Clean Energy Fuels Announces Successful $29.5 Million ITC Sale
Introduction to Clean Energy Fuels Corp.
Clean Energy Fuels Corp. (NASDAQ: CLNE) is stepping into the spotlight with its latest successful venture. This innovative company specializes in providing clean alternative fuels for the transportation sector, primarily through the development of renewable natural gas (RNG) projects. With an unwavering commitment to sustainability, Clean Energy helps reduce greenhouse gas emissions while supporting various transportation fleets.
Significant ITC Sale Completion
Recently, Clean Energy Fuels Corp. announced an impressive achievement. Their joint venture with BP Products North America, CE bp Renew Co, LLC, has completed a $29.5 million sale of investment tax credits (ITCs). This sale marks the culmination of their ongoing efforts in monetizing ITCs connected to six active RNG facilities.
Impact of the Sale
The successful sale is not just a financial milestone; it signifies the confidence in Clean Energy's portfolio. Clay Corbus, the senior vice president, noted the transaction's importance, highlighting that it confirms the market's trust in their RNG projects. This confidence positions Clean Energy for future expansions in the growing clean fuel market.
About the Renewable Natural Gas Facilities
The ITC benefits stem from four dairy RNG production facilities: Ash Grove, Marshall Ridge, VF Renewables, and Tri-Cross. These facilities, scattered across essential agricultural regions, have the combined capacity to produce approximately 3.9 million gallons of negative carbon-intensity RNG annually. Such production is vital for fueling transportation fleets, offering an environmentally friendly alternative to traditional fuels.
License for Growth
This transaction represents Clean Energy's third successful engagement in fully monetizing their RNG projects. Each success reinforces an optimistic outlook for further investments and growth initiatives within the clean energy sector, paving the way for new opportunities as more organizations shift towards greener alternatives.
The Vision of Clean Energy Fuels Corp.
At the heart of Clean Energy Fuels Corp.'s mission is the decarbonization of transportation. By providing RNG, derived from captured methane, the company enables numerous vehicles—ranging from airport shuttles to heavy-duty trucks—to operate more sustainably. This approach not only decreases greenhouse gas emissions but also enhances air quality.
Additional Contributions to the Industry
Clean Energy operates an extensive network of fueling stations across the United States and Canada, along with RNG production facilities at dairy farms. Their commitment to advancing renewable fuels shows the company's focus on innovative solutions that benefit both the environment and the economy.
Contact Information
For media inquiries, Kimberly Fleer is the designated contact. She can be reached at 1-949-437-1447 or via email at kimberly.fleer@cleanenergyfuels.com.
If you're an investor or potential investor, Thomas Driscoll is available at 1-949-437-1191 or at thomas.driscoll@cleanenergyfuels.com.
Frequently Asked Questions
What is Clean Energy Fuels Corp. known for?
Clean Energy Fuels Corp. is recognized as the leading provider of renewable natural gas for transportation, promoting cleaner, sustainable energy sources.
What recent financial milestone did Clean Energy achieve?
They completed a $29.5 million sale of investment tax credits, indicating strong progress in monetizing their renewable projects.
How does their RNG production benefit the environment?
The RNG produced at their facilities helps reduce greenhouse gas emissions significantly by providing a cleaner fuel alternative for various transportation modes.
What future prospects does Clean Energy have?
With the completion of their recent ITC sale, Clean Energy is positioned for growth within the clean fuel sector as market demand for sustainable solutions increases.
How can I learn more about Clean Energy Fuels?
For more information, visit their official website or contact their media representatives directly for the latest updates on projects and initiatives.
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