Clean Energy Supports Proposed Federal Legislation That Would Expand the Use of Natural Gas Fuel for Transportation & Increas...
April 06 2011 - 1:00PM
Business Wire
The NAT GAS Act of 2011, a bill introduced today in the U.S.
House of Representatives, would provide increased 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 bi-partisan-sponsored legislation — the New Alternative
Transportation to Give America Solutions (NAT GAS) Act — would
provide expanded tax credits for natural gas used as vehicle fuel,
as well as credits for the purchase of NGVs. The bill would also
encourage manufacturers to produce dedicated NGVs, and includes tax
incentives for developing natural gas fueling infrastructure.
Introduced by Reps. John Sullivan (R-OK), Dan Boren (D-OK),
Kevin Brady (R-TX), and John Larson (D-CT), together with 76
co-sponsors, the bipartisan-supported NAT GAS Act is driven by the
need for America to quickly reduce its dependence on foreign oil
while simultaneously reducing greenhouse gas emissions and urban
pollution. To achieve these goals, the bill’s objective is to
accelerate the production and use of natural gas-fueled
vehicles.
The NAT GAS Act would restore and expand the NGV tax credit that
makes NGVs eligible for a credit equal to 80% of the vehicle’s
incremental cost subject to caps depending upon vehicle size. It
would also extend for five years the 50-cent-per-gallon alternative
fuel credit for the purchase of natural gas fuel, and would expand
tax credit incentives for developing natural gas fueling
infrastructure.
“This backing by Congress is critical for our nation to succeed
in its goal of creating a new alternate energy economy that’s not
dependent on imported petroleum, and we applaud efforts to achieve
this most important objective,” said Andrew J. Littlefair, Clean
Energy President and CEO.
“Worldwide, natural gas vehicle use is expanding dramatically.
Many countries are rapidly adopting natural gas vehicle solutions
in an effort to reduce petroleum use and improve the environment.
In the United States, transportation accounts for over 60% of
petroleum use, and over 60% of petroleum is currently imported,”
Littlefair added.
Littlefair noted that President Barack Obama encouraged this
legislation in his energy policy speech at Georgetown University on
March 30, 2011.
NGVs, particularly heavy-duty vehicles for waste hauling,
transit and trucking, are seen increasingly as a means to reduce
dependence on foreign oil and lower harmful greenhouse gas
emissions.
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%-percent lower greenhouse gas emissions in medium to
heavy-duty applications. U.S. 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 21,200 vehicles at 224 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. Clean Energy del Peru, a joint venture,
fuels vehicles at two stations and provides CNG to commercial
customers in Peru. We own (70%) and operate a landfill gas facility
in Dallas, Texas, that produces renewable natural gas, or
biomethane, for delivery in the nation’s gas pipeline network. We
have agreed to build a second facility in Michigan. We own and
operate 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,
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 1,200 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 NAT GAS Act and, specifically, the
provisions of the legislation that provide for increased federal
tax credits for the purchase of natural gas vehicles and natural
gas used as vehicle fuel, and tax incentives for the development of
natural gas fueling infrastructure and the potential impact any
such legislation might have on Clean Energy 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, continuously changing
political conditions, the price per gallon of natural gas relative
to diesel and gasoline and the performance, availability and price
of natural gas vehicles relative to gasoline and diesel vehicles.
The forward-looking statements made herein speak only as of the
date of this press release and, unless otherwise required by law,
the company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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