Clean Energy Fuels Corp. reported a total revenue of $415.9 million for the fiscal year ending December 31, 2024, a decrease of 2.9% from $425.2 million in 2023. The decline in revenue was primarily attributed to lower average prices for fuel sold, driven by a decrease in natural gas prices, despite an increase in the total gasoline gallon equivalents (GGEs) sold, which rose to 297.5 million GGEs from 288.2 million in the previous year. The company's net loss for 2024 was $83.1 million, compared to a net loss of $99.5 million in 2023, indicating a reduction in losses year-over-year.
In terms of operational metrics, Clean Energy Fuels saw its renewable natural gas (RNG) sales volume increase by 4.9% to 236.7 million GGEs in 2024, representing 89% of total vehicle fuel sales. The company served over 1,000 fleet customers operating more than 50,000 vehicles, and it operated 582 fueling stations across the U.S. and Canada. The company also reported a significant increase in its service revenue, which rose to $59.2 million in 2024 from $55.3 million in 2023, reflecting growth in operation and maintenance (O&M) services.
Strategically, Clean Energy Fuels has made notable advancements, including the initiation of several joint ventures aimed at expanding its RNG production capabilities. The TotalEnergies joint venture began producing RNG in 2023, while the bp joint venture added a new facility that is expected to produce approximately 1.7 million GGEs annually. Additionally, the company entered into a joint development agreement with Maas Energy Works to develop RNG production projects at dairy farms, with an anticipated investment of up to $132 million.
The company’s financial position remains stable, with cash and cash equivalents totaling $91.6 million as of December 31, 2024. Clean Energy Fuels also reported total indebtedness of $300.2 million, with a significant portion of its debt being long-term. The company has indicated that it expects to meet its financial obligations and continue its growth trajectory, particularly in the RNG market, which is projected to expand due to increasing regulatory support and demand for low-carbon fuels. Looking ahead, Clean Energy Fuels aims to enhance its RNG production and expand its fueling infrastructure, particularly targeting the heavy-duty trucking market.
About Clean Energy Fuels Corp.
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