Clean Energy Trades Higher After CNG Contract Win For Washington Metropolitan Area Transit Authority

Clean Energy Fuels Corp. CLNE shares traded higher following the winning of a contract for Washington Metropolitan Area Transit Authority.

The company indicated that the contract covered two stations, which supply more than 580 compressed natural gas (CNG) transit vehicles. This translates in to about six million Gasoline Gallon Equivalents (GGEs) a year.

Clean Energy disclosed that it reached additional agreements in the United States representing a growing portfolio of natural gas fueling.

Additionally, the company welcomed the passing of two big climate change bills in California that required the State to reduce greenhouse gas levels to 40 percent by the year 2030.

President and CEO, Andrew Littlefair, said, "The passage of these two bills are a testament to the commitment shown by the State of California to sustain its efforts to reduce greenhouse gas emissions. The use of natural gas transportation fuel by medium and large-size vehicle fleets can play a significant role in helping to achieve the goals laid out in these bills."

Following the news, the stock advanced $0.24, or 5.5 percent, to $4.61.