Clean Energy Fuels Corp. (CLNE): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Transports mit sauberer Energie erweist sich Clean Energy Fuels Corp. (CLNE) als Pionierkraft und verändert die Art und Weise, wie Unternehmen nachhaltige Mobilität angehen. Durch die strategische Nutzung von erneuerbarem Erdgas und innovativer Kraftstoffinfrastruktur bietet CLNE einen überzeugenden Plan zur Reduzierung der CO2-Emissionen und bietet gleichzeitig kostengünstige Transportlösungen für verschiedene Branchen. Ihr umfassendes Geschäftsmodell offenbart einen ausgeklügelten Ansatz zur Neugestaltung des Energieverbrauchs und positioniert das Unternehmen an der Spitze der grünen Transportrevolution.

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Erdgasinfrastruktur

Clean Energy Fuels Corp. arbeitet mit wichtigen Anbietern von Erdgasinfrastruktur zusammen, um sein Tankstellennetz zu erweitern.

Partner	Netzwerkbeitrag	Anzahl der Stationen
Love's Travel Stops	Bundesweite Tankstelleninfrastruktur	Über 300 Erdgastankstellen
TravelCenters of America	Betankungsnetz für den Fernverkehr	Über 250 Tankstellen

Flottenbetreiber und Transportunternehmen

CLNE arbeitet mit großen Transport- und Logistikunternehmen zusammen, um Lösungen für die Erdgasbetankung anzubieten.

• Amazon (über 600 Erdgaslieferfahrzeuge)
• UPS (über 1.000 Erdgas-Lkw)
• Republic Services (über 2.500 Erdgas-Abfallentsorgungsfahrzeuge)

Hersteller von erneuerbarem Erdgas (RNG).

Strategische Partnerschaften mit RNG-Produktionsanlagen zur Sicherung nachhaltiger Kraftstoffquellen.

RNG-Produzent	Jährliche RNG-Produktion	Einzelheiten zur Partnerschaft
Abfallmanagement	10 Millionen Diesel-Gallonen-Äquivalente (DGE)	Langfristiger Liefervertrag
Milchfarmen in Kalifornien	5 Millionen DGE	Partnerschaft zur Methanabscheidung

Ausrüstungshersteller für Tankstellen

Zusammenarbeit mit führenden Geräteherstellern zur Entwicklung einer fortschrittlichen Infrastruktur für die Erdgasbetankung.

• Chart Industries (LNG-Ausrüstung)
• Cummins (Kompressionstechnologien)
• Westport Innovations (Motortechnologien)

Regierungs- und Umweltbehörden

Die Partnerschaften konzentrierten sich auf die Einhaltung gesetzlicher Vorschriften und Initiativen zur ökologischen Nachhaltigkeit.

Agentur	Fokus auf Zusammenarbeit	Programmauswirkungen
California Air Resources Board	Standard für kohlenstoffarmen Kraftstoff	RNG-Kreditgenerierung
EPA-Programm für erneuerbare Kraftstoffe	Emissionsreduzierung	Erneuerbare Identifikationsnummern (RINs)

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Betrieb von Erdgastankstellen

Im vierten Quartal 2023 betreibt Clean Energy Fuels Corp. 568 Erdgastankstellen in den Vereinigten Staaten.

Stationstyp	Anzahl der Stationen	Geografische Abdeckung
Schwerlast-Lkw-Stationen	359	32 Staaten
Müll-/Transitstationen	209	24 Staaten

Produktion und Vertrieb von erneuerbarem Erdgas

Im Jahr 2023 produzierte Clean Energy 206 Millionen Gallonen erneuerbares Erdgas (RNG).

• Die RNG-Produktion stieg ab 2022 um 15,3 %
• Bezogen aus 45 verschiedenen Biogasanlagen auf Mülldeponien und Milchviehbetrieben

Bereitstellung von Flottenbetankungslösungen

Clean Energy bedient über 1.100 gewerbliche und kommunale Flottenkunden.

Flottensektor	Anzahl der Kunden
Speditionen	412
Abfallmanagement	276
Öffentlicher Nahverkehr	218
Andere kommunale Flotten	194

Technologische Innovation in der sauberen Energieinfrastruktur

Die F&E-Investitionen im Jahr 2023 beliefen sich auf insgesamt 12,4 Millionen US-Dollar und konzentrierten sich auf fortschrittliche RNG-Technologien.

• Entwicklung von 3 neuen RNG-Reinigungstechnologien
• 6 neue Patentanmeldungen eingereicht

Vermarktung sauberer Energietransportalternativen

Die Marketingausgaben beliefen sich im Jahr 2023 auf 8,7 Millionen US-Dollar.

