Shares of Clean Energy Fuels Corp. (CLNE) - Get Free Report dropped Tuesday afternoon after natural gas provider announced multiple new partnership deals for use of their low-carbon transportation fuel
Clean Energy signed a multi-year agreement with the city of Pasadena, Calif., for an anticipated 1.5 million gallons of renewable natural gas to fuel 53 vehicles.
Big Blue Bus, a transit agency that services environmentally conscious Santa Monica, Calif., is extending its RNG fueling contract for an additional five years for an anticipated 10 million gallons.
"Fleets that are looking to lower their emissions are switching to RNG because it can provide immediate and significant carbon reductions," said Clean Energy VP Chad Lindholm. "They’re finding that RNG is the easiest and most cost-effective way to meet sustainability goals."
The company also announced deals with Cedar Bus Company of Buffalo, N.Y.; the city of Sacramento, Calif.; Redlands, Calif.; Kalm Energy of Lincoln, Neb.; and a contract with the city of Fort Smith, Ark.; to build a $1.8 million station for the city's sanitation department.
Clean Energy says it is the country's largest provider of RNG for the transportation market.
Clean Energy shares on Tuesday were up 2.7% to $7.14 in after hours trading.
Earlier this summer, the stock was caught up in the retail investor meme push with its stock more than doubling after Reddit forums started talking about the company.