Clean Energy Fuels Corp. (CLNE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución del transporte de energía limpia, Clean Energy Fuels Corp. (CLNE) emerge como una fuerza pionera, transformando cómo las empresas abordan la movilidad sostenible. Al aprovechar estratégicamente el gas natural renovable y la infraestructura innovadora de combustible, CLNE ofrece un plan convincente para reducir las emisiones de carbono al tiempo que proporciona soluciones de transporte rentables en diversas industrias. Su lienzo de modelo de negocio integral revela un enfoque sofisticado para reinventar el consumo de energía, colocando a la compañía a la vanguardia de la revolución del transporte verde.

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: asociaciones clave

Proveedores de infraestructura de gas natural

Clean Energy Fuels Corp. colabora con proveedores clave de infraestructura de gas natural para expandir su red de combustible.

Pareja	Contribución de la red	Número de estaciones
Se detiene el viaje del amor	Infraestructura de alimentación a nivel nacional	300+ estaciones de gas natural
TravelCenters of America	Red de combustible de transporte de larga distancia	250+ ubicaciones de combustible

Operadores de flota y compañías de transporte

CLNE se asocia con las principales compañías de transporte y logística para proporcionar soluciones de alimentación de gas natural.

• Amazon (más de 600 vehículos de entrega de gas natural)
• UPS (más de 1,000 camiones de gas natural)
• Republic Services (más de 2.500 vehículos de gestión de residuos de gas natural)

Productores de gas natural renovable (RNG)

Asociaciones estratégicas con instalaciones de producción de RNG para asegurar fuentes de combustible sostenibles.

Productor de RNG	Producción anual de RNG	Detalles de la asociación
Gestión de residuos	10 millones de equivalentes de galón diesel (DGE)	Acuerdo de suministro a largo plazo
granjas lecheras en California	5 millones de DGE	Asociación de captura de metano

Fabricantes de equipos para estaciones de alimentación

Colaboración con los principales fabricantes de equipos para desarrollar una infraestructura avanzada de alimentación de gas natural.

• Industrias de gráficos (equipo de GNL)
• Cummins (tecnologías de compresión)
• Westport Innovations (Engine Technologies)

Agencias gubernamentales y ambientales

Las asociaciones se centraron en las iniciativas regulatorias de cumplimiento y sostenibilidad ambiental.

Agencia	Enfoque de colaboración	Impacto del programa
Junta de recursos del aire de California	Estándar de combustible bajo en carbono	Generación de crédito RNG
Programa de combustible renovable de la EPA	Reducción de emisiones	Números de identificación renovables (RINS)

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: actividades clave

Desarrollo y operación de estaciones de alimentación de gas natural

A partir del cuarto trimestre de 2023, Clean Energy Fuels Corp. opera 568 estaciones de alimentación de gas natural en los Estados Unidos.

Tipo de estación	Número de estaciones	Cobertura geográfica
Estaciones de camiones de servicio pesado	359	32 estados
Estaciones de basura/tránsito	209	24 estados

Producir y distribuir gas natural renovable

En 2023, la energía limpia produjo 206 millones de galones de gas natural renovable (RNG).

• La producción de RNG aumentó 15.3% desde 2022
• Obtenido de 45 instalaciones diferentes de vertederos y lácteos de la granja de productos lácteos

Proporcionar soluciones de combustible de flota

La energía limpia sirve a más de 1.100 clientes de flota comercial y municipal.

Sector de la flota	Número de clientes
Compañías de camiones	412
Gestión de residuos	276
Transporte público	218
Otras flotas municipales	194

Innovación tecnológica en infraestructura de energía limpia

La inversión en I + D en 2023 totalizó $ 12.4 millones, centrándose en tecnologías de RNG avanzadas.

• Desarrolló 3 nuevas tecnologías de purificación RNG
• Archivado 6 nuevas solicitudes de patentes

Marketing Alternativas de transporte de energía limpia

El gasto de marketing en 2023 fue de $ 8.7 millones.

