Clean Energy Fuels Corporation

Clean Energy Fuels Corporation

Founded in 2001 by Andrew Littlefair and public natural gas pioneer T. Boone Pickens, Clean Energy Fuels began as a play to convert US truck fleets to compressed natural gas. The firm went public in 2008 and now generates about $400 million in annual revenue from fueling station operations and RNG production. The company focuses on renewable natural gas (RNG) from dairy and landfill waste, selling it under long-term contracts to municipal transit, refuse, and trucking fleets. Its asset mix includes owned fueling stations, processing plants, and pipeline injection points. Portfolio assets span North America with stations in 43 states and three Canadian provinces. Major customer accounts include UPS, FedEx, and the US Postal Service. Clean Energy employs roughly 850 people and operates administrative offices in Seal Beach and Middlesex, plus field facilities across the continent. A 2024 landmark: the company signed a 20-year agreement to supply RNG to UPS, the largest such deal in firm history (per Bloomberg, 2024). Its board includes major independent directors and was originally designed with significant Pickens-family representation. The firm's structural differentiator is vertical integration: it both produces RNG from waste and distributes it through its owned station network, giving it margin control rare among renewable-fuel providers. The succession from Pickens-led strategy to management control is complete, with institutional shareholders now the dominant ownership group.