New Tax Bill Extends Support for Natural Gas Fuel for Transportation, Encourages Critical NGV Deployment in US, According to ...
December 17 2010 - 12:39PM
Business Wire
The new Tax Bill passed by the US Senate and House of
Representatives and expected to be signed into law by President
Obama today provides solid support for the critical movement to
deploy large numbers of natural gas vehicles (NGVs) in the United
States, according to Clean Energy Fuels Corp. (Nasdaq: CLNE). The
Bill extends the 50 cents per gallon excise tax credit
retroactively for calendar year 2010 and through December 31, 2011.
It also extends tax credit incentives for developing natural gas
fueling infrastructure.
NGVs, particularly heavy-duty vehicles for waste hauling,
transit and trucking, are seen increasingly as a means to reduce
dependence on foreign oil, as well as to help clean the
environment.
“This backing by Congress is critical for our nation to succeed
in its goal of creating a new alternate energy economy not
dependent on imported petroleum,” said Andrew J. Littlefair, Clean
Energy President and CEO. “Transportation accounts for over 60% of
petroleum use in the US and over 60% of petroleum is currently
imported.”
Littlefair added, “Although the number of NGVs in the US now is
low, numbering about 150,000, worldwide vehicle deployment is
growing rapidly with more than 12 million NGVs in use. In the US,
several major manufacturers have introduced natural gas-fueled
trucks over the past two years. The waste hauling industry is
moving quickly to convert fleets to natural gas fuel and about 25%
of the nation’s transit fleet relies on natural gas. On the
consumer front, Fiat, Europe’s largest maker of NGVs, recently
announced it plans to bring those quality vehicles to the US for
sale through its Chrysler dealer network.”
Costing less than diesel or gasoline, natural gas fuel produces
up to 30% lower greenhouse gas emissions in light-duty vehicles,
and up to 23% lower greenhouse gas emissions in medium- to
heavy-duty applications. Department of Energy reports estimate that
98% of the natural gas consumed in the U.S. is sourced in the U.S.
and Canada.
About Clean Energy Fuels — Clean Energy (Nasdaq: CLNE) is
the largest provider of natural gas fuel for transportation in
North America and a global leader in the expanding natural gas
vehicle market. It has operations in CNG and LNG vehicle fueling,
construction and operation of CNG and LNG fueling stations,
biomethane production, vehicle conversion and compressor
technology.
Clean Energy fuels over 19,900 vehicles at 211 strategic
locations across the United States and Canada with a broad customer
base in the refuse, transit, trucking, shuttle, taxi, airport and
municipal fleet markets. It owns (70%) 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. It
owns and operates LNG production plants in Willis, Texas and Boron,
Calif. with combined capacity of 260,000 LNG gallons per day and
that are designed to expand to 340,000 LNG gallons per day as
demand increases. Northstar, a wholly owned subsidiary, is the
recognized leader in LNG/LCNG (liquefied to compressed natural gas)
fueling system technologies and station construction and
operations. BAF Technologies, Inc., a wholly owned subsidiary, is a
leading provider of natural gas vehicle systems and conversions for
taxis, limousines, vans, pick-up trucks and shuttle buses. IMW
Industries, Ltd., a wholly owned subsidiary based in Canada, is a
leading supplier of compressed natural gas equipment for vehicle
fueling and industrial applications with more than 1,000
installations in 24 countries. 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 growth in the U.S. natural gas fuel
market, the future receipt of the excise tax credit and the number
of natural gas vehicles in the U.S. Actual results and the timing
of events could differ materially from those anticipated in these
forward-looking statements as a result of lack of availability or
performance of natural gas vehicles, legislative changes and the
inherent uncertainty of the political process. 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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