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Clean Energy Announces the Commencement of Stock Repurchase Program
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (Nasdaq: CLNE) today announced that its Board of Directors has determined to resume
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (Nasdaq: CLNE) today announced that its Board of Directors has determined to resume repurchases of shares of the Company’s common stock pursuant to the Company’s existing Share Repurchase Program. The Program was initiated in March 2020 and the capacity for repurchases under the Program was increased to $50 million in December 2021. There is approximately $26.5 million of remaining capacity for repurchase under the Program.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250325975758/en/Clean Energy renewable natural gas (RNG) station canopy.\nWith over $200 million cash on its balance sheet as of December 31, 2024, resuming the Program will allow the Company to opportunistically repurchase shares, while maintaining the ability to fund its growth initiatives.\n\n“We recently reported very solid fourth quarter and full year 2024-year results and look to 2025 with optimism,” said Andrew J. Littlefair, Clean Energy president and CEO. “At a time when other alternatives are having a hard time finding their footing in the fleet transportation market, the renewable natural gas (RNG) solution is picking up steam. The most significant development is the deliveries of the first trucks equipped with Cummins’ new X15N natural gas engine for the heavy-duty market. While we recognize there is uncertainty in the marketplace, both on a macro level and specifically around environmental commodity prices and policy, we feel our stock is undervalued relative to our operations and opportunity. The decision to resume share repurchases reflects our confidence in the financial stability and growth potential of our business.”\n\nRepurchases under the Program may be effected from time to time through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, in each case subject to market conditions, contractual limitations, applicable securities laws and other relevant factors. Repurchases may also be made under Rule 10b5-1 plans. The Program does not have an expiration date, may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of ...