Seal Beach-based Clean Energy Fuels Corp., which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, plans to build a station at LA-Ontario International Airport, the company said Thursday.
The station is expected to sell more than 800,000 gallons of natural gas a year to airport shuttle buses, taxis and vans, according to Clean Energy.
Clean Energy looks to build stations near airports, utility companies, universities, city yards and other places they’re likely to see a lot of use.
The company runs about 180 stations across the country. By the end of the year, Clean Energy plans to add about 20 stations for a total of 200. Forty are planned for 2010.
Clean Energy’s shares have nearly tripled since the start of the year,easily outpacing the 15% or so gain of the S & P; 500 index. The company had a recent market value of about $825 million.
Texas billionaire T. Boone Pickens started the company and owns 40% of Clean Energy.
Low natural gas prices have brought more business for Clean Energy as some fleet operators make the switch from diesel fuel, the company’s main rival.
Clean Energy could reach profitability this year, according to David Woodburn, an analyst for San Francisco-based ThinkEquity LLC, part of London’s Panmure Gordon & Co.
Analysts on average expect a third-quarter loss of $2.4 million with some predicting a profit of $1.2 million.
Being profitable would allow Clean Energy to finance the building of stations on its own, according to Woodburn.
Up to now, the company has raised money from investors and grants to build stations, which cost $1 million to $3 million each.
Some of Clean Energy’s biggest local buyers include the Orange County Transportation Authority, Santa Ana-based California Yellow Cab, Walt Disney Co.’s Disneyland Resort, Houston-based Waste Management Inc. and the cities of Anaheim and Irvine.
For more on Clean Energy, see the Oct. 12 edition of the Business Journal.
