NEWPORT BEACH, California – (BUSINESS WIRE) – Clean Energy Fuels Corp. (NASDAQ: CLNE) welcomes the passage of an alternative fuel tax credit by US Congress that will continue to support the expansion of renewable natural gas (RNG), the cleanest transportation fuel that currently powers tens of thousands of large vehicles every day. President Trump is expected to soon sign legislation that extends the loan to 2021 and applies to RNG in compressed natural gas (CNG) or liquefied natural gas (LNG) applications.
“This tax credit extension comes at a particularly opportune time as more fleets recognize the tremendous impact RNG has on reducing carbon emissions and the long-term impact on climate change,” said Andrew J. Littlefair, President and CEO of Clean Energy. “We applaud Congress and the President for these measures and encourage the implementation of ongoing measures to encourage the continued use of this superior and clean fuel.”
Legislation includes the Alternative Fuel Tax Credit, which extends the $ 0.50 per gallon of fuel credit / payment for using RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Credit, which extends the tax credit for 30 percent / $ 30,000 investment in alternative fuels will extend vehicle refueling property.
RNG is obtained from organic waste in dairies and other agricultural facilities and landfills. Carbon emissions extracted from dairies and converted into transport fuels reduce the harmful effects on long-term climate change. As a result, the California Air Resources Board gives the carbon-negative RNG a CI value (gCO2e / MJ) of -250 (or less) compared to 97 for diesel and 46 for electric batteries. The demand for this carbon negative fuel has accelerated significantly in recent years. Some of the largest high performance fleets in the world such as UPS, Republic Services, the New York Metropolitan Transportation Authority, and LA Metro currently and successfully operate tens of thousands of vehicles on RNG.
Natural gas vehicles are powered by American fuel, technology, and innovation. No commercially available high-efficiency propulsion solution runs cleaner than natural gas, and the world’s cleanest heavy-duty truck engine runs on natural gas.
About clean energy
Clean Energy Fuels Corp. is North America’s leading supplier of the cleanest fuel for the transportation market. By selling Redeem ™ Renewable Natural Gas (RNG), which is obtained from the capture of biogenic methane that is generated from the decomposition of organic waste, Clean Energy enables the reduction of thousands of vehicle fleets, from airport shuttles to city buses and waste and heavy trucks reduce their amount of climate-damaging greenhouse gases by at least 70% and even up to 300%, depending on the source of the RNG. Clean Energy can deliver compressed natural gas (CNG) and liquefied natural gas (LNG) redemption to its network of approximately 540 gas stations in the US and Canada. Clean Energy builds and operates CNG and LNG filling stations for the transportation market, owns natural gas liquefaction plants in California and Texas, and ships CNG and LNG bulk goods to non-shipping customers in the United States. More information is available at www.CleanEnergyFuels.com.
Forward-Looking Statements
This press 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, but not limited to, statements about the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements contained herein speak only as of the date of this press release. Unless otherwise required by law, Clean Energy assumes no obligation to publicly update such forward-looking statements to reflect later events or circumstances. In addition, the reports and other documents containing Clean Energy files with the SEC (available at www.sec.gov) contain risk factors that could cause actual results to differ materially from the forward-looking statements contained in this press release.