Clean Energy Reports Third-Quarter Loss as Deliveries Rise
Clean Energy Fuels Corp. reported a third-quarter loss, and its revenue declined while natural-gas deliveries increased 17%.
The company lost $18.8 million, or 20 cents per share in the quarter, a slightly larger loss than the $16.2 million, or 19 cents per share, recorded a year ago.
Revenue declined to $86.3 million from $91.5 million, and natural-gas deliveries rose to 56.4 million gallons.
Clean Energy is building what it calls “America’s Natural Gas Highway,” a series of liquefied natural gas fueling stations for longhaul trucking.
Clean Energy reached an agreement with GE Capital in October to create a financing plan that neutralizes the significant cost premium over diesel vehicles.
Under the deal, GE Capital will finance leases and purchases of new Class 8 trucks that run on compressed or liquefied natural gas for creditworthy for-hire or private trucking fleets.
“The natural-gas fuel market is on the cusp of unprecedented levels of growth, and I am proud of Clean Energy’s role in leading the way with our expanding network of both [compressed natural gas and liquefied natural gas] stations to meet the growing needs of our fleet customers,” CEO Andrew Littlefair said in a statement.
“With the recent introduction of the 12-liter engine and our strategic alliance with GE Capital to help offset the incremental cost of natural-gas trucks, the final barriers to adoption are being removed for America’s trucking fleets to take advantage of both the economic and environmental benefits of natural-gas fueling,” he said.
