SEAL BEACH, Calif.--(BUSINESS WIRE)--
The new Tax Bill passed by the US Senate and House of Representatives
and expected to be signed into law by President Obama today provides
solid support for the critical movement to deploy large numbers of
natural gas vehicles (NGVs) in the United States, according to Clean
Energy Fuels Corp. (Nasdaq: CLNE). The Bill extends the 50 cents per
gallon excise tax credit retroactively for calendar year 2010 and
through December 31, 2011. It also extends tax credit incentives for
developing natural gas fueling infrastructure.
NGVs, particularly heavy-duty vehicles for waste hauling, transit and
trucking, are seen increasingly as a means to reduce dependence on
foreign oil, as well as to help clean the environment.
"This backing by Congress is critical for our nation to succeed in its
goal of creating a new alternate energy economy not dependent on
imported petroleum," said Andrew J. Littlefair, Clean Energy President
and CEO. "Transportation accounts for over 60% of petroleum use in the
US and over 60% of petroleum is currently imported."
Littlefair added, "Although the number of NGVs in the US now is low,
numbering about 150,000, worldwide vehicle deployment is growing rapidly
with more than 12 million NGVs in use. In the US, several major
manufacturers have introduced natural gas-fueled trucks over the past
two years. The waste hauling industry is moving quickly to convert
fleets to natural gas fuel and about 25% of the nation's transit fleet
relies on natural gas. On the consumer front, Fiat, Europe's largest
maker of NGVs, recently announced it plans to bring those quality
vehicles to the US for sale through its Chrysler dealer network."
Costing less than diesel or gasoline, natural gas fuel produces up to
30% lower greenhouse gas emissions in light-duty vehicles, and up to 23%
lower greenhouse gas emissions in medium- to heavy-duty applications.
Department of Energy reports estimate that 98% of the natural gas
consumed in the U.S. is sourced in the U.S. and Canada.
About Clean Energy Fuels — 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 19,900 vehicles at 211 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. It owns (70%) and operates a landfill gas facility in Dallas,
Texas, that produces renewable methane gas, or biomethane, for delivery
in the nation's gas pipeline network. It owns and operates 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, limousines, 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 1,000 installations
in 24 countries. 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 growth in the U.S. natural gas fuel market, the
future receipt of the excise tax credit and the number of natural gas
vehicles in the U.S. Actual results and the timing of events could
differ materially from those anticipated in these forward-looking
statements as a result of lack of availability or performance of natural
gas vehicles, legislative changes and the inherent uncertainty of the
political process. 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.
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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