Just like CPN ten years ago. Sell convertible notes, the noteholders start shorting and they don't stop. The lower they drive the stock prce, thee more of the company they will constructively own. Death spiral. So predictable.
So ? 9700 MMtCO2e is worth only a little over $100,000 annually to the company that converts -- in terms of cap and trade.
I read somewhere that every single CLNE station needs to be used at an 80% capacity to break even. If that's anywhere near true, CLNE has a terrible business model. Lose money on every station, and make it up with volume.
The courts recently ruled on California's LCFS, upholding it. Under the LCFS, the makers of high carbon fuels (judged from cradle through consumption) must real pay money to the makers of low carbon fuels (cradle through consumption). This landfill and dairy supplied natural gas called redeemed gets a HUGE advantage, because the methane is deemed fugitive (otherwise), therefore resulting in an assessment of extremely low carbon fuel. This in turn generates huge credits for Clean Energy to sell to the big oil company (which -- believe me -- are being forced to buy such credits ... increasingly over time as the LCFS keeps ratcheting down). This is a far bigger and better development than the market assesses.