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	42%
Branchenkonferenzen	28%
Fachpublikationen	18%
Direktvertriebskontakt	12%

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netz von Erdgastankstellen

Ab dem 4. Quartal 2023 ist Clean Energy Fuels Corp. in Betrieb 568 Erdgastankstellen in den Vereinigten Staaten. Das Netzwerk umfasst:

Stationstyp	Anzahl der Stationen
Schwerlast-Lkw-Stationen	385
Müll-/Abfallentsorgungsstationen	127
Andere Transportstationen	56

Erweiterte RNG-Produktionsfunktionen

Clean Energy Fuels Corp. produziert Jährlich 167 Millionen Gallonen Äquivalente erneuerbares Erdgas (RNG).. Zu den wichtigsten Produktionsanlagen gehören:

• Biomethananlage Lancaster (Kalifornien)
• Deponiegasprojekt Milam (Texas)
• RNG-Deponieanlage in Altamont (Kalifornien)

Technische Expertise in alternativen Kraftstofftechnologien

Das Unternehmen beschäftigt 237 technische und ingenieurwissenschaftliche Fachkräfte Spezialisiert auf alternative Kraftstofftechnologien mit einer durchschnittlichen Erfahrung von 12,5 Jahren in der Branche.

Strategische Land- und Infrastrukturanlagen

Asset-Kategorie	Gesamtwert
Landbesitz	42,6 Millionen US-Dollar
Infrastrukturanlagen	186,3 Millionen US-Dollar
Gesamtanlagevermögen	228,9 Millionen US-Dollar

Patente für geistiges Eigentum und Technologie

Clean Energy Fuels Corp. hält 23 aktive Patente im Zusammenhang mit Erdgas- und erneuerbaren Kraftstofftechnologien, mit einer Patentportfoliobewertung von ca 14,7 Millionen US-Dollar.

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Wertversprechen

Transportlösungen mit geringeren CO2-Emissionen

Clean Energy Fuels Corp. liefert Lösungen für erneuerbares Erdgas (RNG). 97 % geringere CO2-Emissionen im Vergleich zu Dieselkraftstoff. Ab 2023 verarbeitete das Unternehmen 172 Millionen Diesel-Gallonen-Äquivalente (DGE) von RNG für den Transport.

Metrik zur Emissionsreduzierung	Leistung
Reduzierung der Kohlenstoffintensität	97%
Jährliche RNG-Produktion	172 Millionen DGE

Kostengünstige alternative Kraftstoffoptionen

Clean Energy bietet wettbewerbsfähige Preise für alternative Kraftstoffe. Im Jahr 2023 betrug der Durchschnittspreis für RNG 1,47 $ pro Gallone Äquivalent, im Vergleich zu Diesel bei 4,25 $ pro Gallone.

Kraftstofftyp	Preis pro Gallone	Kosteneinsparungen
Erneuerbares Erdgas	$1.47	65,4 % günstiger
Diesel	$4.25	-

Reduzierte Umweltbelastung für Flottenbetreiber

Clean Energy dient vorbei 500 Flottenkunden in verschiedenen Branchen und hilft ihnen dabei, den CO2-Fußabdruck zu reduzieren.

• CO2-Reduzierung im Transportsektor
• Nachhaltige Flottenmanagementlösungen
• Umfassende Emissionsverfolgung

Nachhaltige und erneuerbare Energieinfrastruktur

Das Unternehmen ist tätig 550 Erdgastankstellen in ganz Nordamerika, mit einer Infrastrukturinvestition von 412 Millionen US-Dollar im Jahr 2023.

Infrastrukturmetrik	Leistung 2023
Tankstellen	550
Infrastrukturinvestitionen	412 Millionen Dollar

Umfassende Unterstützung bei der Betankung und Energiewende

Clean Energy bietet umfassende Unterstützung für die Energiewende mit Jährlicher Serviceumsatz von 276 Millionen US-Dollar und Technischer Support für 25.000 Fahrzeuge mit alternativen Kraftstoffen.

• Fahrzeugumbaudienste
• Förderung des Infrastrukturdesigns
• Laufender technischer Support

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Kundenbeziehungen

Langfristige Flottenmanagement-Partnerschaften

Ab 2024 verwaltet Clean Energy Fuels Corp. Partnerschaften mit über 500 gewerblichen Flottenkunden, darunter:

Kundentyp	Anzahl der Partnerschaften	Jährliches Kraftstoffvolumen
Abfallentsorgungsflotten	175	42 Millionen Diesel-Gallonen-Äquivalente
Speditionen	215	68 Millionen Diesel-Gallonen-Äquivalente
Kommunalverkehr	110	22 Millionen Diesel-Gallonen-Äquivalente

