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Clean Energy Reports 103.3 Million Gallons Delivered and Revenue of $119.6 Million for Fourth Quarter of 2019
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 fourth quarter of 2019.\n\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Our volume continues to grow at a good pace with a 10% increase for the year over 2018 as we exceeded the 100 million gallon mark in the fourth quarter for the second consecutive quarter. Our financial position dramatically improved in the quarter, lifted nicely by $47.1 million in Alternative Fuels Tax Credit revenue, positioning us well going into 2020. We also have great momentum going into 2020 with increasing attention on renewable natural gas (RNG), on clean air heavy duty trucks, and particularly heavy-duty trucks running on our Redeem renewable RNG fuel. We believe the market’s increasing demand for Redeem positions us well for continued growth as an increasing number of customers are turning to RNG to meet sustainability goals. These customers are under growing pressure from customers and investors to set environmental, social and governance (ESG) goals, and RNG can help. No other transportation fuel provides greater carbon and NOx reductions than our Redeem RNG, which can easily and economically be adopted by heavy-duty truck fleets.\"\n\n\nThe Company delivered 103.3 million gallons in the fourth quarter of 2019, a 5% increase from 98.7 million in the fourth quarter of 2018. For the year ended December 31, 2019, the Company delivered 400.8 million gallons, a 10% increase from 365.5 million for the year ended December 31, 2018. These increases were principally due to growth in CNG volumes and increased sales of Redeem.\n\n\nThe Company’s revenue for the fourth quarter of 2019 was $119.6 million, an increase of 24.3%, compared to $96.2 million for the fourth quarter of 2018. Revenue for the fourth quarter of 2019 included an unrealized loss of $3.3 million on commodity swap and customer fueling contracts that support the Company’s Zero Now truck financing program, and $47.1 million from U.S. federal excise tax credits for alternative fuels (\"AFTC\"). The AFTC applied to vehicle fuel sales made from January 1, 2018 through December 31, 2019. Revenue for the fourth quarter of 2018 included an unrealized gain of $10.3 million on commodity swap contrac...