0.010.020.040.010.020.04000001368265--12-312021Q3false00000000001984912042230854690.43P12M50000000300000000.50us-gaap:UnrealizedGainLossOnCommodityContractsus-gaap:UnrealizedGainLossOnCommodityContractsus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxus-gaap:UnrealizedGainLossOnCommodityContractsus-gaap:UnrealizedGainLossOnCommodityContractsus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxP5Y0.43P61D70000000001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-06-140001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-06-140001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-06-140001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-06-140001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-04-160001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-04-160001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-04-160001368265clne:AmazonWarrantMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ValuationTechniqueOptionPricingModelMember2021-04-160001368265clne:AmazonWarrantMember2021-09-3000013682652020-03-1200013682652020-03-122021-09-300001368265us-gaap:CommonStockMember2021-07-012021-09-300001368265clne:GoldmanSacksAndCoMemberclne:AtMarketOfferingMember2021-06-082021-06-080001368265clne:GoldmanSacksAndCoMemberclne:AtMarketOfferingMember2021-06-032021-06-030001368265us-gaap:CommonStockMember2021-04-012021-06-300001368265us-gaap:CommonStockMember2021-01-012021-03-310001368265us-gaap:CommonStockMember2020-07-012020-09-300001368265us-gaap:CommonStockMember2020-04-012020-06-300001368265us-gaap:CommonStockMember2020-01-012020-03-310001368265us-gaap:RetainedEarningsMember2021-09-300001368265us-gaap:NoncontrollingInterestMember2021-09-300001368265us-gaap:AdditionalPaidInCapitalMember2021-09-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001368265us-gaap:RetainedEarningsMember2021-06-300001368265us-gaap:NoncontrollingInterestMember2021-06-300001368265us-gaap:AdditionalPaidInCapitalMember2021-06-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000013682652021-06-300001368265us-gaap:RetainedEarningsMember2021-03-310001368265us-gaap:NoncontrollingInterestMember2021-03-310001368265us-gaap:AdditionalPaidInCapitalMember2021-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100013682652021-03-310001368265us-gaap:RetainedEarningsMember2020-12-310001368265us-gaap:NoncontrollingInterestMember2020-12-310001368265us-gaap:AdditionalPaidInCapitalMember2020-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001368265us-gaap:RetainedEarningsMember2020-09-300001368265us-gaap:NoncontrollingInterestMember2020-09-300001368265us-gaap:AdditionalPaidInCapitalMember2020-09-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001368265us-gaap:RetainedEarningsMember2020-06-300001368265us-gaap:NoncontrollingInterestMember2020-06-300001368265us-gaap:AdditionalPaidInCapitalMember2020-06-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-3000013682652020-06-300001368265us-gaap:RetainedEarningsMember2020-03-310001368265us-gaap:NoncontrollingInterestMember2020-03-310001368265us-gaap:AdditionalPaidInCapitalMember2020-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100013682652020-03-310001368265us-gaap:RetainedEarningsMember2019-12-310001368265us-gaap:NoncontrollingInterestMember2019-12-310001368265us-gaap:AdditionalPaidInCapitalMember2019-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-09-300001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-09-300001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-12-3100013682652021-04-150001368265srt:MinimumMember2021-09-300001368265srt:MaximumMember2021-09-300001368265clne:StationConstructionSalesMember2021-07-012021-09-300001368265clne:FederalAlternativeFuelsTaxCreditMember2021-07-012021-09-300001368265clne:StationConstructionSalesMember2021-01-012021-09-300001368265clne:FederalAlternativeFuelsTaxCreditMember2021-01-012021-09-300001368265clne:StationConstructionSalesMember2020-07-012020-09-300001368265clne:FederalAlternativeFuelsTaxCreditMember2020-07-012020-09-300001368265clne:StationConstructionSalesMember2020-01-012020-09-300001368265clne:FederalAlternativeFuelsTaxCreditMember2020-01-012020-09-300001368265us-gaap:CollateralPledgedMember2021-09-300001368265us-gaap:StandbyLettersOfCreditMember2020-12-310001368265us-gaap:CollateralPledgedMember2020-12-310001368265clne:TOTLS.aMember2021-07-012021-09-300001368265clne:SAFECECS.r.l.Member2021-07-012021-09-300001368265clne:TOTLS.aMember2021-01-012021-09-300001368265clne:SAFECECS.r.l.Member2021-01-012021-09-300001368265clne:TOTLS.aMember