UPS Reaches Large Renewable Natural Gas Deal With Clean Energy Fuels
May 22 2019 - 9:19AM
Dow Jones News
By Colin Kellaher
United Parcel Service Inc. (UPS) on Wednesday said it will buy
170 million gallon equivalents of renewable natural gas over seven
years from Clean Energy Fuels Corp. (CLNE) as it works to increase
alternative fuel consumption to 40% of its total ground fuel
purchases by 2025.
The Atlanta package-delivery giant said it will buy 22.5 million
to 25 million gallon equivalents a year under the deal, which it
termed the largest purchase ever in the U.S. of renewable natural
gas, or RNG.
UPS said the switch to RNG from diesel fuel will reduce
greenhouse-gas emissions from its fleet by more than 1 million
metric tons over the life of the agreement, adding that it will now
be using nearly as much RNG in one year as it has over the past
five years combined.
Shares of Clean Energy, a Newport Beach, Calif., provider of
natural-gas fuel co-founded by legendary oilman T. Boone Pickens,
rose 11% in premarket trading to $3.09.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 22, 2019 09:04 ET (13:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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