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Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas provider Clean Energy Fuels Corp.
Chevron Corporation (NYSE: CVX) has announced that its wholly owned subsidiary Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp (NASDAQ: CLNE).
Chevron has now invested a total of $28 million in the initiative, which it says provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon negative RNG to reduce emissions. Chevron’s funding will allow truck operators to subsidize the cost of buying new or converting to RNG powered trucks, the company outlined. Clean Energy is managing the program.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Chevron, Clean Energy Fuels Extend Adopt-a-Port Initiative to Reduce Emissions
May 11, 2021 GMT
SAN RAMON, Calif. & NEWPORT BEACH, Calif. (BUSINESS WIRE) May 11, 2021
Chevron Corporation (NYSE: CVX) announced today that its wholly-owned subsidiary Chevron U.S.A. Inc. (Chevron) is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp. (NASDAQ: CLNE). Chevron has now invested a total of $28 million in the initiative, which provides truck operators – large fleets and owner-operators – serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative RNG to reduce emissions.
Chevron teams with California RNG supplier
May 11, 2021 1:59:pm
Summary
by: Daniel Graeber
Posted in:
Chevron teams with California RNG supplier
US major Chevron said May 11 it was investing $20mn as part of an initiative with renewable natural gas company Clean Energy Fuels to support a greener trucking fleet for California ports.
The Adopt-a-Port initiative invites truckers to fill up with renewable natural gas (RNG) available at Clean Energy stations and supplied by Chevron. Chevron’s funding allows operators to subsidise the cost of buying new RNG-powered vehicles or converting the existing fleet, while Clean Energy supports the management side of the initiative.