CLNE - Why Clean Energy Fuels Stock Jumped 12.5% Today
Shares of natural gas fueling company Clean Energy Fuels (NASDAQ: CLNE) jumped as much as 12.5% in trading Monday after the company announced a fuel and infrastructure deal with Total (NYSE: TOT) . Shares were still up 9.6% at 3 p.m. EDT and Total's shares had fallen 2.2% on the day.
The two companies announced today that they have signed a memorandum of understanding to create a 50/50 joint venture to develop renewable natural gas (RNG) production and infrastructure in the U.S. Total will provide $50 million to the venture along with $65 million in credit support and $45 million for contracted RNG fueling infrastructure, while Clean Energy Fuels will put in $30 million.
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Why Clean Energy Fuels Stock Jumped 12.5% Today