Clean Energy Fuels Corp. (CLNE): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do transporte de energia limpa, a Clean Energy Fuels Corp. (CLNE) surge como uma força pioneira, transformando como as empresas abordam a mobilidade sustentável. Ao alavancar estrategicamente o gás natural renovável e a infraestrutura inovadora de abastecimento, a CLNE oferece um plano atraente para reduzir as emissões de carbono, fornecendo soluções de transporte econômicas em diversas indústrias. Seu modelo abrangente de negócios Canvas revela uma abordagem sofisticada para reimaginar o consumo de energia, posicionando a empresa na vanguarda da Revolução do Transporte Verde.

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de gás natural

A Clean Energy Fuels Corp. colabora com os principais provedores de infraestrutura de gás natural para expandir sua rede de abastecimento.

Parceiro	Contribuição da rede	Número de estações
As paradas de viagem do amor	Infraestrutura de abastecimento em todo o país	Mais de 300 postos de gasolina natural
TravelCenters of America	Rede de abastecimento de caminhões de longo curso	250+ locais de abastecimento

Operadores de frota e empresas de transporte

A CLNE faz parceria com as principais empresas de transporte e logística para fornecer soluções de abastecimento de gás natural.

• Amazon (mais de 600 veículos de entrega de gás natural)
• UPS (mais de 1.000 caminhões de gás natural)
• Serviços da República (mais de 2.500 veículos de gerenciamento de resíduos de gás natural)

Produtores de gás natural renovável (RNG)

Parcerias estratégicas com instalações de produção da RNG para garantir fontes de combustível sustentáveis.

RNG Produtor	Produção anual de RNG	Detalhes da parceria
Gerenciamento de resíduos	10 milhões de equivalentes a diesel (DGE)	Contrato de fornecimento de longo prazo
fazendas de laticínios na Califórnia	5 milhões de DGE	Parceria de captura de metano

Fabricantes de equipamentos para estações de abastecimento

Colaboração com os principais fabricantes de equipamentos para desenvolver infraestrutura avançada de abastecimento de gás natural.

• Indústrias de gráficos (equipamento de GNL)
• Cummins (Tecnologias de Compressão)
• Westport Innovations (Engine Technologies)

Agências governamentais e ambientais

As parcerias se concentraram na conformidade regulatória e nas iniciativas de sustentabilidade ambiental.

Agência	Foco de colaboração	Impacto do programa
Conselho de Recursos Aéreos da Califórnia	Padrão de combustível de baixo carbono	Geração de crédito RNG
Programa de combustível renovável da EPA	Redução de emissões	Números de identificação renovável (RINS)

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Atividades -chave

Desenvolvimento e operação de postos de abastecimento de gás natural

A partir do quarto trimestre 2023, a Clean Energy Fuels Corp. opera 568 estações de abastecimento de gás natural nos Estados Unidos.

Tipo de estação	Número de estações	Cobertura geográfica
Estações de caminhão para serviço pesado	359	32 estados
Estações de lixo/trânsito	209	24 estados

Produzindo e distribuindo gás natural renovável

Em 2023, a energia limpa produziu 206 milhões de galões de gás natural renovável (RNG).

• A produção de RNG aumentou 15,3% em relação a 2022
• Proveniente de 45 diferentes aterros sanitários e fabricantes de laticínios biogás

Fornecendo soluções de abastecimento de frota

A energia limpa atende mais de 1.100 clientes comerciais e municipais de frota.

Setor de frota	Número de clientes
Empresas de caminhões	412
Gerenciamento de resíduos	276
Trânsito público	218
Outras frotas municipais	194

Inovação tecnológica em infraestrutura de energia limpa

O investimento em P&D em 2023 totalizou US $ 12,4 milhões, com foco em tecnologias avançadas de RNG.

• Desenvolvido 3 novas tecnologias de purificação de RNG
• Arquivou 6 novos pedidos de patente

Alternativas de transporte de energia limpa de marketing

As despesas de marketing em 2023 foram de US $ 8,7 milhões.