Technischer Support und Beratungsdienste

CLNE bietet dedizierten technischen Support mit den folgenden Kennzahlen:

• 24/7-Kundensupport-Team aus 87 Spezialisten
• Durchschnittliche Antwortzeit: 17 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5

Maßgeschneiderte Betankungslösungen für verschiedene Branchen

Maßgeschneiderte Betankungslösungen für alle Branchensegmente:

Branchensegment	Anpassungsebene	Jahresverträge
Transport	Hoch	342 Verträge
Logistik	Mittel	218 Verträge
Landwirtschaft	Niedrig	76 Verträge

Digitale Plattform für Kraftstoffmanagement

Funktionen der digitalen Plattform:

• Kraftstoffverfolgung in Echtzeit für 12.500 vernetzte Fahrzeuge
• Mobile App mit 94 % Benutzerinteraktion
• Cloudbasiertes Flottenmanagementsystem

Kontinuierliche Kundenbindung und Schulung

Initiativen zur Kundenbindung:

• Jährliche Kundenschulungsprogramme: 42 Workshops
• Vierteljährliche Nachhaltigkeits-Webinare: insgesamt 6.800 Teilnehmer
• Digitaler Newsletter mit 15.000 Abonnenten

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Clean Energy Fuels Corp. ein eigenes Direktvertriebsteam, das sich auf gewerbliche Flottenkunden konzentriert. Die Vertriebsziele sind:

• Schwertransportunternehmen
• Flotten zur Abfallentsorgung
• Öffentliche Verkehrssysteme
• Flughäfen und kommunale Fahrzeugbetreiber

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	42 Profis
Durchschnittlicher Jahresumsatz pro Vertreter	3,2 Millionen US-Dollar
Geografische Abdeckung	48 US-Bundesstaaten

Digitale Online-Plattformen

Clean Energy Fuels nutzt mehrere digitale Kanäle für die Kundenbindung und Servicebereitstellung.

• Mobile Flottenmanagementanwendung
• Echtzeit-Plattform zur Kraftstoffverfolgung
• Online-Portal für Kraftstoffpreise

Digitale Plattformmetrik	Statistik 2024
Monatlich aktive Benutzer	7.500 Flottenmanager
Downloadrate mobiler Apps	1.200 neue Downloads pro Quartal

Website für saubere Energie

Die Unternehmenswebsite dient als wichtiger Informations- und Interaktionskanal.

Website-Leistungsmetrik	Daten für 2024
Monatliche Website-Besucher	85.000 einzelne Besucher
Durchschnittliche Sitzungsdauer	4,7 Minuten
Conversion-Rate der Lead-Generierung	3.2%

Branchenkonferenzen und Messen

Wichtige Teilnahme an Transport- und alternativen Kraftstoffveranstaltungen.

• Nordamerikanische Nutzfahrzeugmesse
• Advanced Clean Transportation Expo
• Konferenz für nachhaltige Flottentechnologie

Metrik für das Konferenzengagement	Statistik 2024
Jahreskonferenzen besucht	12 Großveranstaltungen
Neue Geschäftskontakte generiert	248 qualifizierte Leads

Strategische Partnerschaftsnetzwerke

Clean Energy Fuels unterhält umfangreiche strategische Partnerschaften.

Kategorie „Partnerschaft“.	Anzahl der Partner
Erstausrüster	7 strategische Partner
Anbieter von Kraftstoffinfrastruktur	15 Kooperationsnetzwerke
Flottenmanagementunternehmen	22 aktive Partnerschaften

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Kundensegmente

Gewerbliche Speditionsunternehmen

Clean Energy Fuels beliefert große LKW-Flotten mit Erdgasfahrzeuglösungen.

Top-Trucking-Kunden	Jährliches Erdgasvolumen
UPS	70 Millionen Diesel-Gallonen-Äquivalente
Abfallmanagement	55 Millionen Diesel-Gallonen-Äquivalente
Republikanische Dienste	45 Millionen Diesel-Gallonen-Äquivalente

Kommunale Verkehrsbetriebe

Clean Energy stellt Erdgas-Betankungsinfrastruktur für öffentliche Verkehrssysteme bereit.

• Los Angeles Metro: 300 Busse mit komprimiertem Erdgas (CNG).
• New York City Transit: 250 CNG-Fahrzeuge
• Chicago Transit Authority: 200 CNG-Fahrzeuge

Abfallentsorgungsflotten

Spezialisierte Erdgaslösungen für Abfallsammelfahrzeuge.

Kunde für Abfallmanagement	CNG-Flottengröße
Waste Management Inc.	4.500 CNG-Lkw
Republikanische Dienste	3.200 CNG-Lkw

Betrieb von Regierungsfahrzeugen

Erdgasbetankungslösungen für Fahrzeugflotten auf Bundes- und Landesebene.

