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Clean Energy Reports 101.4 Million Gallons Delivered for the Second Quarter of 2021
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the second quarter of 2021.\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “In the second quarter we completed the most important commercial agreement in the history of our Company with Amazon, our business has begun to return to pre-COVID-19 levels, we raised $200 million in growth capital, our earnings were better than expected and there continues to be an increasing understanding of the role our renewable fuel can play today in addressing climate change. We’re also executing on our plans to develop low CI renewable natural gas and to provide renewable natural gas from additional sources to our nationwide fueling network.”\n\nThe Company delivered 101.4 million gallons in the second quarter of 2021, a 13% increase from 89.5 million in the second quarter of 2020. This increase was principally from the lifting of certain restrictions related to the COVID-19 pandemic, primarily affecting the airports and public transit customer markets. Renewable natural gas (“RNG”) gallons delivered increased 19% in the second quarter of 2021 compared to the second quarter of 2020.\n\nThe Company’s revenue for the second quarter of 2021 was $0.5 million, a decrease of 99.2% compared to $59.9 million for the second quarter of 2020. Revenue for the second quarter of 2021 included non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the “Amazon Warrant”) of $78.1 million. Revenue for the second quarter of 2021 also included an unrealized loss of $0.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.5 million in the second quarter of 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized losses, revenue for the second quarter of 2021 increased by 28.9% to $79.0 million compared to $61.3 million for the second quarter of 2020. This increase in revenue was principally due to higher effective fuel prices resulting from higher natural gas prices, a favorable fuel price mix, which is ba...