Canal de marketing	Porcentagem de alocação
Marketing digital	42%
Conferências do setor	28%
Publicações comerciais	18%
Extensão direta de vendas	12%

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Recursos -chave

Extensa rede de estações de abastecimento de gás natural

A partir do quarto trimestre 2023, a Clean Energy Fuels Corp. opera 568 postos de abastecimento de gás natural nos Estados Unidos. A rede abrange:

Tipo de estação	Número de estações
Estações de caminhão para serviço pesado	385
Estações de gerenciamento de lixo/resíduos	127
Outras estações de transporte	56

Capacidades avançadas de produção de RNG

Clean Energy Fuels Corp. produz 167 milhões de equivalentes de galões de gás natural renovável (RNG) anualmente. As principais instalações de produção incluem:

• Facilidade de Biometano de Lancaster (Califórnia)
• Milam Landfill Gas Project (Texas)
• ALTAMONT Landfill RNG Facility (Califórnia)

Experiência técnica em tecnologias alternativas de combustível

A empresa emprega 237 Profissionais Técnicos e de Engenharia Especializado em tecnologias alternativas de combustível, com uma experiência média de 12,5 anos no setor.

Ativos estratégicos de terra e infraestrutura

Categoria de ativos	Valor total
Propriedades terrestres	US $ 42,6 milhões
Ativos de infraestrutura	US $ 186,3 milhões
Total de ativos fixos	US $ 228,9 milhões

Propriedade intelectual e patentes de tecnologia

Clean Energy Fuels Corp. 23 patentes ativas Relacionado a gás natural e tecnologias de combustível renovável, com uma avaliação de portfólio de patentes de aproximadamente US $ 14,7 milhões.

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: proposições de valor

Soluções de transporte de emissões de carbono mais baixas

A Clean Energy Fuels Corp. oferece soluções de gás natural renovável (RNG) com 97% de emissões de carbono mais baixas comparado ao combustível diesel. A partir de 2023, a empresa processou 172 milhões de equivalentes a diesel (DGE) de RNG para transporte.

Métrica de redução de emissão	Desempenho
Redução da intensidade do carbono	97%
Produção anual de RNG	172 milhões de DGE

Opções de combustível alternativo econômico

A energia limpa fornece preços competitivos para combustíveis alternativos. Em 2023, o preço médio do RNG era US $ 1,47 por galão equivalente, comparado ao diesel em US $ 4,25 por galão.

Tipo de combustível	Preço por galão	Economia de custos
Gás natural renovável	$1.47	65,4% mais barato
Diesel	$4.25	-

Impacto ambiental reduzido para operadores de frota

Energia limpa serve 500 clientes de frota Em vários setores, ajudando -os a reduzir a pegada de carbono.

• Setor de transporte Redução de carbono
• Soluções de Gerenciamento de Frota Sustentável
• Rastreamento abrangente de emissões

Infraestrutura de energia sustentável e renovável

A empresa opera 550 postos de abastecimento de gás natural em toda a América do Norte, com um investimento em infraestrutura de US $ 412 milhões em 2023.

Métrica de infraestrutura	2023 desempenho
Postos de combustível	550
Investimento de infraestrutura	US $ 412 milhões

Suporte abrangente de combustível e transição energética

A energia limpa fornece suporte de ponta a ponta para transição de energia, com US $ 276 milhões em receitas anuais de serviço e Suporte técnico para 25.000 veículos de combustível alternativos.

• Serviços de conversão de veículos
• Design de infraestrutura de abastecimento
• Suporte técnico em andamento

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Relacionamentos do cliente

Parcerias de gerenciamento de frotas de longo prazo

A partir de 2024, a Clean Energy Fuels Corp. gerencia parcerias com mais de 500 clientes de frota comercial, incluindo:

Tipo de cliente	Número de parcerias	Volume anual de combustível
Frotas de gerenciamento de resíduos	175	42 milhões de equivalentes a diesel
Empresas de caminhões	215	68 milhões de equivalentes a diesel
Transporte municipal	110	22 milhões de equivalentes a diesel

Serviços técnicos de suporte e consultoria

A CLNE fornece suporte técnico dedicado com as seguintes métricas:

