MIAMI & NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) and Clean Energy Fuels Corp. (NASDAQ: CLNE) today announced an agreement for Ryder to take the bold step in switching the fuel at their stations in Orange and Fontana, CA, to Clean Energy’s Redeem™ renewable natural gas (RNG), the cleanest fuel commercially available today. The fuel at the two stations will be available in both compressed natural gas (CNG) and liquefied natural gas (LNG) to individual and public fleet vehicles.
“Our decision to use 100% renewable natural gas is based upon our ongoing commitment to ensuring we are delivering solutions that help our customers reduce greenhouse gas emissions,” said Scott Perry, vice president of Supply Management and Global Fuel Products, Ryder System, Inc. “With Redeem™ we achieve that with a 100% renewable fuel.”
By making the switch to Redeem™, Ryder is expected to reduce greenhouse gas emissions by approximately 6,300 metric tons per year using current fuel volumes. This would be the equivalent of removing approximately 1,319 passenger cars from the road annually.
Ryder is the leader in natural gas vehicle solutions for the commercial transportation industry, with more than 40 million miles of experience, 18 strategic natural gas vehicle maintenance markets, and more than 4,000 natural gas vehicle trained personnel. Ryder has been the pioneer in transitioning their fleets to cleaner fuels and today operates both CNG and LNG vehicles supported by 34 Clean Energy locations.
As part of the fuel agreement, Clean Energy also will be providing fuel station maintenance services at Ryder’s natural gas fueling stations in Fontana and Orange, CA. Ryder has a long history of innovation and customer service and is the first and only truck leasing and logistics company to have on-site CNG and LNG fuels available to the public. Ryder selected Clean Energy for its experience maintaining its own network of public access stations as well the “behind the fence” fueling operations at over 34 customer stations.
“After launching Redeem™ as a commercial fuel just two short years ago, Clean Energy is on track to deliver over 40 million gallons this year,” said Harrison Clay, president of Clean Energy Renewables. “Ryder’s leadership to provide Redeem™ at their two stations in southern California will now expand the benefits of the cleanest fuel to Ryder commercial customers’ fleets operating hundreds of additional heavy duty trucks and other vehicles.”
Redeem™ by Clean Energy is a renewable natural gas vehicle fuel, often referred to as biomethane. It is derived from biogenic methane or biogas, which is methane that is naturally generated by the decomposition of organic waste. The methane gas is then processed, purified and sent into the interstate natural gas pipeline and made available exclusively to Clean Energy customers. Redeem™ biomethane vehicle fuel is procured from over 15 biomethane production facilities, including two owned and operated by Clean Energy. Clean Energy is on track to deliver 40 million gallons of Redeem™ in 2015. For a short video to understand how Redeem™ is made, visit https://www.youtube.com/watch?v=3VapWtJGVEw.
About Clean Energy
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the leading provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; develop renewable natural gas (RNG) production facilities; and deliver more CNG, LNG and Redeem™ RNG fuel than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
About Ryder System, Inc.
Ryder is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. The Company has been named among FORTUNE’s World’s Most Admired Companies, and has been recognized for its industry-leading practices in third-party logistics, environmentally-friendly fleet and supply chain solutions, and world-class safety and security programs. Inbound Logistics magazine has included Ryder in its “Green Partners” listing for five years in a row. Ryder was also recognized by the U.S. Environmental Protection Agency (EPA) with a 2014 SmartWay Affiliate Challenge award and SmartWay Excellence Awards in 2014 and 2013. Ryder is a charter member of the NGV Fleet Forum and a member of the Department of Energy’s National Clean Fleets partnership. Ryder is also a recipient of the 2011 NGV Achievement Award. A member of the American Red Cross Disaster Responder Program, Ryder is proud to support national and local disaster preparedness and response efforts. For more information, visit www.ryder.com, and follow us on our Online Newsroom, Facebook, LinkedIn, Twitter, and YouTube.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about Ryder’s expected reductions in greenhouse gas emissions, the amount of Redeem™ Clean Energy expects to deliver in 2015, and the benefits of Redeem™ relative to other fuels. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including without limitation conditions at biomethane production facilities and the cost and operating experience associated with natural gas vehicles. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
