Coalition of 22 U.S. Governors Willing to Purchase up to 10,000 CNG Vehicles a Year to Cut Costs
November 01 2012 - 8:20AM
Marketwired
America's focus on lowering its dependence on foreign oil has
caused a spike in demand in the natural gas vehicle (NGV) market.
The U.S. Energy Information Administration and the Potential Gas
Committee has estimated that the U.S. holds a minimum of 100 years'
worth of proven natural gas reserves. Five Star Equities examines
the outlook for companies in the Alternative Auto Parts Industry
and provides equity research on Clean Energy Fuels Corp. (NASDAQ:
CLNE) and Quantum Fuel Systems Technologies (NASDAQ: QTWW).
Access to the full company reports can be found at:
www.FiveStarEquities.com/CLNE www.FiveStarEquities.com/QTWW
A coalition of 22 U.S. governors, led by Oklahoma Governor Mary
Fallin and Colorado Governor John Hickenlooper, has stated that
their states would be willing to purchase up to 10,000 new
compressed natural gas (CNG) cars and pickups a year. By providing
a market for CNG vehicles it has given auto manufacturers an
incentive to lower costs of NGVs, which currently run roughly
$10,000 more than their gasoline counterparts.
"The initiative has been enormously successful," Governor Fallin
said. "We asked auto manufacturers to develop products that were
more affordable and functional. With the combined purchasing power
of our 22 states, we successfully provided the incentive to do so.
States will now have the incentive and ability to begin converting
their fleets to CNG while saving millions of dollars in taxpayer
money."
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Clean Energy is the largest provider of natural gas fuel for
transportation in North America and a global leader in the
expanding natural gas vehicle fueling market. The company has
recently signed an agreement with the Commonwealth of Virginia to
provide natural gas and vehicle conversion services. Clean Energy
is scheduled to release their third quarter results on November 7,
2012.
Quantum Fuel Systems Technologies Worldwide is a global leader
in natural gas, hybrid/electric and hydrogen vehicle technologies.
The company recently reported that it has been awarded a new
development contract from Fisker Automotive for advanced product
development on the Fisker Karma. Quantum is scheduled to release
their third quarter results on November 5, 2012.
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