2020-07-012020-09-300001368265clne:SAFECECS.r.l.Member2020-07-012020-09-300001368265clne:TOTLS.aMember2020-01-012020-09-300001368265clne:SAFECECS.r.l.Member2020-01-012020-09-300001368265us-gaap:OtherEnergyEquipmentMember2021-09-300001368265us-gaap:LandMember2021-09-300001368265us-gaap:GasTransmissionEquipmentMember2021-09-300001368265us-gaap:GasGatheringAndProcessingEquipmentMember2021-09-300001368265us-gaap:ConstructionInProgressMember2021-09-300001368265clne:LNGLiquefactionPlantMember2021-09-300001368265us-gaap:OtherEnergyEquipmentMember2020-12-310001368265us-gaap:LandMember2020-12-310001368265us-gaap:GasTransmissionEquipmentMember2020-12-310001368265us-gaap:GasGatheringAndProcessingEquipmentMember2020-12-310001368265us-gaap:ConstructionInProgressMember2020-12-310001368265clne:LNGLiquefactionPlantMember2020-12-310001368265us-gaap:RetainedEarningsMember2021-07-012021-09-300001368265us-gaap:RetainedEarningsMember2021-04-012021-06-300001368265us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001368265us-gaap:RetainedEarningsMember2021-01-012021-03-310001368265us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001368265us-gaap:RetainedEarningsMember2020-07-012020-09-300001368265us-gaap:RetainedEarningsMember2020-04-012020-06-300001368265us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001368265us-gaap:RetainedEarningsMember2020-01-012020-03-310001368265clne:DelRioJointVentureMemberus-gaap:SubsequentEventMember2021-11-012021-11-010001368265clne:DelRioJointVentureMember2021-09-272021-09-270001368265clne:GoldmanSacksAndCoMemberclne:AtMarketOfferingMember2021-01-012021-09-300001368265clne:AtMarketOfferingMember2021-01-012021-09-300001368265clne:LiveOakLoanAgreementMember2021-09-282021-09-280001368265us-gaap:AutomobileLoanMember2021-09-300001368265us-gaap:AccruedIncomeReceivableMember2021-09-300001368265clne:MiscellaneousOtherReceivablesMember2021-09-300001368265clne:FuelTaxAndCarbonCreditsMember2021-09-300001368265us-gaap:AutomobileLoanMember2020-12-310001368265us-gaap:AccruedIncomeReceivableMember2020-12-310001368265clne:MiscellaneousOtherReceivablesMember2020-12-310001368265clne:FuelTaxAndCarbonCreditsMember2020-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001368265us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001368265clne:NgAdvantageMember2021-07-012021-09-300001368265clne:NgAdvantageMember2021-01-012021-09-300001368265clne:NgAdvantageMember2020-07-012020-09-300001368265clne:NgAdvantageMember2020-01-012020-09-300001368265clne:LiveOakLoanAgreementMember2021-09-300001368265clne:BerkshireBankMemberclne:RestrictedCashNonCurrentMemberclne:NGAdvantageDebtMember2020-12-100001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2019-01-022019-01-020001368265clne:PlainsCapitalBankMemberus-gaap:StandbyLettersOfCreditMemberclne:PlainsCreditFacilityMember2021-09-160001368265clne:PlainsCapitalBankMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2021-09-160001368265clne:PlainsCapitalBankMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2021-05-010001368265clne:SocitGnraleMemberclne:TermLoanFacilityMemberus-gaap:BuildingAndBuildingImprovementsMember2021-03-120001368265clne:SocitGnraleMemberclne:TermLoanFacilityMemberclne:AdgRngProductionFacilitiesMember2021-03-030001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2020-12-100001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2020-12-102020-12-100001368265clne:PlainsCapitalBankMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2021-05-010001368265clne:PlainsCapitalBankMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2021-09-300001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2021-09-300001368265clne:PlainsCapitalBankMemberus-gaap:StandbyLettersOfCreditMemberclne:PlainsCreditFacilityMember2021-09-300001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-07-012021-09-300001368265clne:SAFECECS.r.l.Member2021-07-012021-09-300001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-01-012021-09-300001368265clne:SAFECECS.r.l.Member2021-01-012021-09-300001368265clne:SAFECECS.r.l.Member2020-07-012020-09-300001368265clne:SAFECECS.r.l.Member2020-01-012020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-09-300001368265us-gaap:SwapMember2021-06-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-06-300001368265us-gaap:WarrantMember2019-12-310001368265us-gaap:SwapMember2019-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2019-12-310001368265us-gaap:SwapMember2021-01-012021-09-300001368265us-gaap:SwapMember2021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