Alternative Fuels & Clean Transportation Infrastructure
Strategic Profile
The company brought two major dairy RNG projects online, increasing its total operating projects to eight and further expanding upstream production capacity. The CEO confirmed that all new low-carbon fuel produced will be distributed through Clean Energy Fuels infrastructure, connecting upstream growth directly to downstream operations, creating a vertically integrated growth engine. With 89% of systemwide fuel delivered as RNG—approaching full penetration in priority regions—leadership identified further 'flipping' of maintained but non-supplied stations to RNG as a central 2026 initiative.
Cyborg Score Rationale
Clean Energy Fuels delivered higher-than-guided adjusted EBITDA in 2025 despite a lapse in alternative fuel tax credits and executed a $65 million debt paydown to improve 2026 interest expenses. 2026 Adjusted EBITDA Guidance is projected at $70 million to $75 million, reflecting anticipated moderate volume growth and cost initiatives. However, profitability remains challenged with negative EPS, though the company shows operational momentum in RNG expansion.
Top Insights
South Fork Dairy Project is now the largest RNG asset in Clean Energy Fuels' own portfolio and fully consolidated in financials.
Fourth Quarter RNG Delivered was 64.1 million gallons, a 5% sequential increase over the previous quarter and up 3% year over year.
The company expressed a "constructive" view on D3 RIN and California LCFS credit prices for 2026, integrating 45Z credits into both upstream JVs and fully consolidated South Fork operations.
RNG is trusted by fleets like Amazon, UPS, and Saia.
Named Competitors
CNG/LNG Distribution — Regional natural gas utility
CNG/LNG Distribution — Regional natural gas supplier
RNG Production & Distribution — Energy major with RNG integration
Recent Developments
(February 2026) Delivered higher-than-guided adjusted EBITDA in 2025 of $67.6 million and executed $65 million debt paydown
(February 2026) Brought two major dairy RNG projects online, increasing total operating projects to eight
(February 2026) East Valley Dairy JV Project gas injection initiated with full completion scheduled for spring and integration through partnership with BP
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