SEAL BEACH, Calif.--(BUSINESS WIRE)--
A bill introduced today in the U.S. Senate — the NAT GAS Act of 2011 —
would provide increased support for the movement to deploy large numbers
of natural gas vehicles (NGVs) in the United States, according to Clean
Energy Fuels Corp. (Nasdaq: CLNE).
The bi-partisan-sponsored legislation would provide a five-year
extension of tax credit incentives for the purchase of NGVs. The bill
would also encourage manufacturers to produce dedicated NGVs.
Introduced by Senators Harry Reid (D-NV), Richard Burr (R-NC), Robert
Menendez (D-NJ) and Saxby Chambliss (R-GA), the proposed legislation is
driven by the need for America to quickly reduce its dependence on
foreign oil while simultaneously reducing greenhouse gas emissions and
urban pollution. To achieve these goals, the bill's objective is to
accelerate the production and use of natural gas-fueled vehicles. The
legislation would expand the NGV tax incentive to help offset an NGV
vehicle's incremental cost, subject to caps depending upon vehicle size.
"The backing by Congress is critical for our nation to succeed in its
goal of utilizing domestic natural gas instead of imported petroleum,
and we applaud efforts to achieve this important objective," said Andrew
J. Littlefair, Clean Energy President and CEO.
"There are about eight million Class 5 through 8 heavy-duty trucks in
the U.S. These trucks range from delivery to refuse trucks to
over-the-road 18-wheelers and use upwards of 30 billion gallons of fuel
annually. Helping the owners of these vehicles replace their diesel
trucks with trucks running on CNG or LNG can have an immediate,
measurable effect. In addition, we believe that moving America's
heavy-duty truck fleet from diesel to natural gas will have the effect
of creating over 400,000 direct and indirect new jobs over the next five
years."
Currently priced up to $1.50 or more per gallon lower than diesel or
gasoline (depending upon local markets), the use of natural gas fuel
reduces costs significantly for vehicle and fleet owners, and reduces
greenhouse gas emissions up to 30% in light-duty vehicles and 23% in
medium- to heavy-duty vehicles. Additionally, natural gas is a secure
North American energy source with 98% of the natural gas consumed
produced in the U.S. and Canada.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural
gas fuel for transportation in North America and a global leader in the
expanding natural gas vehicle market. It has operations in CNG and LNG
vehicle fueling, construction and operation of CNG and LNG fueling
stations, biomethane production, vehicle conversion and compressor
technology.
Clean Energy fuels over 25,200 vehicles at 257 strategic locations
across the United States and Canada with a broad customer base in the
refuse, transit, trucking, shuttle, taxi, airport and municipal fleet
markets. We are building "America's Natural Gas Highway," a network
comprised initially of more than 100 LNG truck fueling stations
connecting major freight trucking corridors across the country. Clean
Energy del Peru, a joint venture, fuels vehicles and provides CNG to
commercial customers in Peru. We own (70%) and operate a landfill gas
facility in Dallas, Texas, that produces renewable natural gas, or
biomethane, for delivery in the nation's gas pipeline network, and we
plan to build a second facility in Michigan. We own and operate LNG
production plants in Willis, Texas and Boron, Calif. with combined
capacity of 260,000 LNG gallons per day and that are designed to expand
to 340,000 LNG gallons per day as demand increases. NorthStar, a wholly
owned subsidiary, is the recognized leader in LNG/LCNG (liquefied to
compressed natural gas) fueling system technologies and station
construction and operations. BAF Technologies, Inc., a wholly owned
subsidiary, is a leading provider of natural gas vehicle systems and
conversions for taxis, vans, pick-up trucks and shuttle buses. IMW
Industries, Ltd., a wholly owned subsidiary based in Canada, is a
leading supplier of compressed natural gas equipment for vehicle fueling
and industrial applications with more than 1,200 installations in 24
countries. 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
statements about the benefits of the bill, the demand for and deployment
of heavy-duty natural gas vehicles, the price of natural gas vehicles
relative to diesel vehicles, and the benefits of moving America's
heavy-duty truck fleet from diesel to natural gas. Actual results and
the timing of events could differ materially from those anticipated in
these forward-looking statements as a result of several factors,
including the factors described in the reports and other documents the
Company files with the SEC (available at www.sec.gov).
The forward-looking statements made herein speak only as of the date of
this press release and, unless otherwise required by law, the company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
for Clean Energy Fuels Corp.
News Media
Bruce Russell,
310-559-4955 x101
brussell@cleanenergyfuels.com
or
Investors
Ina
McGuinness, 805-427-1372
ina@mcguinnessir.com
Source: Clean Energy Fuels Corp.
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