-06-300001368265us-gaap:SwapMember2020-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-310001368265us-gaap:SwapMember2020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-09-300001368265us-gaap:SwapMember2020-06-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-06-300001368265us-gaap:SwapMember2019-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2019-12-310001368265clne:VolumeRelatedRevenueMember2021-07-012021-09-300001368265clne:VolumeRelatedRevenueMember2021-01-012021-09-300001368265clne:VolumeRelatedRevenueMember2020-07-012020-09-300001368265clne:VolumeRelatedRevenueMember2020-01-012020-09-300001368265us-gaap:SwapMember2021-07-012021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-07-012021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-07-012020-09-300001368265us-gaap:WarrantMember2020-01-012020-09-300001368265us-gaap:SwapMember2020-01-012020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-01-012020-09-300001368265us-gaap:SwapMember2021-07-012021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-07-012021-09-300001368265us-gaap:SwapMember2021-01-012021-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-09-300001368265us-gaap:SwapMember2020-07-012020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-07-012020-09-300001368265us-gaap:SwapMember2020-01-012020-09-300001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-01-012020-09-300001368265clne:SAFECECS.r.l.Member2021-09-300001368265clne:SAFECECS.r.l.Member2020-12-310001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-09-300001368265clne:NgAdvantageMemberclne:CommonUnitPurchaseAgreementMember2021-09-300001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-09-300001368265srt:MaximumMemberclne:TransactionAgreementWithAmazonMember2021-04-160001368265clne:LandiRenzoS.p.A.Memberclne:SAFECECS.r.l.Member2017-12-290001368265clne:SAFECECS.r.l.Member2017-12-290001368265clne:TOTLS.aMember2021-09-300001368265clne:SAFECECS.r.l.Member2021-09-300001368265clne:TOTLS.aMember2020-12-310001368265clne:SAFECECS.r.l.Member2020-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2021Memberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2020-12-310001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2020-12-310001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2020-12-310001368265clne:CommoditySwap2021Memberus-gaap:NondesignatedMember2020-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2021Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-01-012020-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2020-01-012020-12-310001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2020-01-012020-12-310001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2020-01-012020-12-310001368265clne:CommoditySwap2021Memberus-gaap:NondesignatedMember2020-01-012020-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2018-10-012018-10-310001368265clne:DerivativeLiabilityNoncurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:OtherNoncurrentLiabilitiesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2020-12-310001368265us-gaap:AccountsPayableAndAccruedLiabilitiesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2020-12-310001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:FuelContractMemberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2021-09-300001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-09-300001368265us-gaap:AccountsPayableAndAccruedLiabilitiesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2021-09-300001368265clne:LongTermInvestmentsAndReceivablesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2021-09-300001368265clne:DerivativeAssetsCurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2021-09-300001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-09-300001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:FuelContractMemberus-gaap:NondesignatedMember2020-12-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2020-12-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-310001368265clne:LongTermInvestmentsAndReceivablesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2020-12-310001368265clne:DerivativeAssetsCurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-12-310001368265clne:DerivativeAssetNoncurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2020-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-310001368265us-gaap:NondesignatedMember2020-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2018-10-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001368265clne:DerivativeAssetNoncurