CVX - Why Clean Energy Fuels Stock Just Popped 38%
Shares of renewable, compressed, and liquefied natural gas supplier Clean Energy Fuels (NASDAQ: CLNE) are surging in early afternoon trading Wednesday, up a cool 38% at the 12:30 p.m. EDT mark. The surge in stock price follows a joint announcement from Clean Energy and oil major Chevron (NYSE: CVX) yesterday afternoon saying that the two companies will partner on a project to supply renewable natural gas (RNG) automotive fuel to truck operators servicing the ports of Los Angeles and Long Beach, California.
Their goal: to cut nitrogen oxide pollution levels at the ports by 98% by replacing trucks fueled by diesel with trucks running on clean natural gas instead.
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