TotalEnergies filed Monday, Aug. 31, to sell about 10.6 million shares of Newport Beach-based Clean Energy Fuels Corp., a stake worth roughly $17.2 million.
The French energy giant's subsidiary, TotalEnergies Marketing Services SAS, submitted a Form 144 notice with the U.S. Securities and Exchange Commission (SEC) signaling its intent to sell 10,556,287 shares through J.P. Morgan Securities, the Orange County Business Journal reported. TotalEnergies Marketing Services is listed as a 10% owner of Clean Energy Fuels in the SEC filing.
Clean Energy Fuels (Nasdaq: CLNE) fell 1.2% to $1.61 per share on the news, putting the company's market value at $354 million. A Form 144 is a notice of intent, not confirmation that a sale has been completed.
TotalEnergies has not explained the sale.
TotalEnergies board exits
The filing follows other changes in TotalEnergies' ties to the Newport Beach company. Two TotalEnergies-linked board members, Aimeric Ramadier and Marc de Guilhem de Lataillade, resigned from Clean Energy Fuels' board in November 2025. The company said at the time that the departures were not due to any disagreement over operations, policies or practices.
TotalEnergies and Clean Energy Fuels entered a 50-50 joint venture in March 2021 to develop renewable natural gas production facilities across the country, according to Clean Energy's most recent quarterly filing with the SEC.
New leadership, solid quarter
The share-sale filing comes weeks after Clean Energy Fuels reported second-quarter 2026 revenue of $106.4 million, up from $102.6 million a year earlier. The company posted a net loss of $14.9 million, narrower than the $20.2 million loss in the same period of 2025. It finished the quarter with $138 million in cash and short-term investments.
"Fuel volumes, including both RNG and conventional natural gas, increased year over year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel," CEO Clay Corbus said in the company's Aug. 5 earnings release.
Corbus took over as president and CEO on April 23, succeeding co-founder Andrew Littlefair, who led the company for 30 years. Clean Energy operates more than 600 fueling stations across North America and landed a $27 million contract to build a hydrogen fueling station for the Orange County Transportation Authority, Corbus said on the company's Aug. 6 earnings call.
The company has about 220.4 million shares outstanding and carries a $250 million term loan from infrastructure firm Stonepeak at 9.5% interest, due 2029. Clean Energy has guided for a full-year 2026 net loss between $66 million and $71 million.
