Clean Energy Fuels Corp. (CLNE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide du transport d'énergie propre, Clean Energy Fuels Corp. (CLNE) apparaît comme une force pionnière, transformant comment les entreprises abordent la mobilité durable. En tirant stratégiquement le gaz naturel renouvelable et l'infrastructure de ravitaillement innovante, CLNE propose un plan convaincant pour réduire les émissions de carbone tout en fournissant des solutions de transport rentables dans diverses industries. Leur toile complète du modèle commercial révèle une approche sophistiquée pour réinventer la consommation d'énergie, positionnant l'entreprise à l'avant-garde de la révolution du transport vert.

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: partenariats clés

Fournisseurs d'infrastructures de gaz naturel

Clean Energy Fuels Corp. collabore avec les principaux fournisseurs d'infrastructures de gaz naturel pour étendre son réseau de ravitaillement.

Partenaire	Contribution du réseau	Nombre de stations
Les arrêts de voyage de l'amour	Infrastructure d'alimentation à l'échelle nationale	300+ stations de gaz naturel
TravelCenters of America	Réseau de carburant du camionnage long-courrier	250+ emplacements de ravitaillement

Opérateurs de flotte et sociétés de transport

CLNE s'associe aux grandes sociétés de transport et de logistique pour fournir des solutions de ravitaillement au gaz naturel.

• Amazon (600+ véhicules de livraison de gaz naturel)
• UPS (plus de 1 000 camions de gaz naturel)
• Republic Services (2 500+ véhicules de gestion des déchets de gaz naturel)

Producteurs de gaz naturel renouvelable (RNG)

Partenariats stratégiques avec les installations de production RNG pour garantir des sources de carburant durables.

Producteur de RNG	Production annuelle de RNG	Détails du partenariat
Gestion des déchets	10 millions d'équivalents du gallon diesel (DGE)	Contrat d'approvisionnement à long terme
Fermes laitières en Californie	5 millions de DGE	Partenariat de capture de méthane

Fabricants d'équipements pour les stations-service

Collaboration avec les principaux fabricants d'équipements pour développer une infrastructure avancée de ravitaillement du gaz naturel.

• Industries du graphique (équipement de GNL)
• Cummins (Technologies de compression)
• Westport Innovations (Moteur Technologies)

Organismes gouvernementaux et environnementaux

Les partenariats se sont concentrés sur les initiatives de conformité réglementaire et de durabilité environnementale.

Agence	Focus de la collaboration	Impact du programme
California Air Resources Board	Norme de carburant à faible teneur en carbone	Génération de crédit RNG
Programme de carburant renouvelable de l'EPA	Réduction des émissions	Numéros d'identification renouvelables (RIN)

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: activités clés

Développement et exploitation des stations de ravitaillement au gaz naturel

Depuis le quatrième trimestre 2023, Clean Energy Fuels Corp. exploite 568 stations de ravitaillement au gaz naturel à travers les États-Unis.

Type de station	Nombre de stations	Couverture géographique
Stations de camions robustes	359	32 États
Stations de déchets / transit	209	24 États

Produire et distribuer du gaz naturel renouvelable

En 2023, l'énergie propre a produit 206 millions de gallons de gaz naturel renouvelable (RNG).

• La production de RNG a augmenté de 15,3% par rapport à 2022
• Provenant de 45 installations de biogaz à la décharge et à la ferme laitière

Fournir des solutions de carburant de flotte

Clean Energy dessert plus de 1 100 clients de flotte commerciale et municipale.

Secteur de la flotte	Nombre de clients
Entreprise de camionnage	412
Gestion des déchets	276
Transport en public	218
Autres flottes municipales	194

Innovation technologique dans les infrastructures d'énergie propre

L'investissement en R&D en 2023 a totalisé 12,4 millions de dollars, en se concentrant sur les technologies avancées de RNG.

• Développé 3 nouvelles technologies de purification RNG
• Déposé 6 nouvelles demandes de brevet

Marketing Clean Energy Transportation Alternatives

Les dépenses de marketing en 2023 étaient de 8,7 millions de dollars.

