Clean Energy jumps 12% after seeing demand increases for RNG from refuse sector
Clean Energy Fuels, announced earlier, an increased demand for renewable natural gas, RNG, from the refuse sector, particularly in California, where refuse trucks are fueled by the very solid waste they haul. The City of Fresno signed a two-year agreement with Clean Energy for renewable liquified natural gas, RLNG, to power approximately 140 refuse trucks with its Redeem brand RNG for an anticipated annual total of 1.6 million LNG gallons, the equivalent of just over one million GGEs. Redeem is the first commercially available RNG vehicle fuel. It is derived from capturing biogenic methane that is naturally sourced by the decomposition of dairy and landfill waste. Redeem enables at least 70 percent reduction in carbon emissions when displacing diesel or gasoline, according to California Air Resources Board estimates. The City of Long Beach has entered into a new two-year contract to fuel 77 vehicles with an expected 225,000 GGEs of Redeem, including its 35 LNG refuse trucks. NASA Services in Montebello has opted to power its growing CNG refuse fleet of 50 vehicles with an approximate 400,000 GGEs of Redeem, while neighboring Arrow Services in La Puente will fuel 30 trucks with an anticipated 250,000 GGEs. Burrtec in Riverside County has inked a deal to fuel its transfer truck fleet with an anticipated 350,000 GGEs of Redeem from a public access station that Clean Energy operates in Riverside. Outside of California, the City of Spokane, Wash. has renewed a second option for operations and maintenance, along with an expected 250,000 GGEs of Redeem annually to power 40 waste trucks. Shares of Clean Energy are up 11.5% or 23c to $2.23 per share in late morning trading.