Senate and House Legislation Will Expand the Use of Natural Gas For Transportation in the United States, Says Clean Energy
July 28 2010 - 6:00AM
Business Wire
Legislation being introduced in the US Senate by Senate Majority
Leader Harry Reid (D-NV), and intended for introduction in the US
House of Representatives by Ways & Means Committee Chairman
Sander Levin (D-MI), will benefit the deployment and use of natural
gas vehicles and fuel in the United States, according to Clean
Energy Fuels Corp. (Nasdaq: CLNE).
Andrew J. Littlefair, Clean Energy President and CEO, said, “We
applaud our congressional leaders in the Senate and the House for
bringing this vital legislation to the forefront. It will help fund
natural gas vehicle purchases, particularly heavy-duty trucks,
support growth in natural gas fueling infrastructure nationwide,
and provide loans to support domestic manufacturing of alternative
fuel vehicles.”
In the Senate bill, with $3.8 billion proposed for vehicle
purchase rebates (75% for heavy-duty vehicles), as many as 200,000
alternative fuel vehicles may be placed in service, which could
result in more than 1.8 billion gallons of petroleum displacement
annually. Additionally, at least $500 million is proposed for
fueling infrastructure development and $2 billion for the
manufacturing loan program.
Littlefair noted that the proposed legislation also may result
in more than 500,000 new direct manufacturing and labor jobs and
other related indirect jobs. The fueling infrastructure created
could effectively build the framework of a national natural gas
fueling network with as many as 400 LNG fueling stations for
regional trucking and more than 1,000 CNG/LNG multi-use fueling
stations in urban centers.
In the House bill, vehicle purchase tax credits are proposed for
heavy-duty natural gas vehicles, per-gallon tax credits for natural
gas fuel are reinstated for 2010 and extended through 2011 and
investment tax credits would encourage domestic manufacturing jobs,
particularly those related to clean energy technologies
For the environment, both bills encourage the increased use of
natural gas as a transportation fuel, which will reduce greenhouse
gas emissions per vehicle in light duty vehicles by up to 29%
compared to gasoline and in heavy duty vehicles by up to 22%
compared to diesel. Renewable biomethane gas produced from
landfills and other sources can reduce greenhouse gas emissions per
vehicle by 88% compared to gasoline or diesel as it becomes
available for use in natural gas vehicles.
Clean Energy (Nasdaq: CLNE) 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 18,300 vehicles at 200 strategic locations across the United
States and Canada. Clean Energy owns and operates two LNG
production plants, one in Willis, Texas and one in Boron, Calif.,
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
owns and operates a landfill gas facility in Dallas, Texas, that
produces renewable methane gas, or biomethane, for delivery in the
nation’s gas pipeline network. Clean Energy also owns BAF
Technologies, Inc. of Dallas, a leading provider of natural gas
vehicle systems and conversions for taxis, limousines, vans,
pick-up trucks and shuttle buses. 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 passage of federal
legislation supporting the sale and use of natural gas vehicles and
natural gas fuel and the potential impact of any such legislation
should it be passed into law. 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 inherent uncertainty of the legislative process, the lack of
availability of natural gas vehicles and LNG fuel necessary to
support rapid growth of the natural gas fueling business and any
shortage of resources or available capital necessary to rapidly
expand the natural gas fuel infrastructure. 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.
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jul 2023 to Jul 2024