TOT - Clean Energy Total form JV to develop carbon negative fuel infrastructure

Clean Energy Fuels (CLNE) +5.8% pre-market after unveiling a 50-50 joint venture with Total (TOT), its largest shareholder, to develop carbon-negative renewable natural gas production facilities in the U.S. and provide credit support for building downstream RNG infrastructure such as refineries and fuel stations.The JV will have an initial firm commitment of $100M, which could be increased to $400M as development opportunities progress.The companies already have partnered to expand the use of RNG in the heavy-duty truck market with the Zero Now program, which allows fleets to purchase RNG trucks for the same price as diesel trucks."No other company besides CLNE has the existing fueling infrastructure across the entire U.S. to support wider and growing adoption" of renewable natural gas, Credit Suisse wrote a month ago in initiating coverage of the shares with an Outperform rating.

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Clean Energy, Total form JV to develop carbon negative fuel, infrastructure