Canal de marketing	Porcentaje de asignación
Marketing digital	42%
Conferencias de la industria	28%
Publicaciones comerciales	18%
Alcance de ventas directas	12%

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: recursos clave

Extensa red de estaciones de alimentación de gas natural

A partir del cuarto trimestre de 2023, opera Clean Energy Fuels Corp. 568 estaciones de alimentación de gas natural en todo Estados Unidos. La red abarca:

Tipo de estación	Número de estaciones
Estaciones de camiones de servicio pesado	385
Estaciones de gestión de basura/desechos	127
Otras estaciones de transporte	56

Capacidades avanzadas de producción de RNG

Clean Energy Fuels Corp. produce Anualmente de 167 millones de galones de gas natural renovable (RNG). Las instalaciones de producción clave incluyen:

• Instalación de biometano de Lancaster (California)
• Proyecto de gas para vertederos de Milam (Texas)
• Instalación de RNG de Altamont Relling (California)

Experiencia técnica en tecnologías alternativas de combustible

La empresa emplea 237 profesionales técnicos e de ingeniería Especializado en tecnologías de combustible alternativas, con una experiencia promedio de 12.5 años en el sector.

Activos estratégicos de tierras e infraestructura

Categoría de activos	Valor total
Tierras	$ 42.6 millones
Activos de infraestructura	$ 186.3 millones
Activos fijos totales	$ 228.9 millones

Patentes de propiedad y tecnología intelectual

Clean Energy Fuels Corp. sostiene 23 patentes activas Relacionado con el gas natural y las tecnologías de combustible renovable, con una valoración de cartera de patentes de aproximadamente $ 14.7 millones.

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: propuestas de valor

Soluciones de transporte de emisiones de carbono más bajas

Clean Energy Fuels Corp. ofrece soluciones de gas natural renovable (RNG) con 97% de emisiones de carbono más bajas en comparación con el combustible diesel. A partir de 2023, la compañía procesó 172 millones de equivalentes de galones diesel (DGE) de RNG para el transporte.

Métrica de reducción de emisiones	Actuación
Reducción de la intensidad del carbono	97%
Producción anual de RNG	172 millones de DGE

Opciones de combustible alternativas rentables

La energía limpia proporciona precios competitivos para combustibles alternativos. En 2023, el precio promedio de RNG fue $ 1.47 por galón equivalente, en comparación con el diesel en $ 4.25 por galón.

Tipo de combustible	Precio por galón	Ahorro de costos
Gas natural renovable	$1.47	65.4% más barato
Diesel	$4.25	-

Impacto ambiental reducido para los operadores de la flota

La energía limpia sirve 500 clientes de la flota En varias industrias, ayudándoles a reducir la huella de carbono.

• Reducción de carbono del sector de transporte
• Soluciones de gestión de flotas sostenibles
• Seguimiento de emisiones integral

Infraestructura de energía sostenible y renovable

La compañía opera 550 estaciones de alimentación de gas natural en toda América del Norte, con una inversión de infraestructura de $ 412 millones en 2023.

Infraestructura métrica	2023 rendimiento
Estaciones de alimentación	550
Inversión en infraestructura	$ 412 millones

Soporte integral de combustible y transición de energía

La energía limpia proporciona soporte de extremo a extremo para la transición de energía, con $ 276 millones en ingresos de servicios anuales y Soporte técnico para 25,000 vehículos de combustible alternativos.

• Servicios de conversión de vehículos
• Diseño de infraestructura de alimentación
• Soporte técnico en curso

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: relaciones con los clientes

Asociaciones de gestión de flotas a largo plazo

A partir de 2024, Clean Energy Fuels Corp. administra asociaciones con más de 500 clientes de flota comercial, que incluyen:

Tipo de cliente	Número de asociaciones	Volumen de combustible anual
Flotas de gestión de residuos	175	42 millones de equivalentes de galones diesel
Compañías de camiones	215	68 millones de equivalentes de galones diesel
Transporte municipal	110	22 millones de equivalentes de galones diesel

Soporte técnico y servicios de consultoría

CLNE proporciona soporte técnico dedicado con las siguientes métricas:

