Company is on Track to Complete a Record 36 New
Station Projects in 2015 for Waste Customers
Clean Energy Fuels Corp. (NASDAQ:CLNE) today announced that it has
completed 14 station construction projects for refuse customers in the
first six months of the year and expects to complete another 22 by the
end of 2015, which will enable new or expanding refuse fleets to fuel
with clean, less-expensive natural gas. These stations support the
country’s largest waste companies such as Waste Management, Republic
Services and Progressive Waste Solutions, as well as regional companies
like Knight Waste and municipalities like the City of Medicine Hat in
Alberta, Canada.
Clean Energy’s refuse business continues to steadily expand, providing a
significant portion of the company’s revenues now through three sources.
In addition to revenue received from the construction of new stations
and expansion of existing stations and the recurring revenues from fuel
sales and operating and maintaining stations for long-term refuse
customers, more and more companies are now taking advantage of Clean
Energy’s Facility Modification Services unit. Clean Energy has been
contracted by Waste Management, Republic Services and others to upgrade
vehicle maintenance facilities to comply with all local and national
code requirements for a number of refuse customers.
“Despite being the first market to fully adopt natural gas years ago,
the refuse industry continues to provide Clean Energy with very healthy
growth,” said Andrew J. Littlefair, president and CEO of Clean Energy.
“The second half of each year typically provides the most robust
activity in station construction for our refuse customers as this is
when their new trucks arrive and we believe 2015 will be no exception.”
Over 60% of the new refuse trucks sold in the United States today are
powered by natural gas with some companies reaching 90%. Clean Energy
has relationships with over 125 individual waste companies and
municipality waste divisions in North America, and over 9,400 refuse
trucks fuel at a Clean Energy built or maintained station daily.
“It has become almost a requirement for refuse companies to convert at
least part of their fleets to natural gas in order to stay economically
and environmentally competitive,” said Raymond Burke, vice president of
Clean Energy for business development (solid waste). “Clean Energy works
with each of our customers to assess their individual needs to make the
transition or expansion to natural gas seamless so that they can begin
to enjoy the benefits of natural gas fueling without a hiccup.”
Watch a short video about Clean Energy’s refuse business at: https://www.youtube.com/watch?v=zTOkYcXlVds
Natural gas fuel costs up to $1.00 less than gasoline or diesel,
depending on local market conditions. The use of natural gas fuel not
only reduces operating costs for vehicles, but also reduces greenhouse
gas emissions up to 30% in light-duty vehicles and 23% in medium- to
heavy-duty vehicles. In addition, nearly all natural gas consumed in
North America is produced domestically.
About Clean Energy
Clean Energy Fuels Corp. (NASDAQ:CLNE) is the leading provider of
natural gas fuel for transportation in North America. We build and
operate compressed natural gas (CNG) and liquefied natural gas (LNG)
fueling stations; manufacture CNG and LNG equipment and technologies for
ourselves and other companies; develop renewable natural gas (RNG)
production facilities; and deliver more CNG, LNG and Redeem RNG fuel
than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 that involve risks, uncertainties and
assumptions, including without limitation statements about the station
construction activity for refuse customers in the second half of 2015,
the anticipated revenue associated with construction of new stations and
expansion of existing stations and the benefits of natural gas relative
to gasoline and diesel. Actual results and the timing of events could
differ materially from those anticipated in these forward-looking
statements as a result of several factors, including without limitation
the price of natural gas relative to gasoline and diesel, the cost and
operating experience associated with natural gas vehicles, and
permitting and other factors affecting construction. The forward-looking
statements made herein speak only as of the date of this press release
and, unless otherwise required by law, the Company undertakes no
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances. Additionally, the reports and other
documents the Company files with the SEC (available at www.sec.gov)
contain risk factors, which may cause actual results to differ
materially from the forward-looking statements contained in this news
release.
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