Clean Energy Fuels Corp. (CLNE): Business Model Canvas [Dec-2025 Updated]

You're digging into how Clean Energy Fuels Corp. actually makes money fueling North America's heavy-duty transition, and honestly, it's a fascinating model built on physical infrastructure and green credits. Forget vague promises; this company's engine is its network of over 600 stations and its ability to lock in high-volume customers like Amazon with strategic warrants, all while monetizing environmental credits alongside selling fuel that can be up to 300% better for the climate than diesel. If you want to see the precise nine-block blueprint-from their $421.84 million LTM revenue stream to their high CapEx on new RNG production-keep reading below.

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

You're looking at the critical relationships that fuel Clean Energy Fuels Corp.'s operations as of late 2025. These aren't just handshake deals; they involve significant capital commitments and volume guarantees that shape the company's supply chain and market access.

The upstream renewable natural gas (RNG) supply is heavily dependent on strategic joint ventures. Clean Energy Fuels Corp. has a 50-50 joint venture with TotalEnergies, which began with an initial commitment of $100 million, with the option to increase this to $400 million for RNG production facilities. Separately, the partnership with bp involved bp acquiring Clean Energy Fuels Corp.'s upstream biomethane production facilities, its share of two new facilities, and supply contracts for $155 million. The bp joint venture completed five RNG projects by the end of 2024, and Clean Energy Fuels Corp. monetized $29.5 million in investment tax credits from these dairy RNG projects in 2025.

The relationship with Amazon is structured around volume incentives via warrants. Amazon was issued warrants allowing the purchase of up to 53.14 million shares of common stock. The vesting of the remaining warrants is predicated upon future fuel purchases reaching up to $500 million. This volume-based incentive results in a direct financial impact; for instance, the company recorded a $17.4 million contra-revenue charge in Q2 2025 related to these warrants, following $17.3 million in warrant charges in Q1 2025.

Engine manufacturer alliances are key to driving fleet adoption. Clean Energy Fuels Corp. made a strategic investment into Pioneer Clean Fleet Solutions specifically to promote the adoption of the Cummins X15N natural gas engine. This engine is already being deployed by major customers, as United Dairymen of Arizona is hauling dairy products with trucks equipped with the Cummins X15N.

Development partnerships for new RNG sources are accelerating supply. The agreement with Maas Energy Works is actively expanding the feedstock base. As of September 2025, Clean Energy Fuels Corp. broke ground on three new RNG facilities with Maas Energy Works. These three projects span six dairies across South Dakota, Georgia, Florida, and New Mexico. They are forecasted to cost $80 million and are expected to produce approximately three million gallons of RNG annually once operational, with completion on track for 2026. This follows a previous agreement for nine projects across seven states, forecasted to cost about $130 million and expected to produce up to 4 million gallons annually.

The dairy farm owners provide the essential feedstock, with the new projects capturing methane from a combined herd of 24,300 dairy cows. The prior nine-project agreement involved a combined herd size of approximately 35,000 cows. Clean Energy Fuels Corp. anticipates exiting 2025 with RNG production between 5 million and 6 million gallons.

Here's a look at the key metrics tied to these production partnerships:

The company's Q3 2025 operational results show 61.3 million gallons of RNG sold, with revenue at $106.1 million and Adjusted EBITDA at $17.3 million. Cash, cash equivalents, and short-term investments stood at $232.2 million as of September 30, 2025.

• Fleet fueling agreements secured over 20 million annual gallons from LA Metro, Trinity Metro, and El Paso.
• Paper Transport signed agreements for approximately 250,000 gallons of RNG annually.
• Ecotech Waste Logistics deal provides approximately 300,000 gallons of RNG annually.
• Birkmire Trucking deal anticipates 100,000 gallons of RNG annually.

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

You're looking at the core engine of Clean Energy Fuels Corp. (CLNE)'s operations as of late 2025, which is all about building, owning, and running the physical infrastructure for alternative fuels.

The company's primary activity centers on maintaining its extensive fueling network across North America. This network is the largest of its kind, operating over 600 stations across the U.S. and Canada as of a November 2025 presentation. This scale is critical for serving major fleet customers.