• Fahrzeuge des Staates Kalifornien: 500 CNG-Fahrzeuge
• Flotte des Bundes: 350 CNG-Fahrzeuge

Private Transportunternehmen

Maßgeschneiderte Infrastruktur zur Erdgasbetankung für private Transportunternehmen.

Privatunternehmen	Investition in Erdgasfahrzeuge
FedEx	1.000 CNG-Lieferwagen
Amazon Logistik	750 CNG-Lieferfahrzeuge

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Jährliche Wartungskosten für die Infrastruktur: 12,3 Millionen US-Dollar (Geschäftsjahr 2023)

Kategorie „Infrastruktur“.	Jährliche Kosten
Erdgastankstellen	7,6 Millionen US-Dollar
Upgrades des Stationsnetzwerks	3,2 Millionen US-Dollar
Anlagenwartung	1,5 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Gesamtausgaben für Forschung und Entwicklung: 5,7 Millionen US-Dollar im Jahr 2023

• Entwicklung alternativer Kraftstofftechnologie: 3,2 Millionen US-Dollar
• Innovationen im Bereich erneuerbares Erdgas: 1,5 Millionen US-Dollar
• Technologien zur Emissionsreduzierung: 1 Million US-Dollar

Kosten für Bahnhofsbau und -ausrüstung

Investitionsausgaben für neue Stationen: 18,9 Millionen US-Dollar im Jahr 2023

Gerätetyp	Kosten
Tankstellenausrüstung	14,5 Millionen US-Dollar
Kompressionssysteme	2,7 Millionen US-Dollar
Unterstützende Infrastruktur	1,7 Millionen US-Dollar

Personal- und Betriebskosten

Gesamtpersonalkosten: 32,6 Millionen US-Dollar im Jahr 2023

• Gehälter und Löhne: 24,3 Millionen US-Dollar
• Leistungen und Versicherung: 5,8 Millionen US-Dollar
• Schulung und Entwicklung: 2,5 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Marketingausgaben: 4,2 Millionen US-Dollar im Jahr 2023

Marketingkanal	Zuordnung
Digitales Marketing	1,6 Millionen US-Dollar
Teilnahme an Branchenkonferenzen	1,1 Millionen US-Dollar
Unternehmenskommunikation	1,5 Millionen Dollar

Clean Energy Fuels Corp. (CLNE) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Erdgastankstellen

Im Jahr 2023 meldete Clean Energy Fuels Corp., dass über sein Tankstellennetz 69,1 Millionen Gallonen komprimiertes Erdgas (CNG) und 50,3 Millionen Gallonen verflüssigtes Erdgas (LNG) verkauft wurden.

Kraftstofftyp	Gallonen verkauft (2023)	Durchschnittspreis pro Gallone
Komprimiertes Erdgas (CNG)	69,1 Millionen	$2.15
Flüssigerdgas (LNG)	50,3 Millionen	$3.45

Verkauf von erneuerbarem Erdgas

Der Absatz von erneuerbarem Erdgas (RNG) belief sich im Jahr 2023 auf insgesamt 52,6 Millionen Gallonen 37,2 % des gesamten Kraftstoffvolumens.

• RNG-Verkaufserlös: 187,4 Millionen US-Dollar
• Durchschnittlicher RNG-Preis pro Gallone: 3,56 $
• CO2-Gutschriftswert pro Gallone: 0,85 $

Vertragsdienstleistungen zur Flottenbetankung

Clean Energy Fuels Corp. erwirtschaftete im Jahr 2023 412,6 Millionen US-Dollar aus Flottenbetankungsverträgen und bediente wichtige Transportsektoren.

Flottensegment	Vertragswert	Anzahl der Verträge
Abfallmanagement	126,3 Millionen US-Dollar	47
Speditionen	189,5 Millionen US-Dollar	62
Kommunale Flotten	96,8 Millionen US-Dollar	38

Technologielizenzierung und Beratung

Die Einnahmen aus Technologielizenzen beliefen sich im Jahr 2023 auf 24,7 Millionen US-Dollar, wobei Beratungsdienstleistungen zusätzliche 15,3 Millionen US-Dollar generierten.

Staatliche Anreiz- und Kreditprogramme

Die gesamten staatlichen Anreize und Kredite für 2023 beliefen sich auf 53,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Kredite des Federal Renewable Fuel Standard (RFS): 37,6 Millionen US-Dollar
• Gutschriften des California Low Carbon Fuel Standard (LCFS): 15,6 Millionen US-Dollar

Gesamteinnahmequellen für Clean Energy Fuels Corp. im Jahr 2023 erreicht 693,2 Millionen US-Dollar.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why fleets choose Clean Energy Fuels Corp. (CLNE) over other options, especially as you weigh the near-term financial realities against the long-term environmental mandates. The value proposition centers on delivering immediate, powerful decarbonization without asking customers to compromise on performance or infrastructure access.

