0.040.11002226849230001368265--12-312022Q1falseP12M0000000000P5Y30000000http://fasb.org/us-gaap/2021-01-31#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2021-01-31#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2021-01-31#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2021-01-31#RevenueFromContractWithCustomerExcludingAssessedTax2227596880.507160000050000000381000007160000038100000700000048000000001368265clne:AmazonWarrantMember2022-03-310001368265clne:AmazonWarrantMember2021-12-3100013682652021-12-0700013682652020-03-120001368265us-gaap:CommonStockMember2022-01-012022-03-310001368265us-gaap:CommonStockMember2021-01-012021-03-310001368265us-gaap:RetainedEarningsMember2022-03-310001368265us-gaap:NoncontrollingInterestMember2022-03-310001368265us-gaap:AdditionalPaidInCapitalMember2022-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001368265us-gaap:RetainedEarningsMember2021-12-310001368265us-gaap:NoncontrollingInterestMember2021-12-310001368265us-gaap:AdditionalPaidInCapitalMember2021-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001368265us-gaap:RetainedEarningsMember2021-03-310001368265us-gaap:NoncontrollingInterestMember2021-03-310001368265us-gaap:AdditionalPaidInCapitalMember2021-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001368265us-gaap:RetainedEarningsMember2020-12-310001368265us-gaap:NoncontrollingInterestMember2020-12-310001368265us-gaap:AdditionalPaidInCapitalMember2020-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-03-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-03-310001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-12-310001368265clne:NgAdvantageMemberclne:CommonUnitPurchaseAgreementMember2022-01-012022-03-310001368265srt:MinimumMember2022-03-310001368265srt:MaximumMember2022-03-310001368265clne:RngJointVenturesMember2022-01-012022-03-310001368265clne:StationConstructionSalesMember2022-01-012022-03-310001368265clne:FederalAlternativeFuelsTaxCreditMember2022-01-012022-03-310001368265clne:StationConstructionSalesMember2021-01-012021-03-310001368265clne:FederalAlternativeFuelsTaxCreditMember2021-01-012021-03-310001368265us-gaap:CollateralPledgedMember2022-01-310001368265us-gaap:CollateralPledgedMember2021-12-310001368265clne:TOTLS.aMember2022-01-012022-03-310001368265clne:SAFECECS.r.l.Member2022-01-012022-03-310001368265clne:TOTLS.aMember2021-01-012021-03-310001368265clne:SAFECECS.r.l.Member2021-01-012021-03-310001368265us-gaap:OtherEnergyEquipmentMember2022-03-310001368265us-gaap:LandMember2022-03-310001368265us-gaap:GasTransmissionEquipmentMember2022-03-310001368265us-gaap:GasGatheringAndProcessingEquipmentMember2022-03-310001368265us-gaap:ConstructionInProgressMember2022-03-310001368265clne:LNGLiquefactionPlantMember2022-03-310001368265us-gaap:OtherEnergyEquipmentMember2021-12-310001368265us-gaap:LandMember2021-12-310001368265us-gaap:GasTransmissionEquipmentMember2021-12-310001368265us-gaap:GasGatheringAndProcessingEquipmentMember2021-12-310001368265us-gaap:ConstructionInProgressMember2021-12-310001368265clne:LNGLiquefactionPlantMember2021-12-310001368265us-gaap:RetainedEarningsMember2022-01-012022-03-310001368265us-gaap:RetainedEarningsMember2021-01-012021-03-310001368265us-gaap:AutomobileLoanMember2022-03-310001368265us-gaap:AccruedIncomeReceivableMember2022-03-310001368265clne:MiscellaneousOtherReceivablesMember2022-03-310001368265clne:FuelTaxAndCarbonCreditsMember2022-03-310001368265us-gaap:AutomobileLoanMember2021-12-310001368265us-gaap:AccruedIncomeReceivableMember2021-12-310001368265clne:MiscellaneousOtherReceivablesMember2021-12-310001368265clne:FuelTaxAndCarbonCreditsMember2021-12-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001368265us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001368265clne:NgAdvantageMember2022-01-012022-03-310001368265clne:NgAdvantageMember2021-01-012021-03-310001368265clne:BerkshireBankMemberus-gaap:StandbyLettersOfCreditMemberclne:PlainsCreditFacilityMember2022-01-310001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMemberus-gaap:StandbyLettersOfCreditMember2021-12-310001368265clne:BerkshireBankMemberclne:RestrictedCashNonCurrentMemberclne:NGAdvantageDebtMember2021-12-310001368265clne: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:AdgRngProductionFacilitiesMember2021-03-120001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2020-12-100001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2020-12-102020-12-100001368265clne:PlainsCapitalBankMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2021-05-010001368265clne:PlainsCapitalBankMemberus-gaap:RevolvingCreditFacilityMemberclne:PlainsCreditFacilityMember2022-03-310001368265clne:BerkshireBankMemberus-gaap:RevolvingCreditFacilityMemberclne:NGAdvantageDebtMember2022-03-310001368265clne:PlainsCapitalBankMemberus-gaap:StandbyLettersOfCreditMemberclne:PlainsCreditFacilityMember2022-03-3100013682652021-09-300001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2022-01-012022-03-310001368265clne:TotalJvJointVentureAgreementMember2022-01-012022-03-310001368265clne:SAFECECS.r.l.Member2022-01-012022-03-310001368265clne:SAFECECS.r.l.Member2021-01-012021-03-310001368265us-gaap:SwapMember2022-03-310001368265us-gaap:SwapMember2021-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-310001368265us-gaap:SwapMember2021-01-012021-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-12-310001368265us-gaap:SwapMember2021-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-03-310001368265us-gaap:SwapMember2020-12-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2020-12-3100013682652022-03-312022-03-3100013682652021-12-312021-12-310001368265us-gaap:SwapMember2022-01-012022-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-01-012022-03-310001368265us-gaap:SwapMember2021-01-012021-03-310001368265us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-03-310001368265clne:TotalJvJointVentureAgreementMember2022-03-310001368265clne:SAFECECS.r.l.Member2022-03-310001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-12-310001368265clne:TotalJvJointVentureAgreementMember2021-12-310001368265clne:SAFECECS.r.l.Member2021-12-310001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2022-03-310001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2022-03-310001368265clne:LandiRenzoS.p.A.Memberclne:SAFECECS.r.l.Member2017-12-290001368265clne:SAFECECS.r.l.Member2017-12-290001368265clne:SAFECECS.r.l.Member2021-12-310001368265clne:TOTLS.aMember2022-03-310001368265clne:SAFECECS.r.l.Member2022-03-310001368265clne:RngJointVenturesMember2022-03-310001368265clne:TOTLS.aMember2021-12-310001368265clne:RngJointVenturesMember2021-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-03-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-12-310001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-12-310001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-09-300001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-09-300001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-01-012022-03-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-01-012021-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-01-012021-12-310001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-01-012021-12-310001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-01-012021-12-310001368265clne:CommoditySwap2024Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2023Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265clne:CommoditySwap2022Memberus-gaap:NondesignatedMember2021-01-012021-09-300001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2018-10-012018-10-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2022-03-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2022-03-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2021-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2021-12-310001368265clne:DerivativeLiabilityNoncurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-03-310001368265clne:DerivativeLiabilityCurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-03-310001368265clne:DerivativeLiabilityNoncurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-12-310001368265clne:DerivativeLiabilityCurrentRelatedPartyMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-12-310001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:FuelContractMemberus-gaap:NondesignatedMember