NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
Clean Energy Fuels Corp. (CLNE) today announced that it has completed 14 station construction projects for refuse customers in the first six months of the year and expects to complete another 22 by the end of 2015, which will enable new or expanding refuse fleets to fuel with clean, less-expensive natural gas. These stations support the country’s largest waste companies such as Waste Management, Republic Services and Progressive Waste Solutions, as well as regional companies like Knight Waste and municipalities like the City of Medicine Hat in Alberta, Canada.
Clean Energy’s refuse business continues to steadily expand, providing a significant portion of the company’s revenues now through three sources. In addition to revenue received from the construction of new stations and expansion of existing stations and the recurring revenues from fuel sales and operating and maintaining stations for long-term refuse customers, more and more companies are now taking advantage of Clean Energy’s Facility Modification Services unit. Clean Energy has been contracted by Waste Management, Republic Services and others to upgrade vehicle maintenance facilities to comply with all local and national code requirements for a number of refuse customers.
“Despite being the first market to fully adopt natural gas years ago, the refuse industry continues to provide Clean Energy with very healthy growth,” said Andrew J. Littlefair, president and CEO of Clean Energy. “The second half of each year typically provides the most robust activity in station construction for our refuse customers as this is when their new trucks arrive and we believe 2015 will be no exception.”
Over 60% of the new refuse trucks sold in the United States today are powered by natural gas with some companies reaching 90%. Clean Energy has relationships with over 125 individual waste companies and municipality waste divisions in North America, and over 9,400 refuse trucks fuel at a Clean Energy built or maintained station daily.
“It has become almost a requirement for refuse companies to convert at least part of their fleets to natural gas in order to stay economically and environmentally competitive,” said Raymond Burke, vice president of Clean Energy for business development (solid waste). “Clean Energy works with each of our customers to assess their individual needs to make the transition or expansion to natural gas seamless so that they can begin to enjoy the benefits of natural gas fueling without a hiccup.”
Watch a short video about Clean Energy’s refuse business at: https://www.youtube.com/watch?v=zTOkYcXlVds
Natural gas fuel costs up to $1.00 less than gasoline or diesel, depending on local market conditions. The use of natural gas fuel not only reduces operating costs for vehicles, but also reduces greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium- to heavy-duty vehicles. In addition, nearly all natural gas consumed in North America is produced domestically.
About Clean Energy
Clean Energy Fuels Corp. (CLNE) is the leading provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; develop renewable natural gas (RNG) production facilities; and deliver more CNG, LNG and Redeem RNG fuel than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the station construction activity for refuse customers in the second half of 2015, the anticipated revenue associated with construction of new stations and expansion of existing stations and the benefits of natural gas relative to gasoline and diesel. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including without limitation the price of natural gas relative to gasoline and diesel, the cost and operating experience associated with natural gas vehicles, and permitting and other factors affecting construction. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents the Company files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
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