Business
Clean Energy to Repurchase Up to $30 Million of Stock
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (CLNE) today announced that its Board of Directors has approved a share repurchase program
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (CLNE) today announced that its Board of Directors has approved a share repurchase program for up to $30 million of the Company’s common stock with a prearranged stock repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934 (“10b5-1 Plan”).\n\n\nThe Company has delivered continuous and sustainable improvements to its operating and fiscal management, resulting in a dramatically enhanced balance sheet.\n\n\n“Our decision to launch a stock repurchase program reflects the confidence that we have in the company’s current financial stability and our potential for future growth,” said Andrew J. Littlefair, Clean Energy president and CEO. “We have a great team that is working hard every day to further expand the use of our Redeem™ renewable fuel to fleets across the country. Redeem grew by 30% in 2019, and as we indicated in our latest earnings report this week, we anticipate that the acceptance of the ultra-clean fuel by additional customers to continue.”\n\n\nRepurchases under the repurchase 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, applicable securities laws and other relevant factors. Repurchases may also be made under Rule 10b5-1 plans. The repurchase program does not have an expiration date, and it may be suspended or discontinued at any time.\n\n\nGoldman Sachs & Co. will have the authority to repurchase the Company’s shares in the open market.\n\n\nAbout Clean Energy\n\n\nClean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from biogenic methane produced by the breakdown of organic waste, Clean Energy helps thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and up to 300% depending on the RNG feedstock. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquefied natural gas (LNG) to its network of approximately 550 fueling stations across the U....