Clean Energy Sees New California Low Carbon Fuel Standard as Benefit to Natural Gas Vehicle Industry Growth
April 24 2009 - 1:55PM
Business Wire
The State of California�s Air Resources Board yesterday adopted
a regulation to implement Governor Schwarzenegger's Low Carbon Fuel
Standard calling for the reduction of greenhouse gas emissions from
California's transportation fuels by 10 percent by 2020. The
regulation encourages the use of four primary low carbon
alternative fuels for transportation: hydrogen, electricity,
natural gas and biomethane. Two of the four fuels, natural gas and
biomethane, are in the form of fuel (CNG and LNG) provided by Clean
Energy Fuels Corp. (Nasdaq:CLNE), North America�s leader in clean
transportation.
"The new standard means we can begin to break our century-old
dependence on petroleum and provide California with greater energy
security," said California ARB Chairman Mary D. Nichols in making
the announcement.
�This regulation confirms the value of using domestic natural
gas as a low carbon alternative fuel for transportation as
California and the nation seek to clean the air and reduce
dependence on imported petroleum,� said Andrew J. Littlefair, Clean
Energy president and CEO. �Domestic CNG and LNG already exceed the
state�s 2020 goal of 10% carbon reduction.�
�Natural gas fuel is produced from America�s abundant supply of
natural gas, estimated to equal 118 years of current demand based
on known domestic resources, and more is being discovered across
the country,� Littlefair noted.
�Together with broader public awareness of the benefits of
natural gas fuel and current and new government incentives from
local to federal levels, the LCFS regulation in California should
increase the use of natural gas vehicles in the state and around
the country,� he concluded.
Clean Energy is the leading provider of natural gas (CNG
and LNG) for transportation in North America. It has a broad
customer base in the refuse, transit, ports, shuttle, taxi,
trucking, airport and municipal fleet markets, fueling more than
15,000 vehicles at 176 strategic locations across the United States
and Canada. Clean Energy owns and operates two LNG production
plants, one in Willis, TX and one in Boron, CA, with combined
capacity of 260,000 LNG gallons per day and designed to expand to
340,000 LNG gallons per day as demand increases. It also owns and
operates a landfill gas processing facility in Dallas, TX that
produces renewable biomethane gas for delivery in the nation�s gas
pipeline network. Please visit www.cleanenergyfuels.com
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that involve risks, uncertainties and assumptions,
including statements about the potential growth of the natural gas
fueling market as a result of the LCFS regulation or the potential
adoption of other federal or state regulations that may encourage
the use of natural gas as a vehicle fuel. Actual results and the
timing of events could differ materially from those anticipated in
these forward-looking statements as a result of several factors
including the availability and performance of natural gas vehicles
and the actual implementation of the LCFS or any other legislation
that encourages the use of natural gas as a vehicle fuel. The
forward-looking statements made herein speak only as of the date of
this press release and the company undertakes no obligation to
publicly update such forward-looking statements to reflect
subsequent events or circumstances.
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