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Renewable natural gas company
Clean Energy Fuels Corp (NASDAQ: CLNE) has been making headlines in December with new deals with leading energy companies. The company could also benefit from a Biden administration that s putting a huge emphasis on clean energy.
What Happened: On Monday, Clean Energy Fuels expanded a partnership with
Total SE (NYSE: TOT). A 50/50 joint venture will be created to develop carbon-negative renewable natural gas production facilities.
The deal with Total, who is the company s largest shareholder, also includes funding for building additional downstream RNG fueling infrastructure.
Total will provide $50 million to the joint venture and Clean Energy Fuels will provide $30 million. Total will provide Clean Energy Fuels with an additional $65 million in credit support, which includes contracted RNG fueling infrastructure.
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What happened
Two days after the stimulus package news broke, renewable energy stocks are still on a tear. As of 11:45 a.m. EST Wednesday, shares of
Clean Energy Fuels Partners with Supermajors on Renewable Natural Gas
A major distributor of renewable natural gas (RNG) for transportation has crafted separate partnerships with global supermajors BP plc and Total SE to expand U.S. production of the potentially carbon-negative fuel.
Newport Beach, CA-based Clean Energy Fuels Corp. announced Monday it signed a memorandum of understanding (MOU) to create a 50/50 joint venture with Total to develop carbon-negative RNG production facilities, along with credit support to build additional downstream RNG fueling infrastructure.
Under the agreement, Total will provide $50 million and Clean Energy $30 million for the proposed joint venture (JV), and Total also will be providing $65 million of credit support for Clean Energy’s development in the RNG value chain, including $45 million for contracted RNG fueling infrastructure.
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