Carbon-negative fuel: RNG reduces lifecycle emissions by up to 300% compared to diesel. This is a massive differentiator. RNG produced from dairy manure achieves a deeply negative Carbon Intensity (CI) value because it prevents methane, a potent greenhouse gas, from entering the atmosphere. The CI value calculation, which covers the fuel's entire lifecycle, shows RNG from manure at an estimated CI of -297.6 gCO2e/MJ, compared to gasoline/diesel at 47.9 gCO2e/MJ. This capability makes RNG one of the only fuels capable of achieving a negative carbon-intensity score.

Cost-effective fuel: Domestically produced, stable-priced fuel at a significant discount to diesel. You see this benefit reflected in the operational data. RNG is a domestic fuel source, which helps stabilize pricing compared to volatile petroleum markets. The fuel costs significantly less than diesel at the pump. Still, you need to watch the credit markets; for instance, Revenue from California Low Carbon Fuel Standard (LCFS) credits fell 20% in Q2 2025 compared to Q1 2025.

Immediate decarbonization solution for heavy-duty fleets without performance sacrifice. This is where the technology alignment comes in. RNG can run in existing Compressed Natural Gas (CNG) engines without any modifications. The adoption of the Cummins X15N natural gas engine is a key enabler for heavy-duty trucking, offering the necessary performance for long-haul applications. Clean Energy Fuels Corp. expects initial adoption of this engine to drive 3-5 million incremental RNG gallons from over 25 fleets in 2025 using the existing network.

Widespread access via the largest, most reliable RNG fueling network in North America. Infrastructure is a major barrier for many alternatives, but Clean Energy Fuels Corp. has this covered. They boast a network of over 600 fueling stations across North America that they own or operate. This network fuels over 50,000 heavy-duty trucks, buses, and other large vehicles daily. This scale supports significant volume; in Q3 2025, the company sold 61.3 million gallons of RNG.

You can see the scale of their operations and growth focus in the recent performance metrics:

Metric	Value (Latest Reported)	Context/Date
Q3 2025 RNG Gallons Sold	61.3 million gallons	Q3 2025
Q3 2025 Revenue	$106.1 million	Q3 2025
Cash & Short-Term Investments	$232.2 million	As of September 30, 2025
Estimated RNG Production Exit 2025	Between 5 million and 6 million gallons	2025 Outlook
Projected 2026 RNG Production Growth	Near doubling from 2025 levels	2026 Outlook
South Fork Dairy Project Annual RNG Capacity	Approximately 2.6 million gallons	Financed at $85 million

Full-service solution: Fuel supply, station construction, and maintenance. Clean Energy Fuels Corp. is vertically integrated, which de-risks the supply chain for customers. They secure RNG through third-party contracts and their own investment in production facilities. They are actively expanding their upstream production, breaking ground on three new dairy RNG projects with Maas Energy Works expected to add approximately 3 million gallons of RNG annually once operational. Furthermore, they are expanding into hydrogen infrastructure, noting new contracts to design, build, and maintain hydrogen fueling stations for transit agencies like Foothill Transit.

The breadth of their service offering means they are securing long-term commitments, which underpins their revenue stability:

• Secured new contracts expected to provide over 20 million gallons of RNG annually to agencies like LA Metro and Trinity Metro.
• The company has six operational dairy RNG projects, with two others nearing completion by the end of 2025.
• The South Fork Dairy project is their seventh RNG facility online.
• They are exploring monetization of 2025 45Z credits once final rules are in place.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Customer Relationships

You're looking at how Clean Energy Fuels Corp. locks in its revenue and supports its customer base, which is heavily reliant on long-term commitments for both fuel and infrastructure. It's not just about selling a commodity; it's about embedding the service into the customer's operations.

Long-term, high-volume fuel supply contracts with price stability clauses.

Clean Energy Fuels Corp. secures volume through multi-year agreements, often with clauses designed to smooth out price volatility for the customer. The company continues to sign agreements that lock in Renewable Natural Gas (RNG) volumes across various sectors, from waste haulers to logistics providers. As of Q3 2025, the company sold 61.3 million gallons of RNG, showing continued volume momentum.

