- Clean Energy Fuels (NASDAQ:CLNE) +5.8% pre-market after unveiling a 50-50 joint venture with Total (TOT), its largest shareholder, to develop carbon-negative renewable natural gas production facilities in the U.S. and provide credit support for building downstream RNG infrastructure such as refineries and fuel stations.
- The JV will have an initial firm commitment of $100M, which could be increased to $400M as development opportunities progress.
- The companies already have partnered to expand the use of RNG in the heavy-duty truck market with the Zero Now program, which allows fleets to purchase RNG trucks for the same price as diesel trucks.
- "No other company besides CLNE has the existing fueling infrastructure across the entire U.S. to support wider and growing adoption" of renewable natural gas, Credit Suisse wrote a month ago in initiating coverage of the shares with an Outperform rating.