Clean Energy Commends Senators Kerry and Lieberman for Newly Introduced American Power Act that Would Expand Tax Incentives for Natural Gas Vehicle Fleets
SEAL BEACH, Calif., May 12, 2010 (BUSINESS WIRE) -- Clean Energy Fuels Corp. (Nasdaq: CLNE) has announced its support for the American Power Act introduced today by U.S. Senators John Kerry and Joseph Lieberman. A major provision of the proposed legislation would double the current federal tax credits that are available for the purchase of natural gas-powered fleet vehicles for the next 10 years.
Eligible natural gas vehicle (NGV) categories include heavy-duty trucks as well as certain fleets of shuttle vans. In addition, a provision in the pending legislation would enable municipalities to take advantage of the tax credits for their fleets.
"Natural gas transportation fuel is a cleaner, cheaper, and domestic alternative to our ever-increasing dependence on foreign, particularly OPEC, oil. We applaud Senators Kerry and Lieberman for their efforts to move forward with a broad energy package that includes replacing imported petroleum products with natural gas in America's vehicle fleets," said Andrew Littlefair, Clean Energy President and CEO.
"The introduction of this bill, particularly the tax incentives specified for natural gas vehicles, is a highly meaningful step in national efforts to help ensure U.S. energy security and preserve environmental quality," Littlefair added.
Natural gas vehicle deployment is on the rise nationwide, and is already contributing to petroleum reduction and environmental cleanup goals.
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 18,300 vehicles at 200 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 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. Please 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 Climate & Energy bill and specifically the provisions of the bill that provide for increased federal tax credits for natural gas vehicles. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of the inherent uncertainty of the legislative process, which could result in substantial revision and amendment of the Climate & Energy bill introduced by Senators Kerry and Lieberman, and the impact of the Climate & Energy bill, if passed into law, on the use of natural gas as a transportation fuel. 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.
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