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:NondesignatedMember2021-09-300001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMember2020-12-102020-12-100001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2021-01-012021-09-300001368265srt:MaximumMemberclne:OtherDebtMember2021-09-300001368265srt:MinimumMemberclne:LiveOakLoanAgreementMemberus-gaap:LoansPayableMember2021-09-280001368265srt:MinimumMemberclne:LiveOakLoanAgreementMemberus-gaap:ConstructionLoansMember2021-09-280001368265clne:SaleLeasebackTransactionNgAdvantageCompressionStationFinancingLeaseObligationMember2018-12-200001368265clne:LiveOakLoanAgreementMemberus-gaap:LoansPayableMember2021-09-280001368265clne:LiveOakLoanAgreementMemberus-gaap:ConstructionLoansMember2021-09-280001368265clne:BPProductsNorthAmericaMemberclne:BpLoanMember2020-12-180001368265clne:BPProductsNorthAmericaMemberclne:BpLoanMember2020-12-180001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMember2020-12-100001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2021-09-300001368265clne:SGCreditAgreementMember2021-09-300001368265clne:OtherDebtMember2021-09-300001368265clne:NGAdvantageDebtMember2021-09-300001368265clne:SGCreditAgreementMember2020-12-310001368265clne:OtherDebtMember2020-12-310001368265clne:NGAdvantageDebtMember2020-12-310001368265clne:BpLoanMember2020-12-310001368265clne:LiveOakLoanAgreementMemberus-gaap:LoansPayableMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-282021-09-280001368265clne:LiveOakLoanAgreementMemberus-gaap:ConstructionLoansMemberus-gaap:PrimeRateMember2021-09-282021-09-280001368265clne:BPProductsNorthAmericaMemberclne:BpLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-182020-12-180001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMemberus-gaap:PrimeRateMember2020-12-102020-12-100001368265clne:TotalHoldingsUSAInc.Memberclne:TermLoanFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-022019-01-020001368265clne:SocitGnraleMemberclne:TermLoanFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-022019-01-020001368265us-gaap:ServiceMember2021-07-012021-09-300001368265us-gaap:ProductMember2021-07-012021-09-300001368265us-gaap:ServiceMember2021-01-012021-09-300001368265us-gaap:ProductMember2021-01-012021-09-300001368265us-gaap:ServiceMember2020-07-012020-09-300001368265us-gaap:ProductMember2020-07-012020-09-300001368265us-gaap:ServiceMember2020-01-012020-09-300001368265us-gaap:ProductMember2020-01-012020-09-300001368265us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001368265us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001368265us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001368265us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001368265us-gaap:CommonStockMember2021-09-300001368265us-gaap:CommonStockMember2021-06-300001368265us-gaap:CommonStockMember2021-03-310001368265us-gaap:CommonStockMember2020-12-310001368265us-gaap:CommonStockMember2020-09-300001368265us-gaap:CommonStockMember2020-06-300001368265us-gaap:CommonStockMember2020-03-310001368265us-gaap:CommonStockMember2019-12-310001368265clne:TransactionAgreementWithAmazonMember2021-06-1400013682652020-09-3000013682652019-12-310001368265clne:NgAdvantageMember2021-09-300001368265clne:NgAdvantageMember2020-12-310001368265clne:NgAdvantageMemberclne:CommonUnitPurchaseAgreementMember2014-10-140001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2021-09-300001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001368265us-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2021-09-300001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001368265us-gaap:CertificatesOfDepositMember2021-09-300001368265us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001368265us-gaap:CertificatesOfDepositMember2020-12-310001368265us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001368265clne:ZeroCouponBondsMember2021-09-300001368265us-gaap:WarrantMember2021-07-012021-09-300001368265us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001368265us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001368265us-gaap:WarrantMember2021-01-012021-09-300001368265us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001368265us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001368265us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001368265us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001368265us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001368265us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001368265us-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