Canal de marketing	Pourcentage d'allocation
Marketing numérique	42%
Conférences de l'industrie	28%
Publications commerciales	18%
Vente directe de la sensibilisation des ventes	12%

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: Ressources clés

Réseau étendu de stations de ravitaillement au gaz naturel

Depuis le quatrième trimestre 2023, Clean Energy Fuels Corp. fonctionne 568 stations de ravitaillement au gaz naturel aux États-Unis. Le réseau englobe:

Type de station	Nombre de stations
Stations de camions robustes	385
Stations de gestion des déchets / déchets	127
Autres stations de transport	56

Capacités de production RNG avancées

Clean Energy Fuels Corp. produit 167 millions d'équivalents gallons de gaz naturel renouvelable (RNG). Les principales installations de production comprennent:

• Installation de biométhane de Lancaster (Californie)
• Milam Landfill Gas Project (Texas)
• ALTAMONT LA LA LANDIE RNG Facility (Californie)

Expertise technique dans les technologies de carburant alternatives

L'entreprise emploie 237 professionnels de la technique et de l'ingénierie Spécialisé dans les technologies de carburant alternatives, avec une expérience moyenne de 12,5 ans dans le secteur.

Actifs terrestres et infrastructures stratégiques

Catégorie d'actifs	Valeur totale
Propriété terrestre	42,6 millions de dollars
Actifs d'infrastructure	186,3 millions de dollars
Total des actifs fixes	228,9 millions de dollars

Brevets de propriété intellectuelle et technologique

Clean Energy Fuels Corp. 23 brevets actifs liés aux technologies de gaz naturel et de carburant renouvelable, avec une évaluation du portefeuille de brevets d'environ 14,7 millions de dollars.

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: propositions de valeur

Solutions de transport d'émissions de carbone plus faibles

Clean Energy Fuels Corp. fournit des solutions de gaz naturel renouvelable (RNG) avec 97% d'émissions de carbone inférieures par rapport au carburant diesel. En 2023, l'entreprise a traité 172 millions d'équivalents du gallon diesel (DGE) de RNG pour le transport.

Métrique de réduction des émissions	Performance
Réduction de l'intensité du carbone	97%
Production annuelle de RNG	172 millions de DGE

Options de carburant alternatif rentable

L'énergie propre offre des prix compétitifs pour des carburants alternatifs. En 2023, le prix moyen de RNG était 1,47 $ par gallon équivalent, par rapport au diesel à 4,25 $ par gallon.

Type de carburant	Prix ​​par gallon	Économies de coûts
Gaz naturel renouvelable	$1.47	65,4% moins cher
Diesel	$4.25	-

Impact environnemental réduit pour les opérateurs de flotte

L'énergie propre sert plus 500 clients de flotte Dans diverses industries, les aidant à réduire l'empreinte carbone.

• Réduction du carbone du secteur des transports
• Solutions de gestion durable de la flotte
• Suivi complet des émissions

Infrastructure énergétique durable et renouvelable

L'entreprise exploite 550 stations de ravitaillement au gaz naturel à travers l'Amérique du Nord, avec un investissement à l'infrastructure de 412 millions de dollars en 2023.

Métrique d'infrastructure	Performance de 2023
Stations d'alimentation	550
Investissement en infrastructure	412 millions de dollars

Support complet de carburant et de transition énergétique

Clean Energy fournit un support de bout en bout pour la transition énergétique, avec 276 millions de dollars de revenus de service annuels et Support technique pour 25 000 véhicules à carburant alternatifs.

• Services de conversion de véhicules
• Conception d'infrastructures alimentaires
• Assistance technique en cours

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: relations avec les clients

Partenariats de gestion de la flotte à long terme

En 2024, Clean Energy Fuels Corp. gère les partenariats avec plus de 500 clients de flotte commerciale, notamment:

Type de client	Nombre de partenariats	Volume de carburant annuel
Flottes de gestion des déchets	175	42 millions d'équivalents de gallon diesel
Entreprise de camionnage	215	68 millions d'équivalents de gallon diesel
Transport municipal	110	22 millions d'équivalents du gallon diesel

Services de support technique et de conseil

CLNE fournit un support technique dédié avec les mesures suivantes:

