Clean Energy Fuels Corp (NASDAQ: CLNE) energy stock gained by almost 36%, extending the two-day winning streak on social media buzz. It closed at $9.31 on June 4, 2021.
If the stock could maintain the same momentum, it can scale high to $15.94 and further to $18.64 soon.
Expects to improve performance
Clean Energy posted $77.1 million (down by 10.3% YoY) in revenues in Q1 2021. The drop in Q1 2021 revenues is on the backdrop of an unrealized loss of $2 million.
Clean Energy’s ultra-clean fuel output is declined by 7% YoY to 92.4 million gallons in Q1 2021. The decline in production is mainly due to the ongoing coronavirus impact.
The ongoing coronavirus affected consumption in markets like public transit and airports. However, Clean Energy reported a growth of 3% YoY in the delivery of RNG Gallons in Q1 2021.
Clean Energy’s CEO, Andrew J. Littlefair, is excited with the Q1 2021 financial and operational results despite the impact of the COVID-19 pandemic. The company expects to improve performance in the future as the commerce activity gradually resumes.
Signs an RNG agreement with Amazon
Clean Energy entered a supply agreement with Amazon.com, Inc (NASDAQ: AMZN) on April 19, 2021.
As per the terms of the deal, the company would supply low and negative carbon RNG (renewable natural gas) to Amazon.
It will provide RNG at its 27 prevailing fuel stations. The company would also build additional 19 fueling stations or upgrade the existing stations by the end of this year.
Clean Energy would provide RNG to Amazon across 15 states. Andrew said the industries need to find a solution for an economically and environmentally beneficial and reduce the impact on the climate. Therefore, the agreement with Amazon is the right step in this endeavor.
Clean Energy is the first company to unveil RNG in 2013. Several thousands of vehicles nationwide use RNG daily.
The company is the number one provider of clean fuel for transportation needs. It derives RNG from biogenic methane.