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CLEAN ENERGY FUELS CORP.

(CLNE)
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CLEAN ENERGY FUELS CORP. : Regulation FD Disclosure, Other Events, Financial Statements and Exhibits (form 8-K)

05/11/2021 | 06:08am EDT

Item 7.01 Regulation FD Disclosure.

On May 11, 2021, Clean Energy Fuels Corp., a Delaware corporation (together with its consolidated subsidiaries the "Company") issued a press release announcing the execution of the Third Amendment (as defined under Item 8.01 below). A copy of such press release is attached hereto as Exhibit 99.1.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 8.01 Other Events.


On May 10, 2021, the Company and Chevron Products Company, a division of Chevron U.S.A. Inc. ("Chevron") entered a Third Amendment ("Third Amendment") to Vehicle Incentive Program Agreement ("VIPA") that expanded Adopt-A-Port, an initiative that provides truck operators serving the Ports of Los Angeles and Long Beach with carbon-negative renewable natural gas ("RNG") to reduce emissions. Under the Third Amendment, Chevron increased its funding for Adopt-a-Port by $20.0 million, to a total of $28.0 million.

Chevron's aid allows truck operators to subsidize the cost of buying new RNG-powered trucks. The Company manages the program, including offering fueling services for qualified truck operators. Truck operators participating in the program, which supports the ports' Clean Trucks Program and Clean Air Action Plan, fuel at the Company's stations supplied with Chevron RNG. Importantly, Adopt-a-Port provides a meaningful air quality improvement for the adversely-impacted communities around the ports - such communities typically have the worst air quality in the U.S.

The Company expects the expanded Adopt-A-Port program to result in deployment of approximately 800 RNG-powered trucks that are anticipated to consume approximately 6.7 million gallons of RNG annually.



              CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This Current Report on Form 8-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company's future performance, and they are based on the Company's current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. Forward-looking statements included herein include but are not limited to: expectations regarding the Adopt-a-Port program including the deployment of RNG-powered trucks and gallons of RNG consumed. Actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors, including our ability to realize the expected benefits from the Adopt-a-Port program; our ability to secure, on acceptable terms, a sufficient supply of RNG and our and our suppliers' ability to finance, construct and develop projects and produce expected volumes of RNG; the willingness of fleets and other consumers to adopt our vehicle fuels, including RNG; regulatory conditions; and uncertainties related to the adoption of sustainable practices by our partners; and the other risks and uncertainties set forth under Item 1A - Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission. We encourage you to carefully consider these risks and uncertainties. The forward-looking Statements made in this Current Report on Form 8-K speak only as of the date of Current Report on Form 8-K and we undertake no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Item 9.01 Financial Statements and Exhibits.



(d)    Exhibits



Exhibit No.                               Description
  99.1            Press Release, dated May 11, 2021, issued by Clean Energy Fuels
              Corp.
104           Cover Page Interactive Data File (embedded with the Inline XBRL
              document)

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Financials (USD)
Sales 2021 297 M - -
Net income 2021 -58,7 M - -
Net cash 2021 21,5 M - -
P/E ratio 2021 -38,3x
Yield 2021 -
Capitalization 2 221 M 2 221 M -
EV / Sales 2021 7,40x
EV / Sales 2022 6,07x
Nbr of Employees 465
Free-Float 75,3%
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Technical analysis trends CLEAN ENERGY FUELS CORP.
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 19,00 $
Last Close Price 11,11 $
Spread / Highest target 143%
Spread / Average Target 71,0%
Spread / Lowest Target -0,99%
EPS Revisions
Managers and Directors
NameTitle
Andrew J. Littlefair President, Chief Executive Officer & Director
Robert M. Vreeland Chief Financial Officer
Stephen A. Scully Chairman
Mitchell W. Pratt Chief Operating Officer
Barbara Johnson Bechthold Vice President-Administration
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