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Clean Energy Fuels Climbs on Plan to Develop Natural Gas From Dairies

Clean Energy Fuels climbed after it said it was investing to develop renewable natural gas from dairies and other agricultural facilities.

Clean Energy Fuels  (CLNE) - Get Report climbed Monday as the provider of compressed and liquefied natural gas said it was investing to develop renewable natural gas from dairies and other agricultural facilities.

The effort would be both independent and with partners TotalEnergies  (TOT) - Get Report and BP  (BP) - Get Report, the Newport Beach, Calif., company said.

Shares of Clean Energy Fuels at last check surged 9.6% to $11.84.

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Renewable natural gas currently makes up 70% of the fuel sold at Clean Energy's network of stations, and the company said it was on track to provide the fuel at all its stations by 2025.

The company made the announcement at its annual meeting.

“Clean Energy’s business has pivoted to focus on an extraordinary renewable, nonfossil fuel that can actually reduce fleets' carbon footprint by as much as 500%,” Andrew J. Littlefair, president and chief executive, said in a statement.

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Clean Energy also introduced a new company logo and a new website.

Last week, Clean Energy turned into the latest meme stock favored by Reddit devotees.

"We need to create as much talk as possible so Monday we moon," one poster said on Sunday.

"Let’s go push that volume this week !!!!!!" another one said.

In April, Clean Energy reached an agreement with Amazon  (AMZN) - Get Report to provide low- and negative-carbon renewable natural gas for the Seattle tech and retail company.

The fuel will be provided to Amazon  (AMZN) - Get Report Logistics, the company's shipping and delivery service, at existing Clean Energy fueling stations. It will also be provided at 19 nonexclusive new or upgraded stations that Clean Energy expects to be built this year.

Clean Energy dropped on Thursday after the company disclosed that its largest holder reduced its stake by about 10.6 million shares.

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