NEWPORT BEACH, Calif. - Clean Energy Fuels Corp. (NASDAQ:CLNE), a major provider of renewable natural gas (RNG) for the transportation sector, has appointed Patrick J. Ford (NYSE:F) to its Board of Directors, effective Monday. Ford will also serve on the company's audit committee.
With a career spanning nearly three decades at KPMG LLP, Ford brings a wealth of experience in finance and accounting, specifically within the energy industry. As an Audit Partner at KPMG from 1994 until his retirement in 2022, he led audit engagements for various SEC registrants across the energy, automotive, and technology sectors.
Stephen Scully, Chairman of Clean Energy's Board of Directors, expressed confidence in Ford's ability to contribute to the company's strategic goals. "Patrick brings to our Board extensive experience in finance and accounting within the energy industry. We are fortunate to have him join us, and I look forward to the positive impact his engagement and assistance will bring in guiding Clean Energy's strategy and objectives," said Scully.
Ford, who is also a retired certified public accountant in California, Arizona, and Hawaii, holds a bachelor's degree in Business Administration from the University of Southern California. His previous roles include serving on the Board of Directors of KPMG LLP and on several other private and not-for-profit boards.
Commenting on his appointment, Ford stated, "I am excited to be given this opportunity to serve as an advisor to such a leading force in the renewable fuels sector. I look forward to working with my colleagues to advocate for RNG as a sustainable, alternative fuel for commercial transportation."
Clean Energy Fuels (TSX:EFR) Corp. operates an extensive network of fueling stations across the U.S. and Canada, along with RNG production facilities at dairy farms. The company's mission is to reduce the transportation sector's carbon footprint by supplying RNG, a cleaner alternative to traditional fuels.
This announcement is based on a press release statement from Clean Energy Fuels Corp.
InvestingPro Insights
As Clean Energy Fuels Corp. (NASDAQ:CLNE) welcomes Patrick J. Ford to its Board of Directors, investors and stakeholders may find it pertinent to review the company's current financial standing and market performance. According to real-time data from InvestingPro, Clean Energy Fuels Corp. has a market capitalization of approximately $587.12 million, reflecting the market's valuation of the company. Despite the company's dedication to renewable natural gas (RNG), InvestingPro Tips indicate that analysts have expressed concerns about the company's profitability, noting that the company is not expected to be profitable this year and has not been profitable over the last twelve months.
InvestingPro Data also reveals that the company's Price / Book ratio stands at 0.81 for the last twelve months as of Q4 2023, potentially signaling that the stock is undervalued relative to its assets. However, the company's revenue growth has shown a marginal increase of 1.19% over the same period, suggesting a slow pace in growing its top-line figures. Additionally, Clean Energy Fuels Corp. operates with a moderate level of debt and has liquid assets that exceed short-term obligations, which could be seen as a positive sign of financial stability.
For investors looking to delve deeper into Clean Energy Fuels Corp.’s financial health and future prospects, more InvestingPro Tips are available, such as insights on the company's weak gross profit margins and the volatile nature of its stock price movements. In total, there are 9 additional InvestingPro Tips that can be accessed for Clean Energy Fuels Corp. at https://www.investing.com/pro/CLNE. To assist in making more informed investment decisions, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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