• Equipo de atención al cliente 24/7 de 87 especialistas
• Tiempo de respuesta promedio: 17 minutos
• Calificación de satisfacción del cliente: 4.6/5

Soluciones de combustible personalizadas para diferentes industrias

Soluciones de combustible personalizadas en los segmentos de la industria:

Segmento de la industria	Nivel de personalización	Contratos anuales
Transporte	Alto	342 contratos
Logística	Medio	218 contratos
Agricultura	Bajo	76 contratos

Plataforma digital para la gestión de combustible

Capacidades de la plataforma digital:

• Seguimiento de combustible en tiempo real para 12.500 vehículos conectados
• Aplicación móvil con 94% de participación del usuario
• Sistema de gestión de flotas basado en la nube

Compromiso y educación continua del cliente

Iniciativas de participación del cliente:

• Programas anuales de capacitación al cliente: 42 talleres
• Webinarios web de sostenibilidad trimestrales: 6.800 participantes en total
• Boletín digital con 15,000 suscriptores

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Clean Energy Fuels Corp. mantiene un equipo de ventas directo dedicado centrado en los clientes de la flota comercial. Se dirige a la fuerza de ventas:

• Compañías de camiones de servicio pesado
• Flotas de gestión de residuos
• Sistemas de transporte público
• Aeropuertos y operadores de vehículos municipales

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	42 profesionales
Ventas anuales promedio por representante	$ 3.2 millones
Cobertura geográfica	48 estados de EE. UU.

Plataformas digitales en línea

Clean Energy Fuels utiliza múltiples canales digitales para la participación del cliente y la prestación de servicios.

• Aplicación de gestión de flota móvil
• Plataforma de seguimiento de combustible en tiempo real
• Portal de precios de combustible en línea

Métrica de plataforma digital	2024 estadísticas
Usuarios activos mensuales	7.500 gerentes de flota
Tasa de descarga de la aplicación móvil	1.200 nuevas descargas por trimestre

Sitio web de energía limpia

El sitio web corporativo sirve como un canal crítico de información y compromiso.

Métrica de rendimiento del sitio web	2024 datos
Visitantes mensuales del sitio web	85,000 visitantes únicos
Duración de la sesión promedio	4.7 minutos
Tasa de conversión de generación de leads	3.2%

Conferencias de la industria y ferias comerciales

Participación clave en el transporte y eventos alternativos de combustible.

• Show de vehículos comerciales de América del Norte
• Expo avanzado de transporte limpio
• Conferencia de tecnología de flota sostenible

Métrica de compromiso de la conferencia	2024 estadísticas
Conferencias anuales a las que asistió	12 eventos importantes
Nuevos clientes potenciales generados	248 clientes potenciales calificados

Redes de asociación estratégica

Clean Energy Fuels mantiene asociaciones estratégicas extensas.

Categoría de asociación	Número de socios
Fabricantes de equipos originales	7 socios estratégicos
Proveedores de infraestructura de combustible	15 redes de colaboración
Compañías de gestión de flotas	22 asociaciones activas

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: segmentos de clientes

Empresas comerciales de camiones

Los combustibles de energía limpia sirven a las principales flotas de camiones con soluciones de vehículos de gas natural.

Mejores clientes de camiones	Volumen anual de gas natural
Unión Postal Universal	70 millones de equivalentes de galones diesel
Gestión de residuos	55 millones de equivalentes de galones diesel
Servicios de república	45 millones de equivalentes de galones diesel

Agencias de transporte municipal

La energía limpia proporciona infraestructura de alimentación de gas natural para sistemas de transporte público.

• Metro de Los Ángeles: 300 autobuses de gas natural comprimido (CNC)
• Tránsito de la ciudad de Nueva York: 250 vehículos de GNC
• Autoridad de tránsito de Chicago: 200 vehículos de GNC

Flotas de gestión de residuos

Soluciones especializadas de gas natural para vehículos de recolección de residuos.

Cliente de gestión de residuos	Tamaño de la flota de GNC
Waste Management Inc.	4.500 camiones CNC
Servicios de república	3,200 camiones CNC

Operaciones de vehículos gubernamentales

Soluciones de alimentación de gas natural para flotas de vehículos federales y estatales.

