Clean Energy Applauds Passage of Alternative Fuel Tax Credit by Congress
December 20 2019 - 12:22PM
Business Wire
Clean Energy Fuels Corp. (NASDAQ: CLNE) applauds the passage by
the U.S. Congress of an alternative fuel tax credit which will
continue to support the use of natural gas, a clean and affordable
domestic transportation fuel option. Signed today by President
Trump, the credit is retroactive beginning January 2018 and extends
through 2020 and applies to compressed natural gas (CNG) and
liquefied natural gas (LNG).
“This tax credit will support the continued expansion of natural
gas fueling in the U.S., which will help to clean our air, address
long-term climate issues and keep dollars here,” said Andrew J.
Littlefair, president and CEO of Clean Energy. “We applaud Congress
and the President for taking this action and encourage the
implementation of permanent measures to encourage further use of
this superior and cleaner fuel.”
The legislation includes the Alternative Fuels Tax Credit, which
extends the $0.50 per gallon fuel credit/payment for the use of
natural gas as a transportation fuel, and the Alternative Fuel
Vehicle Refueling Property Credit, which extends the 30
percent/$30,000 investment tax credit for alternative vehicle
refueling property.
Natural gas vehicles are powered by American fuel, American
technology, and American innovation. No commercially-available
heavy-duty powertrain solution runs cleaner than natural gas, and
the cleanest heavy-duty truck engine in the world is powered by
natural gas.
The Alternative Fuels Tax Credit was last extended for the 2017
calendar year and applies to all classes of natural gas vehicles
fueled by geologic and renewable CNG and LNG. More and more of the
CNG and LNG vehicle fuel is being derived from renewable sources
such as dairies and landfills, making it the cleanest fuel
available today. The tax credit’s longer-term extension is
important to provide investment certainty for fleets of all shapes
and sizes working to reduce their environmental footprint and
address clean air and climate change sustainability goals.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of natural gas
fuel and renewable natural gas (RNG) fuel for transportation in the
United States and Canada, with a network of approximately 540
stations across North America that it owns or operates. Clean
Energy builds and operates compressed natural gas (CNG) and
liquefied natural gas (LNG) stations and delivers more CNG, LNG and
RNG vehicle fuel than any other company in the United States. Clean
Energy sells Redeem™ RNG fuel and believes it is the cleanest
transportation fuel commercially available, reducing greenhouse gas
emissions by at least 70%. Clean Energy owns natural gas
liquefaction facilities in California and Texas that produce LNG
for the transportation and other markets. For more information,
visit www.CleanEnergyFuels.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005474/en/
Clean Energy Contact: Raleigh Gerber 949-437-1397
raleigh.gerber@cleanenergyfuels.com
Investor Contact: investors@cleanenergyfuels.com
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