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Finance

Why Is CLNE Rising and Is It a Good Stock to Buy Now?

Clean Energy Fuels sells RNG (renewable natural gas). It operates a network of more than 565 stations in the U.S. and Canada. The RNG it sells is derived from decomposed organic wastes like cow manure from dairy farms. The company helps combat climate change by removing environmental carbon produced in dairy operations.

Why Clean Energy Fuels (CLNE) stock is rising

It appears that investors have seen a bargain opportunity in CLNE stock after it recently pulled back 60 percent from its February peak. They are moving to take advantage of the opportunity. 

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Source: Clean Energy Fuels Facebook

The company has struck multiple partnerships to increase its participation in the renewable energy business. It has teamed up with oil majors BP and Total to produce renewable natural gas, which will increase its supply of the product. Currently, renewable natural gas is in high demand. 

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Also, Clean Energy Fuels extended its Adopt-a-Port initiative with Chevron. The latest additional investment of $20 million from Chevron brings its financial contribution to the initiative to $28 million. Under the initiative, the companies are collaborating to help trucks operating in the Long Beach and Los Angeles ports convert to RNG to reduce emissions.

In addition to trucks serving ports, Clean Energy Fuels also has an RNG supply arrangement with Amazon. The e-commerce giant wants to reduce its environmental impact. Amazon has taken steps to power its delivery trucks with environmentally friendly fuels.  

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View more information: https://marketrealist.com/p/why-is-clne-rising-good-stock-to-buy-now/

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See also  https://marketrealist.com/2015/02/macys-target-consumers-make-difference/

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