Clean Energy Fuels Corp. announced its operating results for the second quarter of 2023. It registered a revenue of $90.5 million in Q2 2023. In addition, 58.6 million gallons of renewable natural gas were sold in Q2 2023, a 17.2% increase compared to Q2 2022.
During the Q2, the company announced a joint development agreement with Tourmaline, Canada’s largest natural gas producer, to develop a CNG station network across Western Canada; and new biomethane fueling agreements with several well-known consumer brands and some of the nation’s largest and most environmentally-conscious transit agencies.
“We saw a nice rebound in our financial results coming off historically high natural gas prices in California in the first quarter of 2023,” said Andrew J. Littlefair, President and CEO of Clean Fuels. “We were also pleased with the announcement in June from the EPA on the final renewable volume obligation (RVO) demand targets that averaged approximately 30% annual growth for the next three years. We believe this new RVO for a three-year period is supportive of continued growth in renewable natural gas development and its use as a low-carbon fuel for the transportation sector.”
“Demand for renewable natural gas by our fleet customers remains strong and we remain very excited about the multitude of positive factors taking shape around it and the positive impact we can have on de-carbonizing the heavy-duty truck transportation sector. And reducing emissions is exactly what’s in store with our expansion in Western Canada where we share this common goal with our joint development partner Tourmaline,” he added.
Source: Clean Energy