2022-03-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-03-310001368265clne:LongTermInvestmentsAndReceivablesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2022-03-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-03-310001368265us-gaap:NondesignatedMember2022-03-310001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:FuelContractMemberus-gaap:NondesignatedMember2021-12-310001368265us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-12-310001368265clne:LongTermInvestmentsAndReceivablesMemberclne:FuelContractMemberus-gaap:NondesignatedMember2021-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-12-310001368265us-gaap:NondesignatedMember2021-12-310001368265us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2018-10-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-03-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:WeightedAverageMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:WeightedAverageMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MinimumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:MeasurementInputCommodityForwardPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict5DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265srt:MaximumMemberclne:FuelContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberclne:HistoricalDifferentialToPetroleumAdministrationForDefenseDistrict3DieselMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-12-310001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMember2020-12-102020-12-100001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2022-01-012022-03-310001368265srt:MaximumMemberclne:OtherDebtMember2022-03-310001368265clne:SaleLeasebackTransactionNgAdvantageCompressionStationFinancingLeaseObligationMember2018-12-200001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMember2022-01-310001368265clne:BPProductsNorthAmericaMemberclne:BpLoanMember2020-12-180001368265clne:BerkshireBankMemberclne:FivePointZeroPercentTermLoanMaturingJanuary12026Memberclne:NGAdvantageDebtMember2020-12-100001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2022-03-310001368265clne:SGCreditAgreementMember2022-03-310001368265clne:OtherDebtMember2022-03-310001368265clne:NGAdvantageDebtMember2022-03-310001368265clne:SGCreditAgreementMember2021-12-310001368265clne:OtherDebtMember2021-12-310001368265clne:NGAdvantageDebtMember2021-12-310001368265clne: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:ServiceMember2022-01-012022-03-310001368265us-gaap:ProductMember2022-01-012022-03-310001368265us-gaap:ServiceMember2021-01-012021-03-310001368265us-gaap:ProductMember2021-01-012021-03-310001368265us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001368265us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001368265us-gaap:CommonStockMember2022-03-310001368265us-gaap:CommonStockMember2021-12-310001368265us-gaap:CommonStockMember2021-03-310001368265us-gaap:CommonStockMember2020-12-310001368265clne:AmazonWarrantMemberclne:TransactionAgreementWithAmazonMember2021-06-1400013682652021-03-3100013682652020-12-310001368265clne:NgAdvantageMember2022-03-310001368265clne:NgAdvantageMember2021-12-310001368265clne:NgAdvantageMemberclne:CommonUnitPurchaseAgreementMember2014-10-140001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2022-03-310001368265us-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2022-03-310001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001368265us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2021-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001368265us-gaap:FairValueMeasurementsRecurringMemberclne:ZeroCouponBondsMember2021-12-310001368265us-gaap:CertificatesOfDepositMember2022-03-310001368265us-gaap:CertificatesOfDepositMember2021-12-310001368265clne:ZeroCouponBondsMember2022-03-310001368265us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001368265clne:ZeroCouponBondsMember2021-12-310001368265us-gaap:WarrantMember2022-01-012022-03-310001368265us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001368265us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001368265us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001368265us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001368265us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100013682652022-04-280001368265clne:AmazonWarrantMember2022-03-262022-03-260001368265clne:AmazonWarrantMember2022-01-012022-03-3100013682652020-03-122022-03-3100013682652021-06-1400013682652021-06-130001368265clne:FirstNationalCapitalLlcMemberclne:SaleLeasebackTransactionFirstNationalCapitalLlcMasterLeaseAgreementMember2022-01-012022-03-310001368265clne:SaleLeasebackTransactionNgAdvantageCompressionStationFinancingLeaseObligationMember2022-01-012022-03-310001368265clne: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:ParentMember2022-01-012022-03-310001368265us-gaap:ParentMember2021-01-012021-03-310001368265clne: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:AdgRngProductionFacilitiesMember2021-04-132021-04-130001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallTwoMemberclne:AdgRngProductionFacilitiesMember2022-03-012022-03-310001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallTwoMemberclne:AdgRngProductionFacilitiesMember2022-01-012022-03-310001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2022-01-012022-03-310001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2021-12-012021-12-310001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2021-12-012021-12-310001368265clne:CounterpartyToJointVentureTotalMemberclne:TotalJvJointVentureAgreementMemberclne:DrDevelopmentAgreementMember2021-11-012021-11-010001368265clne:TotalJvJointVentureAgreementMemberclne:DrDevelopmentAgreementMember2021-11-012021-11-010001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-06-012021-06-300001368265clne:AmazonWarrantMemberclne:TransactionAgreementWithAmazonMember2021-04-160001368265clne:WintrustCommercialFinanceMemberclne:FivePointOneSevenPercentTermLoanMemberclne:LoanAndSecurityAgreementMember2016-11-300001368265clne:TotalHoldingsUSAInc.Memberclne:TermLoanFacilityMember2019-01-020001368265clne:SocitGnraleMemberclne:TermLoanFacilityMember2019-01-020001368265us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberclne:AmazonWarrantMember2022-03-310001368265clne:NotesReceivableAndOtherLongTermAssetsMemberclne:AmazonWarrantMember2022-03-310001368265clne:AmazonWarrantMemberclne:TransactionAgreementWithAmazonMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-01-012022-03-310001368265clne:VolumeRelatedRevenueMember2022-01-012022-03-310001368265clne:VolumeRelatedRevenueMember2021-01-012021-03-310001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberus-gaap:SubsequentEventMemberclne:AdgRngProductionFacilitiesMember2022-04-300001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2022-03-310001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallTwoMemberclne:AdgRngProductionFacilitiesMember2022-03-300001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2021-12-310001368265clne:CounterpartyToJointVentureTotalMemberclne:TotalJvJointVentureAgreementMemberclne:DrDevelopmentAgreementMember2021-10-120001368265clne:TotalJvJointVentureAgreementMemberclne:DrDevelopmentAgreementMember2021-10-120001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-06-210001368265clne:CounterpartyToJointVentureBpMemberclne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-04-130001368265clne:CounterpartyToJointVentureTotalMemberclne:TotalJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-03-030001368265clne:TotalJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-03-0300013682652021-01-012021-03-310001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallTwoMemberclne:AdgRngProductionFacilitiesMember2022-03-300001368265clne:BpJvJointVentureAgreementMemberclne:CapitalContributionCallMemberclne:AdgRngProductionFacilitiesMember2021-12-310001368265us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100013682652022-01-012022-03-3100013682652021-01-012021-12-3100013682652020-01-012020-12-310001368265clne:BpJvJointVentureAgreementMemberclne:AdgRngProductionFacilitiesMember2021-04-1300013682652022-03-3100013682652021-12-31iso4217:USDiso4217:USDutr:galclne:installmentxbrli:sharesxbrli:pureiso4217: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 March 31, 2022

