Clean Energy Commends House of Representatives' Vote to Extend Natural Gas Fuel Tax Credit
SEAL BEACH, Calif., Dec 10, 2009 (BUSINESS WIRE) -- The US House of Representatives on Wednesday voted in the "Tax Extenders" Bill (HR4213) to extend the tax credit of 50 cents per gallon of compressed natural gas (CNG) and 50 cents per liquid gallon of liquefied natural gas (LNG) used for vehicle fuel to December 31, 2010, according to Clean Energy Fuels Corp. (Nasdaq: CLNE).
"The extension of VETAC is highly meaningful to both the economy and the environment as the United States seeks to reduce the use of imported petroleum products in favor of clean, abundant domestic natural gas," said Andrew J. Littlefair, Clean Energy President and CEO. "Natural gas vehicle deployment is on the rise nationwide and is already contributing to petroleum reduction and environmental cleanup goals."
The "Tax Extenders" Bill will now go to the Senate, and if passed there, will go to the President for his signature in order to become law.
Clean Energy (Nasdaq: CLNE) is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 17,500 vehicles at 195 strategic locations across the United States and Canada. Clean Energy owns and operates two LNG production plants, one in Willis, TX and one in Boron, CA, with combined capacity of 260,000 LNG gallons per day and designed to expand to 340,000 LNG gallons per day as demand increases. It also owns and operates a landfill gas facility in Dallas, TX that produces renewable methane gas or biomethane for delivery in the nation's gas pipeline network. Clean Energy also owns and operates BAF Technologies, Inc. of Dallas, TX, a leading provider of natural gas vehicle systems and conversions for taxis, limousines, vans, pick-up trucks and shuttle buses. 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 statements about the extension of the VETAC. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of failure of the legislation to pass in the Senate, amendment of the legislation by the Senate or other delays in the passage of the legislation. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Clean Energy Fuels Corp.
Clean Energy Fuels Corp.
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Bruce Russell, 310/559-4955 x101
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