Clean Energy Fuels Taps Veteran Clay Corbus as CEO for New Growth Era

NEWPORT BEACH, CA – April 23, 2026 – Clean Energy Fuels Corp. (NASDAQ: CLNE) has initiated a new chapter in its corporate history, appointing 19-year company veteran Clay Corbus as its new President and Chief Executive Officer. The move, effective immediately, marks the end of a 30-year tenure for co-founder Andrew Littlefair, who transitions from the helm to a key advisory role.

This pivotal leadership change positions an internal strategist with deep experience in renewable natural gas (RNG) to guide the nation's largest clean fuel provider through a critical phase of market evolution. Littlefair will remain on the company’s Board of Directors and serve as a non-employee government relations consultant, ensuring his decades of industry influence continue to benefit the firm.

“The Board is pleased to appoint an executive of Clay’s caliber to lead Clean Energy as President and CEO,” said Clean Energy Board Chairman, Stephen Scully, in a statement. He highlighted Corbus's ability to “craft strategies for the future” and “bring a fresh approach to the company, with a focus on growth and delivering long-term value.”

A Founder's Three-Decade Legacy

Andrew Littlefair’s departure from the CEO role marks the end of an era. Co-founding the company with legendary oilman T. Boone Pickens, Littlefair guided Clean Energy from its inception to its current position as the dominant provider of vehicular natural gas in North America. Under his leadership, the company built an extensive network of over 600 fueling stations across the United States and Canada, playing a crucial role in advancing the alternative fuels industry.

His tenure was defined by a significant strategic pivot in recent years. Recognizing the shifting environmental and economic landscape, Littlefair steered the company from its foundation in cost-effective Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) toward a platform centered on decarbonization through Renewable Natural Gas (RNG). This forward-looking shift positioned the company to capitalize on the growing demand for sustainable transportation solutions.

“Co-founding Clean Energy with Boone Pickens and leading it through decades of growth has been a great privilege,” Littlefair stated. “I’m incredibly proud of what we’ve built and I’m confident we have the right leader in Clay to advance the company during this exciting period.”

A New Guard with a Strategic Blueprint

Clay Corbus is no newcomer to the company’s strategic engine room. With nearly two decades on the senior leadership team, he has been a central figure in shaping the company’s trajectory. His most recent role as Senior Vice President of Strategic Development and Head of Renewable Fuels placed him at the heart of Clean Energy’s most significant growth area. He has been responsible for corporate strategy, mergers and acquisitions, capital-raising, and managing the entire RNG production and distribution business.

Corbus’s background combines deep industry knowledge with sharp financial acumen honed on Wall Street. Before his long career at Clean Energy, he served as Co-CEO of investment bank WR Hambrecht + Co—the very firm that managed Clean Energy’s 2007 IPO—and began his career at Donaldson, Lufkin & Jenrette. This blend of experience in capital markets and clean energy operations makes him uniquely suited to navigate the company's next phase.

“I’m honored to step into the role of CEO and am grateful to the board for its confidence in me,” Corbus said. “I’m excited to tap into the strong existing leadership bench at Clean Energy to formulate a plan for the company’s future and work with the entire talented, hardworking team as we continue to grow our renewable natural gas platform.”

Market Reaction and the Road Ahead

Wall Street’s initial reaction to the leadership change was one of cautious optimism. Clean Energy's shares (CLNE) saw a modest 0.8% rise in pre-market trading following the announcement. Analyst sentiment remains largely positive, with UBS raising its price target on the stock to $2.75 from $2. However, a more nuanced picture emerges from algorithmic analysis, which notes that while the company's cash flow and balance sheet have strengthened, these gains are offset by ongoing profitability challenges and net losses.

The board's confidence is underscored by the structure of Corbus's new employment agreement, which includes a multi-year term, performance-based incentives, and enhanced severance protections, signaling a strong commitment to stability and long-term strategic execution.

Navigating the Booming RNG Landscape

The leadership transition comes as the market for Renewable Natural Gas is experiencing explosive growth. Projections show the global RNG market expanding at a compound annual growth rate of 44% between 2023 and 2028, with North America leading the charge. This surge is driven by the transportation sector's urgent need to decarbonize, particularly in heavy-duty trucking.

RNG, derived from methane captured from organic waste sources like dairy farms and landfills, offers a compelling value proposition. It can reduce lifecycle greenhouse gas emissions by 70% to 300% compared to diesel, with some sources achieving a carbon-negative rating. For fleet operators, RNG-powered trucks can cut carbon more effectively than electric alternatives at approximately one-third of the cost. Technological advancements, like the new Cummins X15N natural gas engine, are further expanding RNG's viability for long-haul trucking.

However, the path forward is not without challenges. RNG production remains more expensive than conventional natural gas, and Clean Energy faces growing competition not only from other biofuel providers but also from the accelerating electrification and hydrogen fuel cell movements in the heavy-duty sector. Furthermore, while transportation has been the primary demand driver, future growth is expected to come increasingly from gas utilities and voluntary corporate buyers, a market shift that will require strategic adaptation.

As CEO, Corbus's primary task will be to leverage Clean Energy's formidable fueling infrastructure and market leadership to capture the full potential of this dynamic landscape, ensuring the company not only grows but also remains the preeminent force in the decarbonization of transportation.