CLNE - Clean Energy BP to create renewable natural gas joint venture

Clean Energy Fuels ([[CLNE]] +7.5%) and BP Products North America, a subsidiary of BP entered a memorandum of understanding to develop, own and operate new renewable natural gas ((RNG)) facilities at dairies and other agriculture facilities that will produce one of the cleanest fuels in the world.BP and Clean Energy plan to share 50/50 control of the joint venture, wherein Clean Energy will have the option to contribute up to 50% of the venture's capital and 100% of the RNG produced from the projects developed and owned by venture.The Company’s development of RNG production projects is not exclusive to the JV – except for projects the Company and BP mutually agree to include in the JV, the Company will continue to be free to develop, own, and operate RNG production facilities on its own or with parties other than BP. Further, the Company will continue to source RNG from third parties to supply

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Clean Energy, BP to create renewable natural gas joint venture