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 Stock 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 April 28, 2022, there were 222,777,631 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

30

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

41

Item 4.—Controls and Procedures

42

PART II.—OTHER INFORMATION

44

Item 1.—Legal Proceedings

44

Item 1A.—Risk Factors

44

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

59

Item 3.—Defaults upon Senior Securities

60

Item 4.—Mine Safety Disclosures

60

Item 5.—Other Information

60

Item 6.—Exhibits

60

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, 

March 31, 

2021

2022

Assets

Current assets:

 

  

 

  

Cash and cash equivalents

$

99,448

$

107,970

Short-term investments

 

129,722

 

120,565

Accounts receivable, net of allowance of $1,205 and $1,189 as of December 31, 2021 and March 31, 2022, respectively

 

87,433

 

83,024

Other receivables

 

24,447

 

11,447

Inventory

 

31,302

 

32,322

Prepaid expenses and other current assets

 

37,584

 

57,247

Total current assets

 

409,936

 

412,575

Operating lease right-of-use assets

42,537

42,604

Land, property and equipment, net

 

261,761

 

256,509

Restricted cash

 

7,008

 

Notes receivable and other long-term assets, net

 

56,189

 

42,941

Investments in other entities

 

109,811

 

108,274

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

5,500

 

5,500

Total assets

$

957,070

$

932,731

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

12,845

$

10,033

Current portion of finance lease obligations

846

859

Current portion of operating lease obligations

3,551

3,606

Accounts payable

 

24,352

 

25,603

Accrued liabilities

 

75,159

 

62,352

Deferred revenue

 

7,251

 

8,052

Derivative liabilities, related party

1,900

4,379

Total current liabilities

 

125,904

 

