Clean Energy narrows losses
Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America narrowed its losses in the fourth quarter and the year 2016.
The company’s net loss for the fourth quarter of 2016 was US$3.9 million compared to a net loss of $50 million for the corresponding quarter in 2015.
Net loss for the year 2016 was cut to $12.2 million from a net loss of $134.2 million in 2015.
Clean Energy delivered 84.1 million gallons in the fourth quarter of 2016, a 7.4 percent increase from 78.3 million gallons in the fourth quarter of 2015.
For the year ended December 31, 2016, the company delivered 329.0 million gallons, a 6.6 percent increase from 308.5 million gallons delivered for the year ended December 31, 2015.
However, while deliveries of CNG rose from 60.7 million gallons in the fourth quarter 2015 to 67.5 million gallons in the fourth quarter 2016, deliveries of liquefied natural gas (LNG) dropped slightly from 16.5 million gallons in Q4 2015 to 15.9 million gallons in the quarter currently under review.
For the full year 2016, Clean Energy Fuels delivered 66.8 million gallons of LNG, dropping from 70.5 million gallons in 2015, while CNG deliveries rose from 229.2 million gallons in 2015 to 259.2 million gallons in 2016.
Andrew J. Littlefair, Clean Energy’s president and CEO, said that the “positive momentum” for the company continued in 2016, as it saw growing volumes and increased station builds and lowered debt balances.