• Vehículos estatales de California: 500 vehículos GNC
• Flota del Gobierno Federal: 350 vehículos CNC

Corporaciones de transporte privado

Infraestructura de alimentación de gas natural personalizado para empresas de transporte privado.

Corporación privada	Inversión en vehículos de gas natural
Fedex	1,000 camiones de reparto de GNC
Logística de Amazon	750 vehículos de entrega de GNC

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura

Costos anuales de mantenimiento de la infraestructura: $ 12.3 millones (2023 año fiscal)

Categoría de infraestructura	Costo anual
Estaciones de alimentación de gas natural	$ 7.6 millones
Actualizaciones de la red de estación	$ 3.2 millones
Mantenimiento de la instalación	$ 1.5 millones

Inversiones de investigación y desarrollo

Gastos totales de I + D: $ 5.7 millones en 2023

• Desarrollo de tecnología de combustible alternativa: $ 3.2 millones
• Innovaciones de gas natural renovable: $ 1.5 millones
• Tecnologías de reducción de emisiones: $ 1 millón

Costos de construcción y equipo de la estación

Gasto de capital para nuevas estaciones: $ 18.9 millones en 2023

Tipo de equipo	Costo
Equipo de estación de combustible	$ 14.5 millones
Sistemas de compresión	$ 2.7 millones
Infraestructura de apoyo	$ 1.7 millones

Personal y gastos operativos

Costos totales de personal: $ 32.6 millones en 2023

• Salarios y salarios: $ 24.3 millones
• Beneficios y seguros: $ 5.8 millones
• Capacitación y desarrollo: $ 2.5 millones

Marketing y desarrollo de negocios

Gastos de marketing: $ 4.2 millones en 2023

Canal de marketing	Asignación
Marketing digital	$ 1.6 millones
Participación de la conferencia de la industria	$ 1.1 millones
Comunicaciones corporativas	$ 1.5 millones

Clean Energy Fuels Corp. (CLNE) - Modelo de negocio: flujos de ingresos

Ingresos de la estación de alimentación de gas natural

En 2023, Clean Energy Fuels Corp. reportó 69.1 millones de galones de gas natural comprimido (GNC) y 50.3 millones de galones de gas natural licuado (GNL) vendido a través de su red de estaciones de combustible.

Tipo de combustible	Galones vendidos (2023)	Precio promedio por galón
Gas natural comprimido (GNC)	69.1 millones	$2.15
Gas natural licuado (GNL)	50.3 millones	$3.45

Ventas de gas natural renovable

Las ventas de gas natural renovable (RNG) en 2023 totalizaron 52.6 millones de galones, representando 37.2% del volumen total de combustible.

• Ingresos de ventas de RNG: $ 187.4 millones
• Precio promedio de RNG por galón: $ 3.56
• Valor de crédito de carbono por galón: $ 0.85

Servicios de contrato de combustible de flota

Clean Energy Fuels Corp. generó $ 412.6 millones a partir de contratos de combustible de flota en 2023, sirviendo los principales sectores de transporte.

Segmento de flota	Valor de contrato	Número de contratos
Gestión de residuos	$ 126.3 millones	47
Compañías de camiones	$ 189.5 millones	62
Flotas municipales	$ 96.8 millones	38

Licencias de tecnología y consultoría

Los ingresos por licencia de tecnología en 2023 fueron de $ 24.7 millones, con servicios de consultoría que generaron $ 15.3 millones adicionales.

Programas de incentivos y crédito del gobierno

Los incentivos y créditos gubernamentales totales para 2023 ascendieron a $ 53.2 millones, desglosados ​​de la siguiente manera:

• Créditos del Estándar de combustible renovable (RFS) federal: $ 37.6 millones
• Créditos de Standard de combustible bajo en carbono de California (LCFS): $ 15.6 millones

Las fuentes de ingresos totales para Clean Energy Fuels Corp. en 2023 alcanzó $ 693.2 millones.

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.