114,884

Long-term portion of debt

23,215

25,615

Long-term portion of finance lease obligations

2,427

2,278

Long-term portion of operating lease obligations

39,431

39,299

Long-term portion of derivative liabilities, related party

2,483

4,187

Other long-term liabilities

 

8,199

 

8,138

Total liabilities

 

201,659

 

194,401

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. 454,000,000 shares authorized; 222,684,923 shares and 222,759,688 shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively

 

22

 

22

Additional paid-in capital

 

1,519,918

 

1,527,164

Accumulated deficit

 

(771,242)

 

(795,433)

Accumulated other comprehensive loss

 

(1,622)

 

(1,373)

Total Clean Energy Fuels Corp. stockholders’ equity

 

747,076

 

730,380

Noncontrolling interest in subsidiary

 

8,335

 

7,950

Total stockholders’ equity

 

755,411

 

738,330

Total liabilities and stockholders’ equity

$

957,070

$

932,731

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

March 31, 

    

2021

    

2022

Revenue:

 

  

 

  

Product revenue

$

67,692

$

72,507

Service revenue

 

9,451

 

10,990

Total revenue

 

77,143

 

83,497

Operating expenses:

 

  

 

  

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

 

  

 

  

Product cost of sales

 

44,808

 

57,615

Service cost of sales

 

5,593

 

6,622

Selling, general and administrative

 

21,441

 

27,927

Depreciation and amortization

 

11,735

 

11,390

Total operating expenses

 

83,577

 

103,554

Operating loss

 

(6,434)

 

(20,057)

Interest expense

 

(1,436)

 

(3,077)

Interest income

 

254

 

264

Other income, net

 

678

 

20

Loss from equity method investments

 

(426)

 

(1,677)

Loss before income taxes

 

(7,364)

 

(24,527)

Income tax expense

 

(83)

 

(49)

Net loss

 

(7,447)

 

(24,576)

Loss attributable to noncontrolling interest

 

278

 

385

Net loss attributable to Clean Energy Fuels Corp. 

$

(7,169)

$

(24,191)

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

 

  

 

  

Basic

$

(0.04)

$

(0.11)

Diluted

$

(0.04)

$

(0.11)

Weighted-average common shares outstanding:

 

 

  

Basic

 

198,995,453

 

222,559,648

Diluted

 

198,995,453

 

222,559,648

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

March 31, 

March 31, 

March 31, 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

Net loss

$

(7,169)

$

(24,191)

$

(278)

$

(385)

$

(7,447)

$

(24,576)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2021 and 2022

 

(880)

 

272

 

 

 

(880)

 

272

Unrealized losses on available-for-sale securities, net of $0 tax in 2021 and 2022

 

 

(23)

 

 

 

 

(23)

Total other comprehensive income (loss)

 

(880)

 

249

 

 

 

(880)

 

249

Comprehensive loss

$

(8,049)

$

(23,942)

$

(278)

$

(385)

$

(8,327)

$

(24,327)

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; Unaudited)

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

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2021

 

222,684,923

$

22

$

1,519,918

$

(771,242)

$

(1,622)

$

8,335

$

755,411

Issuance of common stock

 

585,775

 

 

273

 

 

 

 

273

Repurchase of common stock

(511,010)

(3,001)

(3,001)

Stock-based compensation

 

 

 

8,253

 

 

 

 

8,253

Stock-based sales incentive charges

1,721

1,721

Net loss

 

 

 

 

(24,191)

 

 

(385)

 

(24,576)

Other comprehensive income

 

 

 

 

 

249

 

 

249

Balance, March 31, 2022

 

222,759,688

$

22

$

1,527,164

$

(795,433)

$

(1,373)

$

7,950

$

738,330

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)

Three Months Ended March 31,

    

2021

    

2022

Cash flows from operating activities:

Net loss

$

(7,447)

$

(24,576)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

Depreciation and amortization

 

11,735

 

11,390

Provision for credit losses and inventory

 

380

 

375

Stock-based compensation expense

 

3,367

 

8,253

Stock-based sales incentive charges

3,756

Change in fair value of derivative instruments

 

2,045

 

1,036

Amortization of discount and debt issuance cost

 

13

 

(47)

Loss (gain) on disposal of property and equipment

 

46

 

(32)

Loss on extinguishment of debt

 

 

2,268

Loss from equity method investments

 

426

 

1,677

Non-cash lease expense

740

827

Deferred income taxes

33

21

Changes in operating assets and liabilities:

 

 

Accounts and other receivables

 

(1,786)

 

12,875

Inventory

 

(176)

 

(1,809)

Prepaid expenses and other assets

 

(7,666)

 

(3,188)

Operating lease liabilities

(1,048)

(971)

Accounts payable

 

446

 

113

Deferred revenue

 

1,857

 

801

Accrued liabilities and other

 

292

 

(7,930)

Net cash provided by operating activities

 

3,257

 

4,839

Cash flows from investing activities:

 

 

  

Purchases of short-term investments

 

(58,299)

 

(99,803)

Maturities and sales of short-term investments

 

58,301

 

109,000

Purchases of and deposits on property and equipment

 

(3,328)

 

(7,366)

Disbursements for loans receivable

 

(3,828)

 

Payments on and proceeds from sales of loans receivable

 

128

 

103

Cash received from sale of certain assets of subsidiary, net

 

887

 

3,885

Payment and deposits on equipment and manure rights for RNG production projects

 

 

(4,500)

Proceeds from disposal of property and equipment

 

