Clean Energy Fuels Corp. (NASDAQ: CLNE) was supposed to be one of the alternative energy and future energy policy winners. It is not your classic alternative energy if you only think about batteries, solar power, wind or other forms of power. Afterhaving floundered for some time, now its shares are surging after the company’s earnings report. Could this be the start of a big turnaround for investors?

This company supplies compressed natural gas, liquefied natural gas, and renewable natural gas for trucks. It serves the light truck market for cities and serves medium and heavy-duty trucks as well.

If you want a reminder in history, Clean Energy Fuels is the company that T. Boone Pickens has been a large holder in and it was an effort to get trucks converted to using forms of natural gas rather than diesel and gasoline in the future U.S. energy policy. That future has never arrived and the politicians have yet to actual form an integrated energy policy that will really work in powering the economy and getting people and goods from here to there.

Clean Energy’s net income was actually $1.5 million during the second quarter. This is a thinly followed stock by analysts now, but Clean Energy reported a loss during the same period a year ago. Earnings per share was $0.01, but the adjusted earnings per share was $0.03.

The company was supposed to have a loss according to the analysts who track the stock. Also, adjusted EBITDA of $26.7 million was versus -$2.6 million a year ago.

Revenue of $108 million in the period, and this was with 82.9 million gallons delivered. For a comparison, Clean Energy Fuels saw a boost in revenue and in the more important $86.9 million for the second quarter of 2015. reading of gallons delivered. The figures for the second quarter of 2015 were $86.9 million in revenue and 74.4 million gallons delivered.

The company said that deliveries of vehicle fuel renewable natural gas and customer station construction activity were behind the gain in revenues. If this company can get more and more gallons delivered, one day that will also mean higher revenues if the prices cooperate.

Clean Energy Fuels is one of those companies that can see volatility and can also see periods of not much in major developing news. Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, said:

We had another strong quarter with positive Adjusted EBITDA and continued improvements to our capitalization. We believe the increasing attention to the immediate favorable environmental impacts of natural gas and particularly our Redeem renewable natural gas, coupled with growing volumes through customer fleet expansions and increased market penetration, are coming through in our operating results.

Wednesday’s trading session had Clean Energy shares up 18% at $3.43. Its trading volume of 13 million shares right after 2:00 p.m. Eastern Time was already more than 8 times normal trading volume. The consensus analyst price target of $10.33 has not changed in three months and is derived from only 4 different analysts.

This stock has a 52-week range of $2.15 to $6.44, but it was also a $20 stock as recently as 2012.

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