• Equipe de suporte ao cliente 24/7 de 87 especialistas
• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 4.6/5

Soluções de abastecimento personalizado para diferentes indústrias

Soluções de abastecimento personalizado em segmentos da indústria:

Segmento da indústria	Nível de personalização	Contratos anuais
Transporte	Alto	342 contratos
Logística	Médio	218 contratos
Agricultura	Baixo	76 contratos

Plataforma digital para gerenciamento de combustível

Recursos de plataforma digital:

• Rastreamento de combustível em tempo real para 12.500 veículos conectados
• Aplicativo móvel com 94% de engajamento do usuário
• Sistema de gerenciamento de frota baseado em nuvem

Engajamento e educação em andamento

Iniciativas de engajamento do cliente:

• Programas anuais de treinamento de clientes: 42 workshops
• Webinars trimestrais de sustentabilidade: 6.800 participantes totais
• Newsletter digital com 15.000 assinantes

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Clean Energy Fuels Corp. mantém uma equipe de vendas direta dedicada focada em clientes de frotas comerciais. As metas da força de vendas:

• Empresas de caminhões pesados
• Frotas de gerenciamento de resíduos
• Sistemas de transporte público
• Aeroportos e operadores de veículos municipais

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	42 profissionais
Vendas anuais médias por representante	US $ 3,2 milhões
Cobertura geográfica	48 Estados dos EUA

Plataformas digitais online

Os combustíveis de energia limpa utilizam vários canais digitais para envolvimento do cliente e entrega de serviços.

• Aplicativo de gerenciamento de frota móvel
• Plataforma de rastreamento de combustível em tempo real
• Portal de preços de combustível online

Métrica da plataforma digital	2024 Estatísticas
Usuários ativos mensais	7.500 gerentes de frota
Taxa de download de aplicativos móveis	1.200 novos downloads por trimestre

Site de energia limpa

O site corporativo serve como um canal crítico de informações e engajamento.

Métrica de desempenho do site	2024 dados
Visitantes mensais do site	85.000 visitantes únicos
Duração média da sessão	4,7 minutos
Taxa de conversão de geração de lead	3.2%

Conferências e feiras do setor

Principais participação no transporte e eventos alternativos de combustível.

• Show de veículos comerciais norte -americanos
• Expo de transporte limpo avançado
• Conferência de Tecnologia da Frota Sustentável

Métrica de engajamento da conferência	2024 Estatísticas
Conferências anuais participaram	12 grandes eventos
Novos leads de negócios gerados	248 leads qualificados

Redes de parceria estratégica

Os combustíveis de energia limpa mantêm extensas parcerias estratégicas.

Categoria de parceria	Número de parceiros
Fabricantes de equipamentos originais	7 parceiros estratégicos
Provedores de infraestrutura de combustível	15 redes de colaboração
Empresas de gerenciamento de frota	22 parcerias ativas

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

Empresas de caminhões comerciais

Os combustíveis de energia limpa servem as principais frotas de caminhões com soluções de veículos a gás natural.

Os principais clientes de caminhões	Volume anual de gás natural
UPS	70 milhões de equivalentes a diesel
Gerenciamento de resíduos	55 milhões de equivalentes a diesel
Serviços da República	45 milhões de equivalentes a diesel

Agências de transporte municipal

A energia limpa fornece infraestrutura de abastecimento de gás natural para sistemas de transporte público.

• Los Angeles Metro: 300 ônibus de gás natural comprimido (GNV)
• NOVA YORK CIDADE TRANSIT: 250 veículos de CNG
• Autoridade de trânsito de Chicago: 200 veículos de CNG

Frotas de gerenciamento de resíduos

Soluções especializadas de gás natural para veículos de coleta de resíduos.

Cliente de gerenciamento de resíduos	Tamanho da frota GNV
Waste Management Inc.	4.500 caminhões GNG
Serviços da República	3.200 caminhões GNG

Operações de veículos governamentais

Soluções de abastecimento de gás natural para frotas federais e estaduais de veículos.

