | 20.0% | 44,500,000 |
| Individual Investors | 22.2% | 49,000,000 |
Stock Performance and Financial Data
As of September 30, 2024, Clean Energy Fuels Corp. reported a net loss attributable to the company of $18.2 million for the three months ending September 30, 2024, compared to a net loss of $25.8 million in the same period of 2023. The weighted-average common shares outstanding were 223,428,900 for the nine months ended September 30, 2024.
| Financial Metric | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Net Loss | $25.8 million | $18.2 million | Improvement |
| Weighted Average Shares Outstanding | 222,973,575 | 223,428,900 | Increase |
| Basic and Diluted Loss per Share | $(0.12) | $(0.08) | Improvement |
Institutional Ownership Trends
Institutional ownership in Clean Energy Fuels Corp. has shown a steady increase, with significant investments from major firms such as BlackRock and Vanguard. The total institutional ownership is estimated at 57.5% as of September 30, 2024, reflecting growing confidence in the company's business model.
Recent Developments
In May 2024, Clean Energy Fuels Corp. entered into a joint development agreement with Maas Energy Works, LLC, which grants the company exclusive rights to acquire, fund, and participate in the development of certain RNG production projects. This agreement is expected to enhance the company's revenue streams and operational capacity.
| Development Agreement | Investment Amount | Expected Revenue Share |
|---|---|---|
| Maas Energy Works, LLC | $132 million | 49% of Income/Loss |
Debt and Financial Obligations
As of September 30, 2024, Clean Energy Fuels Corp. had total indebtedness of approximately $303.3 million. The company anticipates total interest payment obligations of approximately $29.3 million in 2024, with a significant portion already paid as of the reporting date.
| Debt Due Year | Amount Due |
|---|---|
| 2024 | $0.9 million |
| 2025 | $1.1 million |
| 2026 | $0.7 million |
| 2027 | $0.5 million |
| 2028 | $0.1 million |
| Thereafter | $300.0 million |
Overall, Clean Energy Fuels Corp. maintains a diversified ownership structure with significant institutional backing, and its financial performance is gradually improving as reflected in recent quarterly results.
Clean Energy Fuels Corp. (CLNE) Mission Statement
Mission Overview
The mission of Clean Energy Fuels Corp. is to provide cleaner and renewable natural gas (RNG) solutions to reduce greenhouse gas emissions and foster sustainable energy practices. The company focuses on developing fueling infrastructure and providing alternative fuels for transportation, particularly in the heavy-duty vehicle sector.
Recent Financial Performance
As of September 30, 2024, Clean Energy Fuels Corp. reported a total revenue of $306.5 million for the nine months ended, with product revenue accounting for $262.3 million (85.6%) and service revenue at $44.2 million (14.4%).
| Financial Metric | Q3 2023 | Q3 2024 | 9M 2023 | 9M 2024 |
|---|---|---|---|---|
| Total Revenue | $95.6 million | $104.9 million | $318.3 million | $306.5 million |
| Product Revenue | $81.3 million | $89.9 million | $276.7 million | $262.3 million |
| Service Revenue | $14.3 million | $15.0 million | $41.6 million | $44.2 million |
| Net Loss | $(25.8) million | $(18.2) million | $(80.8) million | $(52.9) million |
Market Position and Strategy
Clean Energy Fuels Corp. positions itself as a leader in the RNG market, focusing on sustainable transportation and the development of infrastructure for alternative fuels. The company's strategy includes expanding its fueling station network and investing in advanced RNG production projects. As of September 30, 2024, the company has invested approximately $284.9 million in RNG production facilities.
Capital Expenditures
For the year 2024, Clean Energy Fuels Corp. has projected capital expenditures of approximately $60 million, primarily focused on the construction of new fueling stations and the development of LNG plants.
Debt and Financial Obligations
As of September 30, 2024, the company reported total indebtedness of approximately $303.3 million. This includes a principal balance of $300 million related to the Stonepeak Term Loan.
| Debt Maturity Schedule | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter |
|---|---|---|---|---|---|---|
| Principal Amount Due | $0.9 million | $1.1 million | $0.7 million | $0.5 million | $0.1 million | $300.0 million |
Operating Metrics
The company reported significant operational metrics with a total fuel volume of 218.9 million GGEs (Gasoline Gallon Equivalents) sold for the nine months ended September 30, 2024, compared to 215.3 million GGEs in the same period of 2023.
| Operating Metrics | 2023 | 2024 |
|---|---|---|
| Total Fuel Volume (GGEs in millions) | 215.3 | 218.9 |
| RNG Volume (GGEs in millions) | 168.7 | 174.7 |
| Conventional Natural Gas Volume (GGEs in millions) | 46.6 | 44.2 |
Conclusion on Mission Alignment
Clean Energy Fuels Corp. continues to align its operational goals and financial strategies with its mission to provide cleaner energy solutions, demonstrating a commitment to sustainability and innovation in the energy sector.
How Clean Energy Fuels Corp. (CLNE) Works
Business Overview
Clean Energy Fuels Corp. operates as a provider of natural gas fuel for vehicle fleets in the United States and Canada. The company focuses on renewable natural gas (RNG) and conventional natural gas, offering solutions to reduce greenhouse gas emissions.
Revenue Streams
The company generates revenue primarily through two segments:
- Product Revenue: This includes sales of RNG and conventional natural gas in the form of compressed natural gas (CNG) and liquefied natural gas (LNG).
- Service Revenue: This consists of operational and maintenance services (O&M) provided at fueling stations.
