CLNE - Clean Energy Fuels Total to develop carbon negative fuel and infrastructure

Clean Energy Fuels (CLNE) +2.7% pre-market on news it signed a memorandum of understanding with top shareholder Total (TOT) to create a 50-50 joint venture to develop carbon negative renewable natural gas production facilities in the U.S. and credit support to build additional downstream RNG fueling infrastructure.Total will provide $50M and Clean Energy $30M for the proposed JV, and Total will provide $65M in credit support of development in the RNG value chain, including $45M for contracted RNG fueling infrastructure.The companies already are partners in expanding the use of RNG in the heavy-duty truck market with the Zero Now program, which allows fleets to purchase natural gas trucks for the same price as diesel trucks.On Friday, CLNE shares reached their best intraday high ($5.68) in more than five years.

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Clean Energy Fuels, Total to develop carbon negative fuel and infrastructure