17 Dec 2010 12:39
New Tax Bill Extends Support for Natural Gas Fuel for Transportation, Encourages Critical NGV Deployment in US, According to Clean Energy <CLNE.OQ>
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20101217:nBw175955a
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
Copyright Business Wire 2010
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