Clean Energy Posted Notable Surge in RNG Deliveries

SEATTLE (Oil Monster): Clean Energy Fuels Corp. announced operating results for the initial quarter of 2023.

During the quarter, the company reported 35% surge in renewable natural gas (RNG) deliveries, compared with Q1 2022, driven by robust demand. It sold 53.4 million gallons of RNG in the first quarter of 2023. The company announced a joint development agreement with Tourmaline towards development of a network of CNG fueling stations across Western Canada. It must be noted that natural gas or renewable natural gas consumption by heavy-duty trucks is projected to rise sharply in the near future.

Clean Energy Fuels reported a revenue of $132.2 million for the quarter, higher by $48.7 million, upon comparison with $83.5 million in the corresponding first quarter in 2022. The net loss attributable to Clean Energy for the first quarter of 2023 was $(38.7) million, or $(0.17) per share. This compares with $(24.2) million, or $(0.11) per share in the year-ago quarter, said the company news release.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer noted that Q1 2023 was overshadowed by the historic run up in the price of natural gas in California, which cost the company at least $10 million in lost profits. Some of the cost were passed on to customers, but the company had to bear much of the impacts of commodity price surge, he added.

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