Financial Performance
For the nine months ended September 30, 2024, Clean Energy Fuels reported the following financial highlights:
| Financial Metric | Q3 2023 | Q3 2024 | 9M 2023 | 9M 2024 |
|---|---|---|---|---|
| Total Revenue | $95.6 million | $104.9 million | $318.3 million | $306.5 million |
| Product Revenue | $81.3 million | $89.9 million | $276.7 million | $262.3 million |
| Service Revenue | $14.3 million | $15.0 million | $41.6 million | $44.2 million |
| Net Loss | $(25.9) million | $(18.3) million | $(81.3) million | $(53.4) million |
| Basic Loss Per Share | $(0.12) | $(0.08) | $(0.36) | $(0.24) |
Operational Highlights
As of September 30, 2024, Clean Energy Fuels reported the following operational metrics:
| Operational Metric | Q3 2023 | Q3 2024 | 9M 2023 | 9M 2024 |
|---|---|---|---|---|
| Fuel Volume Sold (in millions of GGEs) | 73.8 | 73.5 | 215.3 | 218.9 |
| O&M Services Volume (in millions of GGEs) | 66.2 | 65.6 | 191.7 | 198.9 |
Cost Structure
The cost structure for Clean Energy Fuels includes:
- Product Cost of Sales: Decreased to $184.2 million for the nine months ended September 30, 2024, from $240.7 million in the same period of 2023, reflecting lower natural gas prices.
- Service Cost of Sales: Increased to $28.5 million, compared to $25.2 million in the prior year period.
- Selling, General and Administrative Expenses: Decreased to $83.4 million from $87.3 million year-over-year.
- Depreciation and Amortization: Decreased to $33.8 million from $35.0 million year-over-year.
Debt and Capital Expenditures
As of September 30, 2024, Clean Energy Fuels' total indebtedness amounted to approximately $303.3 million, with a breakdown of expected maturities as follows:
| Maturity Year | Amount Due (in millions) |
|---|---|
| 2024 | $0.9 |
| 2025 | $1.1 |
| 2026 | $0.7 |
| 2027 | $0.5 |
| 2028 | $0.1 |
| Thereafter | $300.0 |
The company plans approximately $60.0 million in capital expenditures for 2024, primarily for fueling station construction and related infrastructure.
Joint Ventures and Strategic Partnerships
In May 2024, Clean Energy Fuels entered into a joint development agreement with Maas Energy Works, LLC for the development of ADG RNG production projects, with a planned investment of up to $132.0 million.
Additionally, the company has a joint venture with BP to develop RNG production facilities, which has involved significant capital contributions.
How Clean Energy Fuels Corp. (CLNE) Makes Money
Revenue Streams
Clean Energy Fuels Corp. generates revenue primarily through two main segments: product revenue and service revenue.
| Revenue Source | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | 9M 2024 Revenue (in millions) | 9M 2023 Revenue (in millions) |
|---|---|---|---|---|
| Product Revenue | $89.9 | $81.3 | $262.3 | $276.7 |
| Service Revenue | $15.0 | $14.3 | $44.2 | $41.6 |
| Total Revenue | $104.9 | $95.6 | $306.5 | $318.3 |
Product Revenue Details
Product revenue accounted for approximately 85.6% of total revenue in the nine months ended September 30, 2024. Major components include:
- Fuel sales: $189.7 million in 9M 2024, down from $220.2 million in 9M 2023.
- RIN Credits: $29.4 million in 9M 2024, up from $16.7 million in 9M 2023.
- AFTC (Alternative Fuel Tax Credit): $17.8 million in 9M 2024, up from $15.0 million in 9M 2023.
- Station construction sales: $19.1 million in 9M 2024, up from $17.6 million in 9M 2023.
Service Revenue Insights
Service revenue grew to $44.2 million for the nine months ended September 30, 2024, an increase from $41.6 million in the previous year. This segment includes:
- Volume-related, O&M services: $42.5 million in 9M 2024, up from $39.6 million in 9M 2023.
- Other services: $1.7 million in 9M 2024, down from $2.0 million in 9M 2023.
Cost Structure and Profitability
For the nine months ended September 30, 2024, Clean Energy Fuels reported operating expenses totaling $329.97 million, down from $388.13 million in the same period of 2023. Key components include:
| Expense Type | 9M 2024 Amount (in millions) | 9M 2023 Amount (in millions) |
|---|---|---|
| Product Cost of Sales | $184.2 | $240.7 |
| Service Cost of Sales | $28.5 | $25.2 |
| Selling, General & Administrative | $83.4 | $87.3 |
| Depreciation and Amortization | $33.8 | $35.0 |
Net Loss and Financial Performance
For the nine months ended September 30, 2024, Clean Energy Fuels recorded a net loss attributable to the company of $52.9 million, compared to a net loss of $80.8 million for the same period in 2023. Key metrics include:
- Net loss per share: $0.24 for 9M 2024, improved from $0.36 in 9M 2023.
- Total indebtedness: Approximately $303.3 million as of September 30, 2024.
- Interest expense: $24.0 million for 9M 2024, up from $12.6 million for 9M 2023.
Future Outlook and Investments
Clean Energy Fuels plans to invest approximately $60 million in capital expenditures in 2024, primarily for fueling stations and LNG plant costs. Additionally, the company has committed up to $132 million for the development of ADG RNG production projects, with $4.1 million already invested by September 30, 2024.
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Resources:
- Clean Energy Fuels Corp. (CLNE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Clean Energy Fuels Corp. (CLNE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Clean Energy Fuels Corp. (CLNE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.