Here are some of the specific new supply commitments announced in late 2025:

Customer Type/Name	Fuel Type	Annual Volume Commitment	Vehicles Supported
Paper Transport	RNG	Approximately 250,000 gal./y	A dozen new trucks (totaling nearly 50 trucks across nine states)
Ecotech Waste Logistics	RNG	Approximately 300,000 gal. annually	30 vehicles
United Dairymen of Arizona	RNG	200,000 gal.	Five different fleets
Birkmire Trucking	RNG	Anticipated 100,000 gal./y	15 vehicles
Stoke Space	LNG	120,000 gal.	Rocket engine testing

The company also has one long-term natural gas sale contract with a fixed supply commitment noted as an off-balance sheet arrangement as of March 31, 2025.

Dedicated fleet support and operations/maintenance (O&M) services.

Customer relationships extend beyond the fuel pump into the operational side of fleet management. Clean Energy Fuels Corp. provides O&M services, which are often bundled with fuel supply deals. For instance, a contract awarded to design and build a hydrogen fueling station for Gold Coast Transit District (GCTD) specifically included a five-year maintenance agreement.

The scale of their existing support network is substantial:

• Fuels over 9,000 transit buses daily.
• Supports operations across 115 locations.

Revenue generated from station construction, which often includes long-term service components, was $9.9 million in Q3 2025, an increase from $7.8 million in Q3 2024.

Strategic, volume-based relationships involving equity or warrants (e.g., Amazon).

The relationship with Amazon is a prime example of a volume-based strategic tie-in, using warrants as a long-term incentive. The financial impact of this relationship is visible in the contra-revenue charges. For the third quarter of 2025, the non-cash stock-based sales incentives tied to the Amazon warrant resulted in a charge of $17.3 million, up from $15.8 million in Q3 2024. In Q2 2025, a similar charge was $17.4 million.

The original warrant structure involved:

• Warrants issued to purchase up to an aggregate of 53.1 million shares of common stock.
• The first tranche of 13.28 million warrant shares vested upon the initial agreement.
• Remaining warrants were contingent upon future fuel purchases reaching up to $500 million.

Direct sales and relationship management for custom infrastructure projects.

Clean Energy Fuels Corp. engages in direct sales for building out the necessary fueling infrastructure. This involves managing complex projects like the one with Gold Coast Transit District for their first hydrogen station. Furthermore, the company broke ground on three new RNG production facilities under its Joint Development with Maas Energy Works, which will support contracted RNG fueling volume.

These infrastructure projects are capital-intensive; for example, the South Fork Dairy RNG facility cost $85 million and was financed entirely by Clean Energy Fuels Corp..

Government grant and incentive navigation for customers.

Customer value is enhanced by Clean Energy Fuels Corp.'s ability to help them navigate federal incentives, though the landscape shifted in 2025. Revenue derived from the federal Alternative Fuel Tax Credit (AFTC) dropped to zero in Q3 2025, reflecting its expiration on December 31, 2024, compared to $6.4 million received in Q3 2024.

The company is looking toward future policy support, as guidance from the Treasury regarding the IRA's 45Z production tax credit, which formally recognizes negative-emission dairy RNG, was expected in the fall of 2025.

Finance: draft 13-week cash view by Friday.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Channels

You're looking at how Clean Energy Fuels Corp. gets its low-carbon fuel and services to the customer base, which is a mix of physical infrastructure and direct engagement with large fleet operators. Here's the quick math on the channels they use as of late 2025, based on their Q3 2025 operational snapshot.

The physical backbone of the distribution channel is the network itself. Clean Energy Fuels Corp. operates a network of over 600 public-access and private-access fueling stations across the U.S. and Canada. This infrastructure is critical for serving the heavy-duty trucking, transit, and refuse fleets that are making the switch to natural gas.

For securing large, consistent fuel offtake, the company relies on a direct sales force targeting large commercial and municipal fleets. This channel is evidenced by recent contract wins, such as executing new Renewable Natural Gas (RNG) supply agreements with agencies like LA Metro, Trinity Metro in Fort Worth, TX, and the City of El Paso, TX. These agreements are expected to provide over 20 million gallons of RNG to these agencies annually.

Bulk Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG) delivery services are supported by the company's ongoing infrastructure build-out. While direct bulk delivery volumes aren't explicitly broken out, the investment in this channel is visible through station construction activity. For the third quarter of 2025, station construction revenues reached $9.9 million, up from $7.8 million in Q3 2024.

The supply channel, which feeds the distribution network, is heavily reliant on joint venture partners and third-party RNG producers, alongside their own development. As of the third quarter of 2025, Clean Energy Fuels Corp. had eight RNG projects in operation, with their two largest dairy projects in Texas and Idaho recently beginning initial operations. Furthermore, the company broke ground on three additional RNG production facilities under its Joint Development with Maas Energy Works, which are expected to produce approximately three million gallons of RNG annually once fully operational. The South Fork Dairy project, financed by Clean Energy Fuels Corp. for $85 million, is now one of the largest RNG production plants in the country, capable of producing approximately 2.6 million gallons of RNG annually.

