Clean Energy Lauds Passage of Alternative Fuel Tax Credit
August 08 2022 - 6:00AM
Business Wire
The U.S. Senate yesterday passed legislation that will extend
the Alternative Fuel Tax Credit for three years, beginning
retroactively January 1, 2022. Andrew J. Littlefair, CEO and
president of Clean Energy Fuels Corp. (NASDAQ: CLNE), the country’s
largest provider of renewable natural gas (RNG), issued a statement
in support of the bill:
“We are pleased that the Inflation Reduction Act of 2022 that
was passed in the U.S. Senate yesterday included provisions that
encourages the use of renewable natural gas (RNG), which is
currently the cleanest transportation fuel available and powers
tens of thousands of heavy-duty vehicles every day.”
The Act includes:
- The renewal of the Alternative Fuels Tax Credit (AFTC) for
three years beginning retroactively January 1, 2022. The AFTC
provides a $0.50 per gallon fuel credit/payment for the use of RNG
as a transportation fuel.
- An investment tax credit of up to 30% for qualified biogas
projects, including RNG digesters at dairies and other agricultural
facilities. This could positively impact Clean Energy's and other's
current and future investments in these projects and should
accelerate RNG production investment leading to a greater supply of
this ultra-clean fuel for the transportation market.
- The Clean Fuels Production Credit creates a technology-neutral
production tax credit available for the production of low-emissions
transportation fuel. Such fuel would need to be approximately 40%
cleaner than diesel to qualify for the tax credit, which most RNG
derived from dairies and landfills should.
- An extension of the Alternative Fuel Vehicle Refueling Property
Credit which includes an increase of the 30% tax credit from
$30,000 to $100,000 for alternative vehicle refueling
property.
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 scope of the Inflation Reduction Act of 2022
and its impact on Clean Energy’s business and prospects. 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.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of
the cleanest fuel for the transportation market. Our mission is to
decarbonize transportation through the development and delivery of
renewable natural gas (RNG), a sustainable fuel derived from
organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to
reduce their amount of climate-harming greenhouse gas. We operate a
vast network of fueling stations across the U.S. and Canada. Visit
www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
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Clean Energy Contact: Raleigh Gerber 949-437-1397
raleigh.gerber@cleanenergyfuels.com
Investor Contact: Investors@cleanenergyfuels.com
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