7

 

43

Net cash provided by (used in) investing activities

 

(6,132)

 

1,362

Cash flows from financing activities:

 

 

  

Issuance of common stock

 

3,216

 

273

Repurchase of common stock

(3,001)

Fees paid for debt issuance costs

(50)

Proceeds for Adopt-a-Port program

2,520

240

Repayment of proceeds for Adopt-a-Port program

(235)

Proceeds from debt instruments

 

1,900

 

14,000

Repayments of debt instruments and finance lease obligations

 

(1,108)

 

(13,848)

Payments of debt extinguishment costs

(2,186)

Net cash (used in) provided by financing activities

 

6,528

 

(4,807)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

69

 

120

Net increase (decrease) in cash, cash equivalents and restricted cash

 

3,722

 

1,514

Cash, cash equivalents and restricted cash, beginning of period

 

119,977

 

106,456

Cash, cash equivalents and restricted cash, end of period

$

123,699

$

107,970

Supplemental disclosure of cash flow information:

 

  

 

  

Income taxes paid

$

$

Interest paid, net of $0 and $0 capitalized, respectively

$

1,052

$

470

See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1—General

Nature of Business

Clean Energy Fuels Corp., together with its majority and wholly owned subsidiaries (hereinafter collectively referred to as the “Company,” unless the context or the use of the term indicates or requires otherwise) is engaged in the business of selling renewable and conventional natural gas as alternative fuels for vehicle fleets and related fueling solutions to its customers, primarily in the United States and Canada. The Company’s principal business is supplying renewable natural gas (“RNG”) and conventional natural gas, in the form of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), for medium and heavy-duty vehicles and providing operation and maintenance (“O&M”) services for public and private vehicle fleet customer stations. The Company is also focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG (procured from our own projects or from third parties) to its customers in the heavy and medium-duty commercial transportation sector.

As a comprehensive clean energy solution provider, the Company also designs and builds, as well as operates and maintains, public and private vehicle fueling stations in the United States and Canada; sells and services compressors and other equipment used in RNG production and at fueling stations; transports and sells CNG and LNG via “virtual” natural gas pipelines and interconnects; sells U.S. federal, state and local government credits it generates by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California and the Oregon Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtains federal, state and local tax credits, grants and incentives.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s consolidated financial position as of March 31, 2022, results of operations, comprehensive loss, and stockholders’ equity for the three months ended March 31, 2021 and 2022, and cash flows for the three months ended March 31, 2021 and 2022. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2021 and 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period or any future year.

Certain information and disclosures normally included in the notes to consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as they apply to interim reporting. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2021 that are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these notes. Actual results could differ from those estimates and may result in material effects on the Company’s operating results and financial position. Significant estimates made in preparing the accompanying condensed consolidated financial statements include (but are not limited to) those related to revenue

8

Table of Contents

recognition, fair value measurements, goodwill and long-lived asset valuations and impairment assessments, income tax valuations, stock-based compensation expense and stock-based sales incentive charges.

Amazon Warrant

The Amazon Warrant (defined in Note 14) is accounted for as an equity instrument and measured in accordance with Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation. This instrument is classified in the condensed consolidated statements of operations in accordance with ASC 606, Revenue from Contracts with Customers. For awards granted to a customer, which are not in exchange for distinct goods or services, the fair value of the awards earned based on service or performance conditions is recorded as a reduction of the transaction price, in accordance with ASC 606. To determine the fair value of the Amazon Warrant in accordance with ASC 718, the Company used the Black-Scholes option pricing model which is based in part on assumptions that require management to use judgment. Based on the fair value of the award, the Company determines the amount of non-cash stock-based sales incentive charges on the customer’s pro-rata achievement of vesting conditions, which is recorded as a reduction of revenue in the condensed consolidated statements of operations. See Note 14 for additional information.

Recently Adopted Accounting Pronouncements

In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-05, Leases (Topic 842): Lessors–Certain Leases with Variable Lease Payments. This ASU requires a lessor to classify leases with variable lease payments that do not depend on an index or rate as operating leases on the commencement date if classification as a sales-type or direct financing lease would result in a day-one loss. The amendment in this update is effective for fiscal years, including interim periods within those years, beginning after December 15, 2021. The Company adopted this accounting update in the first quarter of 2022 on a prospective basis. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities (except for not-for-profit entities and employee benefit plans) to disclose information about certain government assistance they receive. The Topic 832 disclosure requirements include: (i) the nature of the transactions and the related accounting policy used; (ii) the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item; and (iii) significant terms and conditions of the transactions. The ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The disclosure requirements are for annual periods only. The Company is currently evaluating the impact of adopting this new ASU.

Note 2—Revenue from Contracts with Customers

Revenue Recognition Overview

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which it expects to be entitled in exchange for the goods or services. To achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when the Company satisfies the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition.