001368265us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100013682652021-01-012021-03-310001368265us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001368265us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-3000013682652020-04-012020-06-300001368265us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100013682652020-01-012020-03-3100013682652021-10-290001368265clne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-06-142021-06-140001368265clne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-04-162021-04-160001368265clne:AmazonWarrantMember2021-01-012021-09-3000013682652021-06-1400013682652021-06-130001368265clne:FirstNationalCapitalLlcMemberclne:SaleLeasebackTransactionFirstNationalCapitalLlcMasterLeaseAgreementMember2018-03-010001368265clne:BankOfAmericaLeasingCapitalLlcMemberclne:SaleLeasebackTransactionBankOfAmericaMasterLeaseAgreementMember2017-12-180001368265clne:FirstNationalCapitalLlcMemberclne:SaleLeasebackTransactionFirstNationalCapitalLlcMasterLeaseAgreementMember2018-03-012018-03-010001368265clne:BankOfAmericaLeasingCapitalLlcMemberclne:SaleLeasebackTransactionBankOfAmericaMasterLeaseAgreementMember2017-12-182017-12-180001368265clne:BpJvJointVentureAgreementMemberus-gaap:CommonClassAMemberclne:AdgRngProductionFacilitiesMember2021-06-212021-06-210001368265us-gaap:ParentMember2021-07-012021-09-300001368265us-gaap:ParentMember2021-01-012021-09-300001368265us-gaap:ParentMember2020-07-012020-09-300001368265us-gaap:ParentMember2020-01-012020-09-300001368265clne:SaleLeasebackTransactionNgAdvantageCompressionStationFinancingLeaseObligationMember2018-12-202018-12-200001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberus-gaap:CommonClassBMemberclne:AdgRngProductionFacilitiesMember2021-04-132021-04-130001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberus-gaap:CommonClassAMemberclne:AdgRngProductionFacilitiesMember2021-04-132021-04-130001368265clne:BpJvJointVentureAgreementMemberus-gaap:CommonClassAMemberclne:AdgRngProductionFacilitiesMember2021-04-132021-04-1300013682652020-07-012020-09-300001368265clne:TotalS.e.Memberclne:DelRioJointVentureMemberus-gaap:SubsequentEventMember2021-11-012021-11-010001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-04-132021-04-130001368265clne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-04-160001368265clne:LiveOakLoanAgreementMemberus-gaap:LoansPayableMember2021-09-282021-09-280001368265clne:WintrustCommercialFinanceMemberclne:FivePointOneSevenPercentTermLoanMemberclne:LoanAndSecurityAgreementMember2016-11-300001368265clne:TotalHoldingsUSAInc.Memberclne:TermLoanFacilityMember2019-01-020001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2019-01-020001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:TransactionAgreementWithAmazonMember2021-09-300001368265clne:NotesReceivableAndOtherLongTermAssetsMemberclne:TransactionAgreementWithAmazonMember2021-09-300001368265clne:TransactionAgreementWithAmazonMember2021-06-300001368265clne:TransactionAgreementWithAmazonMember2021-07-012021-09-300001368265clne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-09-300001368265clne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-09-300001368265clne:TransactionAgreementWithAmazonMember2021-01-012021-09-300001368265clne:TotalS.e.Memberclne:DelRioJointVentureMemberus-gaap:SubsequentEventMember2021-10-120001368265clne:DelRioJointVentureMemberus-gaap:SubsequentEventMember2021-10-120001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-06-210001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-04-130001368265clne:CounterpartyToJointVentureTotalMemberclne:TotalJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-03-030001368265clne:TotalJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-03-030001368265clne:TransactionAgreementWithAmazonMember2021-04-162021-04-160001368265clne:TransactionAgreementWithAmazonMember2021-04-1600013682652020-01-012020-09-300001368265us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-3000013682652021-07-012021-09-300001368265us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000013682652021-04-012021-06-3000013682652021-01-012021-09-3000013682652020-01-012020-12-310001368265clne:GoldmanSacksAndCoMemberclne:AtMarketOfferingMember2021-06-070001368265clne:GoldmanSacksAndCoMemberclne:AtMarketOfferingMember2021-05-100001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-04-1300013682652021-09-3000013682652020-12-31iso4217:USDiso4217:USDutr:galxbrli:purexbrli:sharesclne:installmentiso4217:USDxbrli:sharesclne:contractutr:gal