• Veículos estaduais da Califórnia: 500 veículos aNV
• Frota do Governo Federal: 350 veículos CNG

Empresas de transporte privado

Infraestrutura personalizada de abastecimento de gás natural para empresas de transporte privado.

Corporação Privada	Investimento de veículo a gás natural
FedEx	1.000 caminhões de entrega de CNG
Amazon Logistics	750 veículos de entrega de CNG

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: Estrutura de custos

Desenvolvimento e manutenção de infraestrutura

Custos anuais de manutenção de infraestrutura: US $ 12,3 milhões (2023 ano fiscal)

Categoria de infraestrutura	Custo anual
Postos de abastecimento de gás natural	US $ 7,6 milhões
Atualizações da rede de estação	US $ 3,2 milhões
Manutenção da instalação	US $ 1,5 milhão

Investimentos de pesquisa e desenvolvimento

Despesas totais de P&D: US $ 5,7 milhões em 2023

• Desenvolvimento alternativo de tecnologia de combustível: US $ 3,2 milhões
• Innovações de gás natural renovável: US $ 1,5 milhão
• Tecnologias de redução de emissões: US $ 1 milhão

Custos de construção e equipamentos da estação

Despesas de capital para novas estações: US $ 18,9 milhões em 2023

Tipo de equipamento	Custo
Equipamento de estação de combustível	US $ 14,5 milhões
Sistemas de compressão	US $ 2,7 milhões
Infraestrutura de suporte	US $ 1,7 milhão

Pessoal e despesas operacionais

Total de custos de pessoal: US $ 32,6 milhões em 2023

• Salários e salários: US $ 24,3 milhões
• Benefícios e seguro: US $ 5,8 milhões
• Treinamento e desenvolvimento: US $ 2,5 milhões

Marketing e desenvolvimento de negócios

Despesas de marketing: US $ 4,2 milhões em 2023

Canal de marketing	Alocação
Marketing digital	US $ 1,6 milhão
Participação da conferência da indústria	US $ 1,1 milhão
Comunicações corporativas	US $ 1,5 milhão

Clean Energy Fuels Corp. (CLNE) - Modelo de negócios: fluxos de receita

Receita do posto de abastecimento de gás natural

Em 2023, a Clean Energy Fuels Corp. registrou 69,1 milhões de galões de gás natural comprimido (GNV) e 50,3 milhões de galões de gás natural liquefeito (GNL) vendidos por meio de sua rede de estações de abastecimento.

Tipo de combustível	Galões vendidos (2023)	Preço médio por galão
Gás natural comprimido (GNV)	69,1 milhões	$2.15
Gás natural liquefeito (GNL)	50,3 milhões	$3.45

Vendas de gás natural renovável

As vendas de gás natural renovável (RNG) em 2023 totalizaram 52,6 milhões de galões, representando 37,2% do volume total de combustível.

• Receita de vendas RNG: US $ 187,4 milhões
• Preço médio de RNG por galão: US $ 3,56
• Valor de crédito de carbono por galão: $ 0,85

Frota Fueling Contract Services

A Clean Energy Fuels Corp. gerou US $ 412,6 milhões com contratos de alimentação de frota em 2023, atendendo aos principais setores de transporte.

Segmento de frota	Valor do contrato	Número de contratos
Gerenciamento de resíduos	US $ 126,3 milhões	47
Empresas de caminhões	US $ 189,5 milhões	62
Frotas municipais	US $ 96,8 milhões	38

Licenciamento e consultoria de tecnologia

A receita de licenciamento de tecnologia em 2023 foi de US $ 24,7 milhões, com serviços de consultoria gerando US $ 15,3 milhões adicionais.

Programas de incentivo e crédito do governo

O total de incentivos e créditos do governo em 2023 totalizou US $ 53,2 milhões, divididos da seguinte forma:

• Créditos federais de padrão de combustível renovável (RFS): US $ 37,6 milhões
• Créditos do padrão de combustível de baixo carbono da Califórnia (LCFS): US $ 15,6 milhões

Fluxos totais de receita da Clean Energy Fuels Corp. em 2023 alcançados US $ 693,2 milhões.

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.