What happened
Shares of Clean Energy Fuels (NASDAQ:CLNE) had jumped more than 16% by 10:30 p.m. ET on Wednesday. Driving the stock of the cleaner transportation fuel provider was its strategy update.
So what
Clean Energy Fuels provided investors with details on its five-year strategic and financial plan today, including the development of its renewable natural gas (RNG) supply business. RNG is a sustainable fuel produced by organic waste at landfills, farms, and other facilities. Capturing this methane sharply lowers carbon emissions, the company says.
A biogas plant at a farm. Image source: Getty Images.
The company currently sources RNG from third-party producers, which it distributes along with natural gas at more than 550 fueling stations across North America. However, it plans to expand its RNG business significantly by getting…