Clean Energy is the largest provider of renewable natural gas for transportation in US, Canada

Clean Energy is the largest provider of renewable natural gas for transportation in US, Canada

Clean Energy Fuels Corp. (Nasdaq: CLNE) in Newport Beach said it has issued warrants for Amazon (Nasdaq: AMZN) to buy up to $500 million of Clean Energy Fuels Corp. stock, or about 20% of the outstanding shares.

Shares in Clean Energy surged 10% to $12.34 apiece for a market cap of $2.4 billion after the announcement.

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Under the agreement, Clean Energy will also provide low and negative carbon renewable natural gas (RNG) for Amazon and other fleets.

The fuel will be provided at 27 existing Clean Energy fueling stations and another 19 non-exclusive new or upgraded Clean Energy-owned stations that Clean Energy expects to be constructed by the end of the year.