Clean Energy Fuels Corp. (Clean Energy) has secured $400 million in financing from Stonepeak, an alternative investment firm specializing in infrastructure and real assets, to construct new renewable natural gas (RNG) production facilities and expand the company’s fueling infrastructure into the heavy-duty truck market.
“We see RNG as a practical and affordable energy solution for the transportation sector, with tailwinds supporting increasing adoptability. This, combined with its ability to curb fugitive methane emissions, makes it a critical part of decarbonization infrastructure,” said Michael Bricker, Senior Managing Director at Stonepeak.
RNG is a fuel made from organic waste at facilities, such as dairy farms. According to the U.S. Environmental Protection Agency, agriculture accounts for more than 10% of all United States greenhouse gas emissions, and the transportation sector accounts for another 28%.
In preparation for receiving the $400 million, Clean Energy is currently developing a portfolio of RNG production facilities located at dairy farms across the United States, including a project in Texas that will supply RNG to the transportation market in Oregon.
The company will also expand its RNG fueling infrastructure, which currently consists of 600 stations across North America that serve more than 25,000 vehicles per day.