Shares of Clean Energy Fuels Corp. surged today after the Newport Beach-based company said it would sell its renewable gas business for $155 million to BP Plc.

Investors seized upon the news, sending shares up about 16% in midday trading to about a $390 million market cap.

The sale includes Clean Energy’s biomethane production facilities in Canton, Mich., and North Shelby, Tenn., as well as its share of two facilities under construction in Oklahoma City and Atlanta, and existing third-party supply contracts for renewable natural gas.

The deal is subject to regulatory approvals.

London-based conglomerate BP will sign a long-term supply contract with Clean Energy to support the OC company’s ongoing renewable natural gas business. The deal is billed as a way for both companies to accelerate growth in renewable natural gas supply and meet the growing demand of the natural gas vehicle fuel market. Clean Energy said it will be able to expand its Redeem brand customer base at its North American network of natural gas fueling stations.

Renewable natural gas fuel, or biomethane, is produced entirely from organic waste. The fuel targeted for natural gas vehicle fleets, including heavy-duty trucks, is estimated to produce 70% less greenhouse gas emissions than equivalent gasoline or diesel fueled vehicles.

Clean Energy is the nation’s largest builder and operator of natural-gas fueling stations with revenue of $384.3 million last year.