• Équipe de support client 24/7 de 87 spécialistes
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 4.6 / 5

Solutions de ravitaillement personnalisées pour différentes industries

Solutions d'alimentation personnalisées entre les segments de l'industrie:

Segment de l'industrie	Niveau de personnalisation	Contrats annuels
Transport	Haut	342 Contrats
Logistique	Moyen	218 contrats
Agriculture	Faible	76 contrats

Plate-forme numérique pour la gestion des carburants

Capacités de plate-forme numérique:

• Suivi en temps réel pour 12 500 véhicules connectés
• Application mobile avec 94% d'engagement des utilisateurs
• Système de gestion de flotte basé sur le cloud

Engagement et éducation des clients continus

Initiatives d'engagement client:

• Programmes de formation client annuelle: 42 ateliers
• Webinaires trimestriels de durabilité: 6 800 participants au total
• Newsletter numérique avec 15 000 abonnés

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Clean Energy Fuels Corp. maintient une équipe de vente directe dédiée axée sur les clients de la flotte commerciale. La force de vente cible:

• Entreprises de camionnage robustes
• Flottes de gestion des déchets
• Systèmes de transport en commun
• Aéroports et véhicules municipaux

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	42 professionnels
Ventes annuelles moyennes par représentant	3,2 millions de dollars
Couverture géographique	48 États américains

Plateformes numériques en ligne

Clean Energy Fuels utilise plusieurs canaux numériques pour l'engagement des clients et la prestation de services.

• Application de gestion de la flotte mobile
• Plate-forme de suivi du carburant en temps réel
• Portail de prix de carburant en ligne

Métrique de la plate-forme numérique	2024 statistiques
Utilisateurs actifs mensuels	7 500 gestionnaires de flotte
Taux de téléchargement de l'application mobile	1 200 nouveaux téléchargements par trimestre

Internet Clean Energy

Le site Web de l'entreprise sert de canal d'information et d'engagement critique.

Métrique de performance du site Web	2024 données
Visiteurs mensuels du site Web	85 000 visiteurs uniques
Durée moyenne de la session	4,7 minutes
Taux de conversion de génération de leads	3.2%

Conférences et salons commerciaux de l'industrie

Participation clé aux événements de transport et de carburant alternatif.

• Spectacle de véhicules commerciaux nord-américains
• Advanced Clean Transportation Expo
• Conférence de technologie de la flotte durable

Métrique de l'engagement de la conférence	2024 statistiques
Conférences annuelles ont assisté	12 événements majeurs
Les nouveaux renomches commerciales générées	248 pistes qualifiées

Réseaux de partenariat stratégiques

Les combustibles énergétiques propres maintiennent de vastes partenariats stratégiques.

Catégorie de partenariat	Nombre de partenaires
Fabricants d'équipements d'origine	7 partenaires stratégiques
Fournisseurs d'infrastructures de carburant	15 réseaux de collaboration
Sociétés de gestion de flotte	22 partenariats actifs

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: segments de clientèle

Sociétés de camionnage commercial

Les combustibles à énergie propre sert des flottes de camionnage majeures avec des solutions de véhicules de gaz naturel.

Clients de camionnage supérieurs	Volume annuel de gaz naturel
Hauts	70 millions d'équivalents de gallon diesel
Gestion des déchets	55 millions d'équivalents de gallon diesel
Services de la République	45 millions d'équivalents de gallon diesel

Agences de transport municipal

L'énergie propre fournit une infrastructure de ravitaillement au gaz naturel pour les systèmes de transport en commun.

• Metro de Los Angeles: Bus de gaz naturel comprimé (GNC)
• Transit de New York: 250 véhicules de GNC
• Chicago Transit Authority: 200 véhicules GNC

Flottes de gestion des déchets

Solutions spécialisées de gaz naturel pour les véhicules de collecte de déchets.

Client de gestion des déchets	Taille de la flotte de GNC
Waste Management Inc.	4 500 camions CNG
Services de la République	3 200 camions CNG

Opérations du gouvernement

Solutions d'alimentation du gaz naturel pour les flottes de véhicules fédérales et étatiques.

