Clean Energy Fuels Corp., a nationwide distributor of natural gas, has released its operating results for the fourth quarter of 2019.
“Our volume continues to grow at a good pace, with a 10 percent increase for the year over 2018 as we exceeded the 100 million gallon mark in the fourth quarter for the second consecutive quarter. Our financial position dramatically improved in the quarter, lifted nicely by $47.1 million in Alternative Fuels Tax Credit revenue, positioning us well going into 2020,” says Andrew J. Littlefair, president and CEO of Clean Energy.
Companies are under growing pressure from customers and investors to set environmental, social and governance (ESG) goals. Renewable natural gas (RNG) provides greater carbon and NOx reductions and operates at near-zero emissions. Clean Energy’s Redeem RNG can easily and economically be adopted by heavy-duty truck fleets, notes the company.
“We also have great momentum going into 2020 with increasing attention on renewable natural gas (RNG), on clean air heavy-duty trucks, particularly heavy-duty trucks running on our Redeem renewable RNG fuel. We believe the market’s increasing demand for Redeem positions us well for continued growth, as an increasing number of customers are turning to RNG to meet sustainability goals,” Littlefair adds.
The company delivered 103.3 million gallons of RNG in the fourth quarter of 2019, a 5% increase from 98.7 million in the fourth quarter of 2018. For the year ended December 31, 2019, the company delivered 400.8 million gallons, a 10% increase from 365.5 million for the year ended December 31, 2018. These increases were principally due to growth in CNG volumes and increased sales of Redeem.
Photo: To learn more about Redeem RNG, click here.