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-33480

CLEAN ENERGY FUELS CORP.

(Exact name of registrant as specified in its charter)

Delaware

33-0968580

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4675 MacArthur Court, Suite 800, Newport Beach, CA 92660

(Address of principal executive offices, including zip code)

(949) 437-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

CLNE

The Nasdaq Select Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 29, 2021, there were 223,088,469 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.

Table of Contents

CLEAN ENERGY FUELS CORP. AND SUBSIDIARIES

INDEX

Table of Contents

PART I.—FINANCIAL INFORMATION

3

Item 1.—Financial Statements (Unaudited)

3

Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

45

Item 4.—Controls and Procedures

47

PART II.—OTHER INFORMATION

48

Item 1.—Legal Proceedings

48

Item 1A.—Risk Factors

48

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.—Defaults upon Senior Securities

63

Item 4.—Mine Safety Disclosures

63

Item 5.—Other Information

63

Item 6.—Exhibits

63

Unless the context indicates otherwise, all references to “Clean Energy,” the “Company,” “we,” “us,” or “our” in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries.

This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

We own registered or unregistered trademark rights to Clean Energy™. Although we do not use the “®” or “™” symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners.

2

Table of Contents

PART I.—FINANCIAL INFORMATION

Item 1.—Financial Statements (Unaudited)

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data; Unaudited)

December 31, 

September 30, 

2020

2021

Assets

Current assets:

 

  

 

  

Cash and cash equivalents

$

108,977

$

139,906

Short-term investments

 

29,528

 

120,190

Accounts receivable, net of allowance of $1,335 and $1,268 as of December 31, 2020 and September 30, 2021, respectively

 

61,784

 

71,176

Other receivables

 

23,655

 

12,901

Inventory

 

28,100

 

29,332

Prepaid expenses and other current assets

 

9,404

 

23,749

Derivative assets, related party

 

1,591

 

502

Total current assets

 

263,039

 

397,756

Operating lease right-of-use assets

25,967

33,959

Land, property and equipment, net

 

290,911

 

271,540

Restricted cash

 

11,000

 

7,006

Notes receivable and other long-term assets, net

 

27,299

 

65,800

Long-term portion of derivative assets, related party

 

4,057

 

85

Investments in other entities

 

27,962

 

76,953

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

464

 

24

Total assets

$

715,027

$

917,451

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

3,592

$

11,053

Current portion of finance lease obligations

840

830

Current portion of operating lease obligations

2,822

3,250

Accounts payable

 

17,310

 

17,403

Accrued liabilities

 

52,637

 

60,854

Deferred revenue

 

2,642

 

2,034

Total current liabilities

 

79,843

 

95,424

Long-term portion of debt

82,088

25,900

Long-term portion of finance lease obligations

2,552

2,536

Long-term portion of operating lease obligations

23,698

31,067

Other long-term liabilities

 

3,996

 

7,593

Total liabilities

 

192,177

 

162,520

Commitments and contingencies (Note 17)

 

  

 

  

Stockholders’ equity:

 

  

 

  

Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding

 

 

Common stock, $0.0001 par value. 304,000,000 and 454,000,000 shares authorized; 198,491,204 shares and 223,085,469 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively

 

20

 

22

Additional paid-in capital

 

1,191,791

 

1,516,452

Accumulated deficit

 

(678,096)

 

(768,866)

Accumulated other comprehensive loss

 

(209)

 

(1,237)

Total Clean Energy Fuels Corp. stockholders’ equity

 

513,506

 

746,371

Noncontrolling interest in subsidiary

 

9,344

 

8,560

Total stockholders’ equity

 

522,850

 

754,931

Total liabilities and stockholders’ equity

$

715,027

$

917,451

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data; Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2021

    

2020

    

2021

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

60,310

$

74,354

$

186,438

$

133,081

Service revenue

 