• Véhicules d'État de Californie: 500 véhicules CNG
• Flotte du gouvernement fédéral: 350 véhicules de GNC

Sociétés de transport privé

Infrastructure d'alimentation du gaz naturel personnalisé pour les sociétés de transport privé.

Société privée	Investissement de véhicules en gaz naturel
FedEx	1 000 camions de livraison de GNC
Amazon Logistics	750 véhicules de livraison de GNC

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: Structure des coûts

Développement et maintenance des infrastructures

Coûts annuels de maintenance des infrastructures: 12,3 millions de dollars (2023 Exercice)

Catégorie d'infrastructure	Coût annuel
Stations de ravitaillement au gaz naturel	7,6 millions de dollars
Mises à niveau du réseau de station	3,2 millions de dollars
Entretien d'installation	1,5 million de dollars

Investissements de recherche et développement

Dépenses totales de R&D: 5,7 millions de dollars en 2023

• Développement de la technologie alternative du carburant: 3,2 millions de dollars
• Innovations en gaz naturel renouvelable: 1,5 million de dollars
• Technologies de réduction des émissions: 1 million de dollars

Coûts de construction et d'équipement de station

Dépenses en capital pour les nouvelles stations: 18,9 millions de dollars en 2023

Type d'équipement	Coût
Équipement de la station-service	14,5 millions de dollars
Systèmes de compression	2,7 millions de dollars
Infrastructure de soutien	1,7 million de dollars

Personnel et dépenses opérationnelles

Coûts du personnel total: 32,6 millions de dollars en 2023

• Salaires et salaires: 24,3 millions de dollars
• Avantages et assurance: 5,8 millions de dollars
• Formation et développement: 2,5 millions de dollars

Marketing et développement commercial

Dépenses de marketing: 4,2 millions de dollars en 2023

Canal de marketing	Allocation
Marketing numérique	1,6 million de dollars
Participation de la conférence de l'industrie	1,1 million de dollars
Communications d'entreprise	1,5 million de dollars

Clean Energy Fuels Corp. (CLNE) - Modèle d'entreprise: Strots de revenus

Revenus de la station de ravitaillement au gaz naturel

En 2023, Clean Energy Fuels Corp. a rapporté 69,1 millions de gallons de gaz naturel comprimé (GNC) et 50,3 millions de gallons de gaz naturel liquéfié (GNL) vendus par le biais de son réseau de stations de ravitaillement.

Type de carburant	Gallons vendus (2023)	Prix ​​moyen par gallon
Gaz naturel comprimé (GNC)	69,1 millions	$2.15
Gaz naturel liquéfié (GNL)	50,3 millions	$3.45

Ventes de gaz naturel renouvelable

Les ventes de gaz naturel renouvelable (RNG) en 2023 ont totalisé 52,6 millions de gallons, représentant 37,2% du volume total de carburant.

• Renue des ventes RNG: 187,4 millions de dollars
• Prix ​​RNG moyen par gallon: 3,56 $
• Valeur de crédit en carbone par gallon: 0,85 $

Les services de contrat d'alimentation de la flotte

Clean Energy Fuels Corp. a généré 412,6 millions de dollars auprès des contrats de ravitaillement de la flotte en 2023, desservant les principaux secteurs des transports.

Segment de la flotte	Valeur du contrat	Nombre de contrats
Gestion des déchets	126,3 millions de dollars	47
Entreprise de camionnage	189,5 millions de dollars	62
Flottes municipales	96,8 millions de dollars	38

Licence et consultation technologiques

Les revenus des licences technologiques en 2023 étaient de 24,7 millions de dollars, les services de conseil générant 15,3 millions de dollars supplémentaires.

Programmes d'incitation et de crédit du gouvernement

Les incitations et crédits totaux du gouvernement pour 2023 s'élevaient à 53,2 millions de dollars, ventilés comme suit:

• Crédits fédéraux de norme de carburant renouvelable (RFS): 37,6 millions de dollars
• Crédits California Low Carbone Fuel Standard (LCFS): 15,6 millions de dollars

Total des sources de revenus pour Clean Energy Fuels Corp. en 2023 atteint 693,2 millions de dollars.

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.