Clean Energy completes $29.5 million tax credit sale from RNG projects

NEWPORT BEACH, Calif. - Clean Energy Fuels Corp. (NASDAQ:CLNE), a renewable natural gas company with a market capitalization of $462 million, announced Wednesday that its joint venture with BP Products North America Inc., CE bp Renew Co, LLC, has finalized the sale of $29.5 million in investment tax credits (ITC). According to InvestingPro data, the company maintains a healthy financial position with liquid assets exceeding short-term obligations.

The transaction represents the third and final ITC sale related to the company’s six operating renewable natural gas (RNG) projects, completing the monetization of all tax credits from these facilities.

The $29.5 million in credits were generated by four dairy RNG production facilities located in Minnesota, Iowa and South Dakota: Ash Grove, Marshall Ridge, VF Renewables and Tri Cross. According to the company, these projects can collectively produce up to an estimated 3.9 million gallons of RNG annually for transportation fleets.

"This transaction highlights the value of our renewable natural gas development portfolio," said Clay Corbus, senior vice president and head of renewable fuels at Clean Energy.

Clean Energy Fuels describes itself as the country’s largest provider of renewable natural gas, which is produced by capturing methane from organic waste. The company operates fueling stations across the U.S. and Canada along with RNG production facilities at dairy farms.

The company’s RNG is used to fuel various vehicles including airport shuttles, city buses, and waste and heavy-duty trucks, helping to reduce greenhouse gas emissions in the transportation sector.

This article is based on information from a Clean Energy Fuels press release statement.

In other recent news, Clean Energy Fuels Corp. reported its first-quarter 2025 earnings, which revealed a significant gap between its earnings per share (EPS) and market expectations. The company posted an EPS of -$0.60, falling short of the forecasted -$0.15. However, Clean Energy Fuels exceeded revenue projections, achieving $103.8 million compared to the anticipated $99.13 million. Additionally, shareholders participated in the company’s annual meeting, where they voted on key proposals, including the election of board directors and the approval of the executive compensation plan. All seven board nominees were elected to serve one-year terms, with votes ranging from approximately 123 million to 136 million. Clean Energy Fuels also announced the expansion of its 2024 Performance Incentive Plan, following shareholder approval. This amendment increases the number of shares available for issuance by 10,750,000, bringing the total to 14,750,000 shares. The expanded plan aims to align the interests of the company’s leadership with those of the shareholders.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.