Why Clean Energy Fuels Stock Just Popped 38%
Shares of Clean Energy Fuels (NASDAQ: CLNE) exploded higher Tuesday, up a staggering 38% in the final half hour of trading at 3:35 p.m. EST. It's not hard to figure out why.
In a press release issued barely an hour before, Clean Energy Fuels applauded Congress' decision to tuck into its second coronavirus stimulus bill an extension of the alternative fuel tax credit for use of renewable natural gas (RNG) -- methane captured from landfills and other locales where organic matter rots -- to produce compressed natural gas and liquefied natural gas fuel for vehicles.
"The legislation," notes Clean Energy, "includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property."
Source Fool.com
