Clean Energy Fuels Corp. (CLNE) stock prices were down by 4.44% as of the market closing on June 8th, 2021, bringing the price per share up to USD$9.90 at the end of the trading day. After-hours trading saw the stock surge by 19.80%, up to USD$11.86.
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Strong Start to 2021
Despite the lingering effects of the global pandemic, the company did manage to report promising results for the first quarter of the fiscal year 2021. The strong start is forecasted to persist as the economy and commerce gradually return to normalcy. The company continues to expand its supply network of the RNG by formalizing collaborative efforts with two progressive energy companies, Total and BP, in order to facilitate the development of additional RNG at agricultural facilities.
Agreement with Amazon
The company’s strategy to push for Clean Energy as eponymous with RNG has been largely successful, with the announcement of a fuel agreement with Amazon consolidating this success. The agreement will see CLNE supplying Amazon with RNG that could potentially represent hundreds of millions of gallons of the ultra-clean fuel.
CLNE reported having successfully delivered 92.4 million gallons over the course of the first quarter of the fiscal year 2021, representing a 7% year-over-year decrease from the 99.3 million gallons reported in Q1 2020. This difference is largely attributable to the ongoing effects of the global pandemic, at the forefront of which is the affect on airport and public transit customer markets. Gallons of RNG delivered were up 3% in Q1 2021 as compared to the prior-year quarter despite the lower fuel volumes being demanded by the airport and public transit markets.
Future Outlook for CLNE
Armed with a fortuitous surge in the value of their equity, CLNE is poised to capitalize on the opportunity granted to it. The company is keen to capitalize and situate itself to make the most of a post-pandemic market that seems to be looming closer, in a bid to sustain their growth more organically. Current and potential investors are hopeful that the management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.