Shares of Clean Energy Fuels Corp. (CLNE) shot up 24.9% in active morning trading Monday, after the provider of environmentally friendly fuel for the transportation industry announced a fuel supply agreement with Amazon.com Inc. (AMZN), which includes an equity investment. Trading volume spiked up to 7.3 million shares, compared with the full-day average of about 5.3 million shares. The company said it has signed an agreement with Amazon to provide low and negative carbon renewable natural gas, as 27 of its existing fueling stations and another 19 new or upgraded stations. Separately, Clean Energy has issued to Amazon warrants to buy up to 53.14 million shares of common stock, with the first tranche of 13.28 million warrant shares vested in connection with the fuel supply agreement. Subsequent tranches will vest, based on fuel purchases reaching up to $500 million. The vested warrants may be exercised at any time before April 16, 2031 at an exercise price of $13.49, which is 21.1% above Friday's closing price of $11.14. Clean Energy's stock has run up 77.0% year to date, while the S&P 500 has gained 11.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 19, 2021 09:32 ET (13:32 GMT)
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