Clean Energy Lauds Passage of Alternative Fuel Tax Credit by Congress
December 22 2020 - 2:32PM
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 expansion of renewable natural gas (RNG),
the cleanest transportation fuel that is currently powering tens of
thousands of large vehicles every day. President Trump is expected
to soon sign the legislation which extends the credit through 2021
and applies to RNG in compressed natural gas (CNG) or liquefied
natural gas (LNG) applications.
“This extension of the tax credit comes at a particularly
opportune time as more fleets are realizing the tremendous impact
that RNG is having on reducing carbon and the long-term impact it
has on climate change,” 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 clean
fuel.”
The legislation includes the Alternative Fuels Tax Credit, which
extends the $0.50 per gallon fuel credit/payment for the use of RNG
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.
RNG is derived from organic waste at dairies and other
agricultural facilities and landfills. Carbon emissions captured
from dairies and turned into a transportation fuel reduce the
harmful effects on long-term climate change. As a result, the
California Air Resources Board gives carbon-negative RNG a CI Score
(gCO2e/MJ) of -250 (or lower) compared to 97 for diesel and 46 for
electric batteries. The demand for this carbon-negative fuel has
significantly accelerated over the last few years. Some of the
largest heavy-duty fleets in the world such as UPS, Republic
Services, New York Metropolitan Transportation Authority and LA
Metro, among others, are currently and successfully operating tens
of thousands of vehicles on RNG.
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.
About Clean Energy
Clean Energy Fuels Corp. is North America’s leading provider of
the cleanest fuel for the transportation market. Through its sales
of Redeem™ renewable natural gas (RNG), which is derived from
capturing biogenic methane produced from decomposing organic waste,
Clean Energy allows thousands of vehicle fleets, from airport
shuttles to city buses to waste and heavy-duty trucks, to reduce
their amount of climate-harming greenhouse gas by at least 70% and
even up to 300% depending on the source of the RNG. Clean Energy
can deliver Redeem through compressed natural gas (CNG) and
liquified natural gas (LNG) to its network of approximately 540
fueling stations across the U.S. and Canada. Clean Energy builds
and operates CNG and LNG fueling stations for the transportation
market, owns natural gas liquefication facilities in California and
Texas, and transports bulk CNG and LNG to non-transportation
customers around the U.S. For more information, 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 without limitation
statements about the benefits of RNG. Actual results and the timing
of events could differ materially from those anticipated in these
forward-looking statements. The forward-looking statements made
herein speak only as of the date of this press release and, unless
otherwise required by law, Clean Energy undertakes no obligation to
publicly update such forward-looking statements to reflect
subsequent events or circumstances. Additionally, the reports and
other documents Clean Energy files with the SEC (available at
www.sec.gov) contain risk factors, which may cause actual results
to differ materially from the forward-looking statements contained
in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20201222005638/en/
Clean Energy Contact: Raleigh Gerber 949-437-1397
raleigh.gerber@cleanenergyfuels.com
Investor Contact: investors@cleanenergyfuels.com
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