Orange County Business Journal

Clean Energy Bound for Newport Beach

ENERGY: Move from Seal Beach to 70,000-SF headquarters set Mark Mueller Saturday, April 13, 2013

Seal Beach-based Clean Energy Fuels Corp., the largest builder and operator of natural-gas stations in the U.S., is moving its headquarters to Newport Beach this summer.

The company, which counts a market value of about $1.16 billion, recently signed a lease for space at Irvine Company’s MacArthur Court, a five-building office complex next to John Wayne Airport.

Clean Energy will lease about 70,000 square feet at the office campus and have its headquarters at 4675 MacArthur Court, one of two 15-story towers at the 690,000-square-foot complex.

Approximately 225 people will make the move from Seal Beach, according to Clean Energy officials.

The new deal—one of the larger office leases seen in Orange County so far this year—represents a step up in space for Clean Energy.

Regulatory filings show the company currently leasing about 43,000 square feet of space at Bixby Office Park in Seal Beach, a three-building complex just off the San Diego (405) Freeway.

“We have grown rapidly, and the new property in Newport Beach will allow for our future growth,” Gary Foster, senior vice president of Communications of Clean Energy, said in a statement.

Clean Energy currently is the largest publicly traded company based in Seal Beach, and it is OC’s 14th-largest public company by market value. It serves customers that operate commercial fleets that combine for more than 30,000 natural-gas-powered vehicles, and it owns and operates nearly 350 fueling stations in the U.S., Canada and Peru.

The company, which was co-founded by legendary oilman and corporate raider T. Boone Pickens, had $334 million in revenue last year, up 14% from a year earlier.

Clean Energy Fuels Corp.

• Headquarters: Seal Beach

• Business: Builds, operates natural-gas stations

• Founded: 2001

• Ticker symbol: CLNE (Nasdaq)

• 2012 revenue: $334 million

• Recent earnings: ($41.7 million) for Q4

• Market value: About $1.16 billion

• Notable: Signed lease for headquarters in Newport Beach, plans move later this year

It still faces hurdles on profits and lost about $101.3 million last year as it continued to invest in building its networks of natural-gas stations.

The recent boom in supplies of natural gas appear to bode well for Clean Energy’s strategy, bringing lower prices that provide incentives for converting vehicles to run on the fuel.

The “next big sector to begin to switch to natural gas is the long-haul trucking industry,” Foster said.

Much of the planning and oversight for the company’s infrastructure push is done out of Clean Energy’s headquarters, he said.

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