The Company is generally the principal in its customer contracts because it has control over the goods and services prior to their transfer to the customer, and as such, revenue is recognized on a gross basis. Sales and usage-based taxes are excluded from revenue. Revenue is recognized net of allowances for returns and any taxes collected from customers, which

9

Table of Contents

are subsequently remitted to governmental authorities. The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

Three Months Ended

March 31, 

    

2021

    

2022

Volume-related (1) (2)

$

68,126

$

79,939

Station construction sales

 

4,535

 

3,327

AFTC (3)

 

4,482

 

231

Total revenue

$

77,143

$

83,497

(1)Includes changes in fair value of derivative instruments related to the Company’s commodity swap and customer fueling contracts associated with the Company’s Zero Now truck financing program. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s Zero Now truck financing program. See Note 6 for more information about these derivative instruments. For the three months ended March 31, 2021 and 2022, aggregate changes in the fair value of commodity swaps and customer fueling contracts amounted to a loss of $2.0 million and $1.0 million, respectively.
(2)Includes non-cash stock-based sales incentive contra-revenue charges associated with the Amazon Warrant for the three months ended March 31, 2021 and 2022 of $0.0 million and $3.8 million, respectively. See Note 14 for more information.
(3)Represents the federal alternative fuel excise tax credit that we refer to as “AFTC,” which was available for vehicle fuel sales made beginning January 1, 2021 through December 31, 2021. See Note 19 for more information.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of customer orders for which the work has not been performed. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $22.7 million, which related to the Company’s station construction sale contracts. The Company expects to recognize revenue on the remaining performance obligations under these contracts over the next 12 to 24 months.

For volume-related revenue, the Company has elected to apply an optional exemption, which waives the requirement to disclose the remaining performance obligation for revenue recognized through the right to invoice’ practical expedient.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the accompanying condensed consolidated balance sheets.

As of December 31, 2021 and March 31, 2022, the Company’s contract balances were as follows (in thousands):

    

December 31, 

    

March 31, 

2021

2022

Accounts receivable, net

$

87,433

$

83,024

  

Contract assets - current

$

966

$

1,184

Contract assets - non-current

 

3,532

 

3,393

Contract assets - total

$

4,498

$

4,577

  

Contract liabilities - current

$

5,523

$

7,375

Contract liabilities - non-current

 

 

Contract liabilities - total

$

5,523

$

7,375

10

Table of Contents

Accounts Receivable, Net

"Accounts receivable, net" in the accompanying condensed consolidated balance sheets includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables, and economic conditions that may affect a customer’s ability to pay.

Contract Assets

Contract assets include unbilled amounts typically resulting from the Company’s station construction sale contracts, when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current or noncurrent based on the timing of billings. The current portion is included in “Prepaid expenses and other current assets” and the noncurrent portion is included in “Notes receivable and other long-term assets, net” in the accompanying condensed consolidated balance sheets.

Contract Liabilities

Contract liabilities consist of billings in excess of revenue recognized from the Company’s station construction sale contracts and payments received primarily from customers of NG Advantage, LLC (“NG Advantage”) in advance of the performance obligations and are classified as current or noncurrent based on when the related revenue is expected to be recognized. The current portion and noncurrent portion of contract liabilities are included in “Deferred revenue” and “Other long-term liabilities,” respectively, in the accompanying condensed consolidated balance sheets.

Revenue recognized during the three months ended March 31, 2021 related to the Company’s contract liability balances as of December 31, 2020 was $1.5 million. The increase in the contract liability balances for the three months ended March 31, 2022 is primarily driven by billings in excess of revenue recognized, offset by $0.5 million of revenue recognized related to the Company’s contract liability balances as of December 31, 2021.

Note 3— Investments in Other Entities and Noncontrolling Interest in a Subsidiary

TotalEnergies Joint Venture

On March 3, 2021, the Company entered an agreement (“TotalEnergies JV Agreement”) with TotalEnergies S.E. (“TotalEnergies”) that created a 50/50 joint venture (“TotalEnergies JV”) to develop anaerobic digester gas (“ADG”) RNG production facilities in the United States. Each ADG RNG production facility project under the TotalEnergies JV will be formed as a separate limited liability company (“LLC”) that is owned 50/50 by the Company and TotalEnergies, and contributions to such LLCs count toward the TotalEnergies JV Equity Obligations (as defined below). The TotalEnergies JV Agreement contemplates that the TotalEnergies JV will invest up to $400.0 million of equity in production projects, and TotalEnergies and the Company each committed to initially provide $50.0 million for the TotalEnergies JV (the “TotalEnergies JV Equity Obligations”). On October 12, 2021, TotalEnergies and the Company executed a LLC agreement (the “DR Development Agreement”) for an ADG RNG production facility project (the “DR JV”). Under the DR Development Agreement, TotalEnergies and the Company have each committed to contribute $7.0 million to the DR JV. On November 1, 2021, TotalEnergies and the Company each contributed an initial $4.8 million to the DR JV. The Company accounts for its interest in the LLCs using the equity method of accounting because the Company does not control but has the ability to exercise significant influence over the LLCs’ operations. The Company recorded a loss of $0.0 million from the TotalEnergies JV for the three months ended March 31, 2022. The Company had an investment balance in the TotalEnergies JV of $4.7 million as of December 31, 2021 and March 31, 2022.

bp Joint Venture

On April 13, 2021, the Company entered an agreement (“bp JV Agreement”) with bp Products North America Inc. (“bp”) that created a 50/50 joint venture (“bpJV”) to develop, own and operate new ADG RNG production facilities

11

Table of Contents

in the United States. Pursuant to the bp JV Agreement, bp and the Company committed to provide $50.0 million and $30.0 million, respectively, with bp and the Company each receiving 30.0 million of Class A Units in the bpJV and bp also receiving 20.0 million of Class B Units in the bpJV. bp’s initial $50.0 million contribution was made on April 13, 2021 and consisted of all unpaid principal outstanding under the loan agreement dated December 18, 2020, pursuant to which bp advanced $50.0 million to the Company to fund capital costs and expenses incurred prior to formation of the bpJV, including capital costs and expenses for permitting, engineering, equipment, leases and feed stock rights. 100% of the RNG produced from the projects developed and owned by the bpJV will be provided to the vehicle fuels market pursuant to the Company’s marketing agreement with bp.

