Company Overview

November 2024

Safe harbor

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, the ability of Clean Energy Fuels Corp. (the "Company") to provide alternative fuels for transportation.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company's future performance, and are based on the Company's current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward- looking statements as a result of many factors including, among others: the direct and indirect impact of the COVID-19 pandemic; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company's ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and to compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market's perception of the benefits of renewable natural gas ("RNG") and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company's key customer markets, including heavy-duty trucking; the Company's ability to further manage and develop its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers' ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company's history of net losses and the possibility the Company could incur additional net losses in the future; the Company's and its partners' ability to acquire, finance, construct and develop other commercial projects; the Company's ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and charge electric vehicles; the Company's ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; the future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company's ability to manage and increase its business of transporting and selling

compressed natural gas for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company's ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; the future availability of and the Company's access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company's business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company's ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as the U.S. federal excise tax credits for alternative fuels, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company's ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company's ability to manage the safety and environmental risks inherent in its operations; the Company's compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company's common stock; the results and timing of the proposed common stock offering; and general political, regulatory, economic and market conditions.

The forward-looking statements made in this presentation speak only as of the date of this presentation, and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company's periodic reports filed with the Securities and Exchange Commission (the "SEC") on the SEC website (www.sec.gov), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this presentation, and such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the Securities and Exchange Commission.

2

Who we are

Why RNG

RNG supply

RNG distribution Financial summary

3

CE at a glance

600+ stations throughout the U.S. and Canada

Partnerships with energy leaders

Blue chip customer base

Safe harbor

Environmental credit leader

Leading RNG player in the US

Growing RNG

fuel volumes

226M

198M

167M

143M

153M

2019

2020

2021

2022

2023

4

Who we are

RNG Supply

  • Dairy/RNG production
  • 3rd party RNG supply contracts

Operating information is as of November 30, 2023.

Distribution

  • 600+ stations (U.S. and Canada)
  • Capacity to double volumes
  • Fleet + marine customers
  • Maintenance + construction
  • 2 owned LNG plants
  • Vertically integrated RNG solutions
  • 25+ years of experience
  • Invented RNG as a commercial fuel

5

Why RNG?

Sustainable:

Lowers carbon emissions by an average of 300%

Renewable:

Made from organic waste, not drilling

No diesel pollution: Reduces smog-forming NOX emissions by 90%

Quieter:

Quieter than diesel

Accessible:

Extensive network of fueling stations nationwide

Affordable:

Stabilized prices and lower maintenance costs

Proven:

Trusted by companies like Amazon, UPS,

WM, and major transit fleets in NY & LA

Less maintenance:

No high maintenance DPF-SCR diesel emissions control system

Value driver for CLNE:

RNG drives increased revenue, GAAP net income, and Adjusted EBITDA

6

The RNG advantage: carbon intensity

Carbon intensity by fuel type (gCO2e per MJ)

100

100.6

52.4

43.2

46.8

46.6

33.3

RNG

RNG

Zero

Food waste

Manure

emissions

Gasoline/

Hydrogen

Renewable

Electric

RNG

RNG

-100

diesel

diesel

vehicle

Landfill

Wastewater

-54.1

-200

-300

-400

-335.5 average CI

-500

-485.5

Source: California Air Resources Board, Q2 2024 LCFS data, and certified pathways as of October 31, 2024

7

RNG volume potential in US (2040)

Carbon-for-carbon reduction compared to diesel at multiples of RNG GGEs

Animal manure

(GGEs)

3.7B

1.8B

RNG

(GGEs)

36.1B

15.3B

Low case

High case

Source: American Gas Association and ICF

Note: Estimated gasoline gallons equivalent (GGE) assuming 125,000 mcf per gasoline gallon.

8

RNG supply

Dairy RNG production

  • Produce RNG from dairy farms with JV partners TotalEnergies and bp
  • All gas produced goes to fill CLNE demand
  • Enhances overall economics of RNG to CLNE

RNG 3rd party supply

  • Our demand creates value for the supply side
  • We see many deals due to our demand
  • Leverage our CA network

All roads lead to RNG

  • RNG can serve multiple alternative fuel solutions
  • Further growth opportunities to CLNE

9

All roads lead to RNG

10

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Disclaimer

Clean Energy Fuels Corporation published this content on November 08, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 13, 2024 at 03:43:03.758.