Shares of Seal Beach’s Clean Energy Fuels Corp. jumped 10.1% on Tuesday after the company announced a multi-year deal with Atlanta-based United Parcel Services of America Inc.
The gain bucked widespread losses on the Nasdaq as investors sent indexes plummeting in the wake of political and social unrest in the Middle East and Africa.
Clean Energy, which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, said it signed a seven-year deal with UPS to provide fuel for a new fleet of 48 natural gas trucks in Las Vegas.
The company will design, build, own and operate the station scheduled to open in the first half of 2011.
On unusually heavy intraday trading, Clean Energy saw shares climb as much as 12% on a market value around $855 million before dipping in late afternoon trading.
The Nasdaq lost 2.74% on Tuesday, while the Dow Jones Industrial Average sunk 1.44% as unrest in Libya threatened oil supplies, which weighed on investors.
Clean Energy runs more than 200 natural gas fueling stations across the country.
The company develops and runs natural gas stations near airports, utility companies, colleges, municipal yards and other places they’re likely to see a lot of use.
Legendary oilman and corporate raider T. Boone Pickens started Clean Energy as a tiny part of his Dallas-based Mesa Petroleum in the late 1980s. He split it off in the late 1990s.