Pursuant to the bp JV Agreement, the Company had the option, exercisable prior to August 31, 2021 (the “bp Option”), to commit an additional $20.0 million to the bpJV upon which bp’s Class B Units would convert into Class A Units. On June 21, 2021, the Company contributed $50.2 million to the bpJV, which consisted of (i) its initial contribution commitment of $30.0 million, (ii) the $20.0 million additional contribution to effect the conversion of bp’s Class B Units into Class A Units pursuant to the Company’s exercise of the bp Option, and (iii) $0.2 million for interest on bp’s Class B Units to acquire additional Class A Units.

In December 2021, the bpJV issued a capital call (the “bpJV Capital Call”) for $143.2 million in additional funding, requiring bp and the Company each to contribute $71.6 million. As of March 31, 2022, bp and the Company had contributed $71.6 million and $20.0 million, respectively, to the bpJV in connection with the bpJV Capital Call. The remaining contribution balance of $51.6 million due from the Company will be paid on or prior to June 30, 2022. On March 30, 2022, the bpJV issued a second capital call (the “bpJV Capital Call 2”) for $76.2 million in additional funding, requiring bp and the Company each to contribute $38.1 million on or prior to September 30, 2022. As of March 31, 2022, no capital contribution under the bpJV Capital Call 2 has been paid by the Company or bp. As of March 31, 2022, the Company and bp each own 50% of the bpJV.

The Company accounts for its interest in the bpJV using the equity method of accounting because the Company does not control but has the ability to exercise significant influence over the bpJV’s operations. The Company recorded a loss of $1.2 million from this investment for the three months ended March 31, 2022. The Company had an investment balance in the bpJV of $69.8 million and $68.6 million as of December 31, 2021 and March 31, 2022, respectively.

SAFE&CEC S.r.l.

On November 26, 2017, the Company, through its former subsidiary IMW Industries Ltd. (formerly known as Clean Energy Compression Corp.) (“CEC”), entered into an investment agreement with Landi Renzo S.p.A. (“LR”), an alternative fuels company based in Italy. Pursuant to the investment agreement, the Company and LR agreed to combine their respective natural gas compressor fueling systems manufacturing subsidiaries, CEC and SAFE S.p.A, in a new company, SAFE&CEC S.r.l. (such combination transaction is referred to as the “CEC Combination”). SAFE&CEC S.r.l. is focused on manufacturing, selling and servicing natural gas fueling compressors and related equipment for the global natural gas fueling market. As of the closing of the CEC Combination on December 29, 2017, the Company owns 49% of SAFE&CEC S.r.l., and LR owns 51% of SAFE&CEC S.r.l.

The Company accounts for its interest in SAFE&CEC S.r.l. using the equity method of accounting because the Company does not control but has the ability to exercise significant influence over SAFE&CEC S.r.l.’s operations. The Company recorded a loss of $0.4 million and $0.2 million from this investment for the three months ended March 31, 2021 and 2022, respectively. The Company had an investment balance in SAFE&CEC S.r.l. of $23.9 million and $23.8 million as of December 31, 2021 and March 31, 2022, respectively.

NG Advantage

On October 14, 2014, the Company entered into a Common Unit Purchase Agreement (“UPA”) with NG Advantage for a 53.3% controlling interest in NG Advantage. NG Advantage is engaged in the business of transporting CNG in high-capacity trailers to industrial and institutional energy users, such as hospitals, food processors, manufacturers and paper mills that do not have direct access to natural gas pipelines. As of March 31, 2022, the Company’s controlling interest in NG Advantage was 93.3%.

12

Table of Contents

The Company recorded a loss attributable to the noncontrolling interest in NG Advantage of $0.3 million and $0.4 million for the three months ended March 31, 2021 and 2022, respectively. The value of the noncontrolling interest was $8.3 million and $7.9 million as of December 31, 2021 and March 31, 2022, respectively.

Investments in Equity Securities

For investments in equity securities of privately held entities without readily determinable fair values, the Company measures such investments at cost, adjusted for impairment, if any, and observable price changes in orderly transactions for the identical or similar investment of the same issuer. As of March 31, 2022, the Company had an investment balance recorded at cost of $8.0 million. The Company did not recognize any adjustments to the recorded cost basis during the three months ended March 31, 2022.

Note 4—Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash as of December 31, 2021 and March 31, 2022 consisted of the following (in thousands):

    

December 31, 

    

March 31, 

2021

2022

Current assets:

 

  

 

  

Cash and cash equivalents

$

99,448

$

107,970

Total cash and cash equivalents

$

99,448

$

107,970

Long-term assets:

 

  

 

  

Restricted cash - held as collateral

$

7,008

$

Total restricted cash

$

7,008

$

Total cash, cash equivalents and restricted cash

$

106,456

$

107,970

The Company considers all highly liquid investments with maturities of three months or less on the date of acquisition to be cash equivalents.