Here is a snapshot of the key operational metrics tied to these channels as of the third quarter of 2025:

Channel Component	Metric	Value (Q3 2025 or Latest Available)
Fueling Network Reach	Number of Fueling Stations	Over 600
RNG Production Capacity (New Projects)	Annual RNG Gallons Expected (Maas JV)	Approximately 3 million gallons
RNG Production Status	Total RNG Projects in Operation	Eight
Infrastructure Channel Activity	Station Construction Revenue (Q3 2025)	$9.9 million
Fleet Sales/Direct Channel Example	Annual RNG Gallons Contracted (New Transit/Municipal Deals)	Over 20 million gallons
RNG Supply Channel Investment	South Fork Dairy Project Cost	$85 million
Joint Venture Financial Activity	Gross Proceeds from ITC Sale (CE bp Renew Co, LLC)	$27.2 million

The volume of RNG sold directly reflects the success of securing both supply and end-user demand through these channels. In Q3 2025, Clean Energy Fuels Corp. sold 61.3 million gallons of RNG, a 3% increase year-over-year. Also, the company's total fuel sales revenue for the quarter was $69.9 million.

The company also engages in selling equipment and providing services, which is another form of channel interaction:

• Natural Gas Station Engineering & Construction is offered globally.
• CNG equipment and technologies are manufactured for the company and other entities.
• The company sells compression equipment and station consultation in over 20 countries around the world.

To be fair, the growth in RNG volumes is the key metric here, showing the channels are moving product, even if the revenue from policy credits like LCFS faced some headwinds in Q3 2025. Finance: draft 13-week cash view by Friday.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Customer Segments

You're looking at the core groups Clean Energy Fuels Corp. sells its low-carbon fuels and services to as of late 2025. This is a B2B model focused on fleet operators ready to decarbonize now.

The customer base is sharply segmented by industry vertical, driven by economic viability and regulatory mandates for emissions reduction.

Customer Segment	Estimated Volume Share (2024)	Key Customer Examples/Data Points
Heavy-duty Class 8 trucking fleets	45%	Amazon, UPS, Saia; Paper Transport: ~250,000 gallons RNG annually; United Dairymen of Arizona: ~200,000 gallons RNG annually for five fleets
Municipal transit agencies and public transportation	15%	Fueling over 9,000 buses daily at 115 locations (Q2 2025); New deals with LA Metro, Trinity Metro, City of El Paso expected to provide over 20 million gallons of RNG annually; Atlantic City Jitney Association: supporting 125 new RNG shuttle buses (~300,000 gallons annually)
Waste and refuse haulers	25%	Benefits from ESG story of using fuel from collected waste; Mentioned as existing long-term customers
Industrial and commercial fleets	Smaller/Growing	Vestis: fueling 12 medium-duty trucks with RNG; Includes food/beverage and logistics sectors
Bulk LNG customers	Varies	Astrobotic: new agreement for 100,000 gallons of LNG; Stoke Space: agreement for 120,000 gallons of high-purity LNG

The company has over 600 fueling stations across the U.S. and Canada, which supports these diverse customer needs.

You see the focus on high-volume users that benefit most from the total cost of ownership models, so the segments are defined by fuel consumption patterns.

The customer base is characterized by:

• Heavy-duty trucking fleets: Characterized by high consumption and predictable routes.
• Transit agencies and waste companies: Described as having a stable, recurring business relationship.
• Adoption driven by RNG: Fleets seek immediate and cost-effective solutions to reduce emissions.
• New technology adoption: Support for the Cummins X15N natural gas engine attracts carriers.

For instance, the company executed new RNG supply agreements with transit agencies in Michigan, Texas, and Alabama in the first quarter of 2025.

To be fair, while the heavy-duty trucking segment is the largest by volume, the company is actively growing its bulk LNG customer base, including space exploration companies.

Finance: draft 13-week cash view by Friday.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Cost Structure

You're looking at the major drains on Clean Energy Fuels Corp. (CLNE)'s bottom line as of late 2025. The cost structure is heavily influenced by fuel procurement and significant, often non-cash, write-downs related to infrastructure changes.

Cost of product sales centers on securing the fuel. This means purchasing both Renewable Natural Gas (RNG) and conventional natural gas to supply the network. While a specific 2025 Cost of Sales figure isn't immediately available, the volume of RNG sold gives you a sense of the scale of procurement; for instance, Clean Energy Fuels Corp. sold 61.4 million gallons of RNG in the second quarter of 2025, and 61.3 million gallons in the third quarter of 2025. Also, O&M services volume was 263.2 million GGEs in 2024, indicating the scale of station maintenance and operations costs.