10,576

 

11,741

 

30,328

 

30,637

Total revenue

 

70,886

 

86,095

 

216,766

 

163,718

Operating expenses:

 

  

 

  

 

  

 

  

Cost of sales (exclusive of depreciation and amortization shown separately below):

 

  

 

  

 

  

 

  

Product cost of sales

 

38,767

 

48,254

 

118,494

 

134,356

Service cost of sales

 

6,522

 

7,547

 

18,280

 

18,757

Change in fair value of derivative warrants

 

 

 

(40)

 

Selling, general and administrative

 

16,639

 

22,303

 

51,790

 

65,350

Depreciation and amortization

 

11,744

 

11,092

 

35,718

 

34,208

Total operating expenses

 

73,672

 

89,196

 

224,242

 

252,671

Operating loss

 

(2,786)

 

(3,101)

 

(7,476)

 

(88,953)

Interest expense

 

(1,009)

 

(1,038)

 

(5,060)

 

(3,476)

Interest income

 

427

 

334

 

1,081

 

828

Other income, net

 

919

 

62

 

3,381

 

906

Loss from equity method investments

 

(11)

 

(355)

 

(368)

 

(660)

Loss before income taxes

 

(2,460)

 

(4,098)

 

(8,442)

 

(91,355)

Income tax expense

 

(79)

 

(60)

 

(235)

 

(199)

Net loss

 

(2,539)

 

(4,158)

 

(8,677)

 

(91,554)

Loss attributable to noncontrolling interest

 

268

 

224

 

1,374

 

784

Net loss attributable to Clean Energy Fuels Corp. 

$

(2,271)

$

(3,934)

$

(7,303)

$

(90,770)

Net loss attributable to Clean Energy Fuels Corp. per share:

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.01)

$

(0.02)

$

(0.04)

$

(0.43)

Weighted-average common shares outstanding:

 

  

 

  

 

  

 

  

Basic and diluted

 

198,785,394

 

223,008,202

 

201,472,851

 

209,771,584

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands; Unaudited)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Three Months Ended

Three Months Ended

Three Months Ended

September 30, 

September 30, 

September 30, 

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

Net loss

$

(2,271)

$

(3,934)

$

(268)

$

(224)

$

(2,539)

$

(4,158)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2020 and 2021

 

687

 

(838)

 

 

 

687

 

(838)

Unrealized losses on available-for-sale securities, net of $0 tax in 2020 and 2021

 

(3)

 

(26)

 

 

 

(3)

 

(26)

Total other comprehensive income (loss)

 

684

 

(864)

 

 

 

684

 

(864)

Comprehensive loss

$

(1,587)

$

(4,798)

$

(268)

$

(224)

$

(1,855)

$

(5,022)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Nine Months Ended

Nine Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

Net loss

$

(7,303)

$

(90,770)

$

(1,374)

$

(784)

$

(8,677)

$

(91,554)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2020 and 2021

 

(227)

 

(999)

 

 

 

(227)

 

(999)

Unrealized gains (losses) on available-for-sale securities, net of $0 tax in 2020 and 2021

 

2

 

(29)

 

 

 

2

 

(29)

Total other comprehensive loss

 

(225)

 

(1,028)

 

 

 

(225)

 

(1,028)

Comprehensive loss

$

(7,528)

$

(91,798)

$

(1,374)

$

(784)

$

(8,902)

$

(92,582)

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands; except share data)

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2019

 

204,723,055

$

20

$

1,203,186

$

(668,232)

$

(1,566)

$

9,621

$

543,029

Issuance of common stock

 

871,010

 

 

194

 

 

 

 

194

Repurchase of common stock

(2,810,449)

(4,244)

 

(4,244)

Stock-based compensation

 

 

 

1,054

 

 

 

 

1,054

Net income (loss)

 

 

 

 

1,704

 

 

(805)

 

899

Other comprehensive loss

 

 

 

 

 

(1,915)

 

(1,915)

Increase in ownership in subsidiary

 

 

 

(1,388)

 

 