The Company places its cash and cash equivalents with high credit quality financial institutions. At times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) and Canadian Deposit Insurance Corporation (“CDIC”) limits. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. The amounts in excess of FDIC and CDIC limits were approximately $98.0 million and $106.5 million as of December 31, 2021 and March 31, 2022, respectively.

The Company classifies restricted cash as short-term and a current asset if the cash is expected to be used in operations within a year or to acquire a current asset. Otherwise, the restricted cash is classified as long-term. In January 2022, in connection with the second amendment to the Berkshire ALA (as defined in Note 12), the lender to NG Advantage released $7.0 million classified in “Restricted cash” on the accompanying condensed consolidated balance sheet as of December 31, 2021 to the Company, which amount related to the limited guaranty provided by the Company under the Berkshire ALA. See Note 12 for more information.

Note 5—Short-Term Investments

Short-term investments include available-for-sale debt securities and certificates of deposit. Available-for-sale debt securities are carried at fair value, inclusive of unrealized gains and losses. Unrealized gains and losses on available-for-sale debt securities are recognized in other comprehensive income (loss), net of applicable income taxes. Gains or losses on sales of available-for-sale debt securities are recognized on the specific identification basis.

The Company reviews available-for-sale debt securities for declines in fair value below their cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable,

13

Table of Contents

and evaluates the current expected credit loss. This evaluation is based on a number of factors, including historical experience, market data, issuer-specific factors, economic conditions, and any changes to the credit rating of the security. As of March 31, 2022, the Company has not recorded a credit loss related to available-for-sale debt securities and believes the carrying values for its available-for-sale debt securities are properly recorded.

Short-term investments as of December 31, 2021 consisted of the following (in thousands):

Gross

Amortized

 Unrealized

Estimated

    

 Cost

    

Gain (Loss)

    

 Fair Value

Municipal bonds and notes

$

6,001

$

(1)

$

6,000

Zero coupon bonds

 

123,210

 

(18)

 

123,192

Certificates of deposit

 

530

 

 

530

Total short-term investments

$

129,741

$

(19)

$

129,722

Short-term investments as of March 31, 2022 consisted of the following (in thousands):

Gross 

Amortized

Unrealized

Estimated

    

 Cost

    

Loss

    

 Fair Value

Zero coupon bonds

$

120,077

$

(42)

$

120,035

Certificates of deposit

530

530

Total short-term investments

$

120,607

$

(42)

$

120,565

Note 6 - Derivative Instruments and Hedging Activities

In October 2018, the Company executed two commodity swap contracts with TotalEnergies Gas & Power North America, an affiliate of TotalEnergies and THUSA (as defined in Note 12), for a total of 5.0 million diesel gallons annually from April 1, 2019 to June 30, 2024. These commodity swap contracts are used to manage diesel price fluctuation risks related to the natural gas fuel supply commitments the Company makes in its fueling agreements with fleet operators that participate in the Zero Now truck financing program. These contracts are not designated as accounting hedges and as a result, changes in the fair value of these derivative instruments are recognized in "Product revenue" in the accompanying condensed consolidated statements of operations.

The Company has entered into fueling agreements with fleet operators under the Zero Now truck financing program. The fueling agreements contain a pricing feature indexed to diesel, which the Company determined to be embedded derivatives and recorded at fair value at the time of execution, with the changes in fair value of the embedded derivatives recognized in "Product revenue" in the accompanying condensed consolidated statements of operations.

Derivatives and embedded derivatives as of December 31, 2021 consisted of the following (in thousands):

Gross Amounts

Gross Amounts

Net Amount

    

Recognized

    

Offset

    

Presented

Assets:

 

  

 

  

 

  

Fueling agreements:

Prepaid expenses and other current assets

$

2,038

2,038

Notes receivable and other long-term assets, net

4,738

4,738

Total derivative assets

$

6,776

$

$

6,776

Liabilities:

 

  

 

  

 

  

Commodity swaps:

Current portion of derivative liabilities, related party

$

1,900

$

$

1,900

Long-term portion of derivative liabilities, related party

 

2,483

 

 

2,483

Total derivative liabilities

$

4,383

$

$

4,383

14

Table of Contents

Derivatives and embedded derivatives as of March 31, 2022 consisted of the following (in thousands):

Gross Amounts

Gross Amounts

Net Amount

    

Recognized

    

Offset

    

Presented

Assets:

 

  

 

  

 

  

Fueling agreements:

Prepaid expenses and other current assets

$

3,433

$

$

3,433

Notes receivable and other long-term assets, net

6,490

6,490

Total derivative assets

$

9,923

$

$

9,923

Liabilities:

 

  

 

  

 

  

Commodity swaps:

Current portion of derivative liabilities, related party

$

4,379

$

$

4,379

Long-term portion of derivative liabilities, related party

4,187

4,187

Total derivative liabilities

$

8,566

$

$

8,566

As of December 31, 2021 and March 31, 2022, the Company had a total volume on open commodity swap contracts of 11.9 million and 10.6 million diesel gallons, respectively, at a weighted-average price of approximately $3.18 per gallon.

The following table reflects the weighted-average price of open commodity swap contracts as of December 31, 2021 and March 31, 2022, by year with associated volumes:

December 31, 2021

March 31, 2022

Volumes

  Weighted-Average Price per

Volumes

  Weighted-Average Price per

Year

    

(Diesel Gallons)

    

Diesel Gallon

    

(Diesel Gallons)

    

Diesel Gallon

2022

 

5,000,000

$

3.18

 

3,750,000

$

3.18