10 Best Renewable Energy Penny Stocks to Invest In

2. Clean Energy Fuels Corp. (NASDAQ:CLNE)

Number of Hedge Fund Holders: 22

Stock Price as of November 22: $2.71

Clean Energy Fuels Corp. (NASDAQ:CLNE) is a leading provider of natural gas as an alternative fuel for vehicle fleets. The company is the largest supplier and producer of renewable natural gas (RNG), that utilizes organic waste to produce RNG. Clean Energy Fuels Corp. (NASDAQ:CLNE) also supplies compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles, along with operating fueling stations for public and private vehicle fleets.

On November 6, Clean Energy Fuels Corp. (NASDAQ:CLNE) announced its results for the third quarter ended on September 30. The company’s adjusted EBITDA surged to $21.3 million, a substantial 50% increase from $14.2 million in the same quarter last year. Additionally, revenue rose to $105 million, reflecting a 9% increase from $96 million in Q3 2023. A key driver of Clean Energy Fuels Corp.’s (NASDAQ:CLNE) success is its expanding fueling network. Over the past year, the company has grown its network by nearly 15%, including the addition of a new station for Amazon in New Jersey. This strategic expansion is expected to attract more customers and boost fuel volumes.

The launch of the Cummins X15N engine, a 15-liter natural gas engine built to match the performance and reliability of its diesel counterpart, is another catalyst for growth, with major fleets such as JB Hunt and UPS already providing positive feedback. In addition, Clean Energy Fuels Corp.’s (NASDAQ:CLNE) partnership with Tourmaline in Canada continues to gain momentum, with new stations opening and plans for a natural gas fueling corridor that further strengthens its presence in the Canadian market.