 

1,388

Balance, March 31, 2020

 

202,783,616

20

1,198,802

(666,528)

(3,481)

10,204

539,017

Issuance of common stock

 

25,214

 

 

41

 

 

 

 

41

Repurchase of common stock

 

(3,302,050)

 

 

(6,406)

 

 

 

 

(6,406)

Stock-based compensation

 

 

 

760

 

 

 

 

760

Net loss

 

 

 

 

(6,736)

 

 

(301)

 

(7,037)

Other comprehensive income

1,006

1,006

Balance, June 30, 2020

 

199,506,780

$

20

$

1,193,197

$

(673,264)

$

(2,475)

$

9,903

$

527,381

Issuance of common stock

 

141,310

248

 

248

Repurchase of common stock

(1,235,192)

(3,013)

(3,013)

Stock-based compensation

 

708

 

708

Net loss

 

(2,271)

(268)

 

(2,539)

Other comprehensive loss

 

684

 

684

Balance, September 30, 2020

 

198,412,898

$

20

$

1,191,140

$

(675,535)

$

(1,791)

$

9,635

$

523,469

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2020

 

198,491,204

$

20

$

1,191,791

$

(678,096)

$

(209)

$

9,344

$

522,850

Issuance of common stock

 

1,323,814

 

 

3,216

 

 

 

 

3,216

Stock-based compensation

 

 

 

3,367

 

 

 

 

3,367

Net loss

 

 

 

 

(7,169)

 

 

(278)

 

(7,447)

Other comprehensive loss

 

 

 

 

 

(880)

 

 

(880)

Balance, March 31, 2021

 

199,815,018

20

1,198,374

(685,265)

(1,089)

9,066

521,106

Issuance of common stock, net of issuance costs

 

23,151,937

 

2

 

194,171

 

 

 

 

194,173

Stock-based compensation

3,419

3,419

Stock-based sales incentive charges

 

 

 

115,778

 

 

 

 

115,778

Net loss

 

 

 

 

(79,667)

 

 

(282)

 

(79,949)

Other comprehensive income

 

 

 

 

 

716

 

 

716

Balance, June 30, 2021

 

222,966,955

$

22

$

1,511,742

$

(764,932)

$

(373)

$

8,784

$

755,243

Issuance of common stock

 

118,514

 

 

390

 

 

 

 

390

Stock-based compensation

 

 

 

3,434

 

 

 

 

3,434

Stock-based sales incentive charges

886

886

Net loss

 

 

 

 

(3,934)

 

 

(224)

 

(4,158)

Other comprehensive loss

 

 

 

 

 

(864)

 

 

(864)

Balance, September 30, 2021

 

223,085,469

$

22

$

1,516,452

$

(768,866)

$

(1,237)

$

8,560

$

754,931

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Nine Months Ended

September 30, 

    

2020

    

2021

Cash flows from operating activities:

Net loss

$

(8,677)

$

(91,554)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

Depreciation and amortization

 

35,718

 

34,208

Provision for credit losses and inventory

 

1,421

 

955

Stock-based compensation expense

 

2,522

 

10,220

Stock-based sales incentive charges

80,237

Change in fair value of derivative instruments

 

(4,055)

 

2,240

Amortization of discount and debt issuance cost

 

(69)

 

27

Loss (gain) on disposal of property and equipment

 

(3,314)

 

1,671

Loss on extinguishment of debt

 

 

25

Gain from sale of certain assets of subsidiary

 

(176)

 

Loss from equity method investments

 

368

 

660

Non-cash lease expense

2,060

2,219

Deferred income taxes

90

91

Changes in operating assets and liabilities:

 

 

Accounts and other receivables

 

62,602

 

(520)

Inventory

 

437

 

(3,255)

Prepaid expenses and other assets

 

4,626

 

(8,680)

Operating lease liabilities

(2,368)

(2,414)

Accounts payable

 

(8,630)

 

(181)

Deferred revenue

 

(11,957)

 

(667)

Accrued liabilities and other

 

(17,476)

 

7,561

Net cash provided by operating activities