There are a lot of pieces that have to lock into place, more or less simultaneously, for any sort of large-scale conversion to natural gas as a vehicle fuel in North America. Engine manufacturers have to know that truck builders (and buyers) will buy the engines, fleet operators need to know that they'll have a place to fuel up and fueling station operators need to know that there will be enough vehicles out there to pay for the fueling infrastructure.
Oddly enough, while there has been a lot of hot air over the years about the conversion to natural gas, it seems to actually be in the process of happening, and Clean Energy (Nasdaq:CLNE) is playing a major role. Now the question remains: Can Clean Energy earn long-term economic rents on its infrastructure, or will competitors let Clean Energy take on the risk and whittle away their rewards?
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