A major focus is vertically integrating the supply chain by developing renewable natural gas (RNG) production. Clean Energy Fuels Corp. financed and completed its $85 million South Fork Dairy facility in Texas in late 2025, which processes up to 300,000 gallons of dairy manure daily. This single facility is now one of the largest RNG production sites in the country, designed to generate approximately 2.6 million gallons of low-carbon RNG annually. Also, Clean Energy Fuels Corp. broke ground on three new RNG production facilities under a Joint Development, which are expected to add approximately three million gallons of RNG annually once they are fully operational. The company planned to invest up to $104 million for RNG production facilities in 2025.

Securing long-term fuel supply and service contracts locks in demand and utilization for this infrastructure. For example, the company signed an agreement with United Dairymen of Arizona to supply 200,000 gallons of RNG to five fleets, and another deal with Paper Transport for approximately 250,000 gallons of RNG annually. Furthermore, USA Hauling & Recycling renewed its contract committing to 2.5 million gallons of RNG annually to fuel 150 refuse vehicles. The existing network supports significant daily activity, fueling over 9,000 transit buses daily across 115 locations.

Monetizing the environmental attributes of the fuel is a distinct and important activity. For the second quarter of 2025, revenue from Renewable Identification Numbers (RINs) and Low Carbon Fuel Standards (LCFS) credits totaled $11.9 million. The South Fork RNG facility has EPA approval to generate RINs. In 2024, the company also recognized $6 million in Alternative Fuel Tax Credit (AFTC) revenue.

Infrastructure construction remains a core competency, spanning both RNG and emerging hydrogen fueling solutions. Since 2008, Clean Energy Fuels Corp. has built or supervised the construction of over 460 fueling stations. The company secured a contract to build the Gold Coast Transit District's first hydrogen station, a project supported by a $12.1 million grant from the U.S. Department of Transportation's Federal Transit Administration. For private fleets, Clean Energy Fuels Corp. is contracted to build its fifth station in South Windsor, CT, a private time-fill station designed to fuel 40 additional RNG refuse trucks.

Here's a quick look at the scale of some of these key activities:

The company's ongoing infrastructure development includes various fuel types and service offerings:

• Operating and maintaining fueling stations for CNG, LNG, and RNG.
• Selling and servicing compressors and other equipment for RNG production.
• Providing Operations and Maintenance (O&M) services for public and private stations.
• Securing contracts for hydrogen fueling station construction and maintenance.
• Building private fueling stations, such as the fifth station for USA Hauling & Recycling.

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

You're looking at the core assets Clean Energy Fuels Corp. (CLNE) relies on to run its business as of late 2025. These aren't just line items; they're the physical and financial foundation supporting their clean fuel mission.

The fueling infrastructure itself is massive. Clean Energy Fuels Corp. operates a network of over 600 public and private fueling stations across the US and Canada. That scale is what lets them serve major fleet customers reliably, which is key when you're talking about keeping trucks and buses running day in and day out.

Next up are the RNG production assets, which are becoming increasingly important for their fuel supply security. As of late 2025, Clean Energy Fuels Corp. has brought its seventh RNG facility online with the completion of the South Fork Dairy project in Texas. They continue to build out their production capacity through owned assets and joint venture (JV) dairy digester facilities, like the three projects under development with Maas Energy Works mentioned earlier in the year, which span six dairies.

Securing the fuel supply is also about contracts. Clean Energy Fuels Corp. maintains long-term RNG supply contracts, with the target being nearly 100 different contracts across their customer base. These agreements lock in supply and help manage the volatility of fuel sourcing.

Financially, the company maintains a strong liquidity position. As of Q3 2025, Clean Energy Fuels Corp. reported cash and short-term investments totaling $232.2 million. This balance sheet strength gives them the flexibility to fund ongoing growth projects, like the capital contribution of $12 million made into their dairy RNG joint venture during that same quarter.

Don't forget the intangible stuff. Clean Energy Fuels Corp. has deep intellectual property and expertise built over two decades in natural gas vehicle fueling infrastructure, station maintenance, and RNG processing technology. That experience helps them engineer and operate complex systems for clients worldwide.

Here's a quick look at the hard numbers defining these key resources:

The operational scale is supported by several key activities that leverage this resource base:

• Selling 61.3 million gallons of RNG in Q3 2025.
• Generating $17.3 million in Adjusted EBITDA for Q3 2025.
• Selling CNG equipment and station consultation in over 20 countries.
• Providing fuel to a broad base including refuse, transit, and trucking fleets.

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:

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:

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:

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.

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:

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:

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.