Russia deal helps Clean Energy Fuels rebound from yesterday's 14% loss

|About: Clean Energy Fuels Corp. (CLNE)|By:, SA News Editor

Clean Energy Fuels (CLNE +1.8%) overcomes yesterday's big drop on news that its IMW Industries subsidiary entered an exclusive distribution and customer care agreement with Russian Machines Corp.

RM will distribute IMW compressors, compressed natural gas filling solutions and parts, and will be sole provider of maintenance and service within the Russian Federation.

The agreement supports last year's Russian decree to convert 50% of public transit and other vehicles to natural gas fuel by 2020 in cities with a population of more than 1M.

Yesterday's 14% drubbing may have been sparked by a Seeking Alpha post describing how the huge leveraged bet which CLNE placed into constructing 90 liquefied natural gas truck refueling stations - of which ~70 are mothballed - may have wiped out shareholder value.