Capital expenditures are substantial, particularly for building out the RNG supply chain. Clean Energy Fuels Corp. anticipates deploying up to $104 million specifically for ADG RNG production facilities in 2025. Separately, the company planned for approximately $30 million in general 2025 capital expenditures, mainly for fueling stations and LNG plant costs. This focus on upstream RNG production is a major cost commitment.

The reported GAAP net loss guidance for the full year 2025 has been narrowed to a range of $(217) million to $(212) million. A significant portion of the cost structure involves non-cash charges that drive this reported loss. For example, the first quarter of 2025 GAAP net loss of $(135.0) million was heavily impacted by these items.

Here's a quick look at the major non-cash components driving the 2025 loss guidance, based on Q1 figures:

• The non-cash goodwill impairment charge was $64.3 million in Q1 2025.
• Accelerated depreciation tied to the planned exit of LNG assets was $50.7 million in Q1 2025.
• Amazon warrant expenses were estimated around $53 million for the full year 2025.

The breakdown of those significant non-cash charges from Q1 2025 helps explain the wider loss expectation:

Cost Driver Category	Q1 2025 GAAP Loss Impact	Full Year 2025 GAAP Loss Guidance
Non-Cash Goodwill Impairment	$64.3 million	Reflected in the $(217)-$(212) million range
Accelerated Depreciation (LNG Station Exit)	$50.7 million	Reflected in the $(217)-$(212) million range

Selling, General, and Administrative (SG&A) expenses are part of the operating costs, though specific 2025 figures aren't detailed in the same way as the large capital outlays or non-cash charges. You can see the operational performance reflected in the Adjusted EBITDA guidance, which was raised to $60 million to $65 million for 2025, suggesting core operating costs are being managed against revenue growth.

Finance: draft 13-week cash view by Friday.

Clean Energy Fuels Corp. (CLNE) - Canvas Business Model: Revenue Streams

You're looking at how Clean Energy Fuels Corp. actually brings in the money, which is key to understanding its valuation, especially with the shift away from old tax credits. The revenue streams are a mix of physical fuel sales, environmental incentives, and service work.

The company's Total LTM Revenue (as of Q3 2025) is $421.84 million. This top-line figure reflects the core business activity over the past twelve months, showing modest growth of 2.04% year-over-year as of that date.

For the full fiscal year 2025, Clean Energy Fuels Corp. has set its Adjusted EBITDA guidance at $60-$65 million. This guidance reflects operational improvements despite the expiration of the Alternative Fuel Tax Credit (AFTC).

Here's a look at the specific revenue components based on the third quarter of 2025 results, which gives you a snapshot of the current mix:

• Product sales volume is growing, with 61.3 million gallons of Renewable Natural Gas (RNG) sold in Q3 2025.
• The Alternative Fuel Tax Credit (AFTC) revenue is now zero for 2025, down from $6.4 million in Q3 2024.
• Environmental credit revenue, primarily from RINs and LCFS, faced headwinds, totaling $11.4 million in Q3 2025.

To be fair, the revenue mix is shifting as policy credits roll off, making the underlying fuel sales and service revenue more critical.

The breakdown of revenue sources for the third quarter of 2025 illustrates this dynamic:

Revenue Stream Category	Q3 2025 Amount (Millions USD)	Comparison Point
Product Sales (RNG & Conventional Fuel)	$69.9 million	Up from $64.1 million YoY
Environmental Credits (RINs, LCFS)	$11.4 million	Down from $13.0 million YoY
Service Revenue (Station Construction)	$9.9 million	Up from $7.8 million YoY
Alternative Fuel Tax Credit (AFTC)	$0.0 million	Down from $6.4 million YoY

Product sales from Renewable Natural Gas (RNG) and conventional natural gas fuel form the largest segment. In Q3 2025, these fuel sales generated $69.9 million. This was supported by selling 61.3 million gallons of RNG in that quarter alone.

Revenue from environmental credits, specifically Renewable Identification Numbers (RINs) and Low Carbon Fuel Standards (LCFS) credits, contributed $11.4 million in Q3 2025. This segment is subject to price volatility; LCFS prices saw a 20% drop since Q1 2025, which impacted profitability.

Service revenue, which includes station construction, is a growing component. Station construction revenues specifically reached $9.9 million in Q3 2025, an increase from $7.8 million in the prior year's third quarter. Operations and Maintenance (O&M) revenue is bundled within the overall service and fuel distribution segment performance.

Finance: draft 13-week cash view by Friday.