Clean Energy Welcomes Passage of Alternative Fuel Tax Credit by Congress
NEWPORT BEACH, CALIF. – Clean Energy Fuels Corp., (NASDAQ: CLNE) today applauded the passage by the U.S. Congress of an alternative fuel tax credit which will continue to support the use of natural gas, a cleaner and domestic transportation fuel option. The credit is retroactive to 2015 and extends through 2016 and applies to compressed natural gas (CNG) and liquefied natural gas (LNG). With an anticipated signature by President Obama, the tax credit will cap a successful year for Clean Energy that includes the completion of 68 station projects and adding over 3,000 vehicles to the Clean Energy fueling network, despite facing the headwinds of lower diesel prices. As David Biderman, the executive director and CEO of the Solid Waste Association of North America recently said, “…one of the remarkable things that has occurred this year is that despite the declining price of diesel, the purchase of natural gas fueled waste collection vehicles has remained steady as companies and local governments seek to reduce carbon footprint, reduce emissions and reduce costs.”
“The tax credit will support the continued expansion of natural gas fueling in the U.S., which will help to clean our air and keep dollars here,” said Andrew J. Littlefair, president and CEO of Clean Energy. “We applaud Congress for taking this action and encourage the implementation of permanent measures to encourage further use of this superior and cleaner fuel.”
Natural gas fuel costs up to $1.00 less per gallon than gasoline or diesel, depending on local market conditions. The use of natural gas fuel not only reduces operating costs for vehicles, but also reduces greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium to heavy-duty vehicles. In addition, nearly all natural gas consumed in North America is produced domestically.
Clean Energy Media Contact:
Jason Johnston
949.437.1411
jason.johnston@cleanenergyfuels.com
Clean Energy Investor Contact:
Tony Kritzer
949.437.1403
tkritzer@cleanenergyfuels.com
About Clean Energy
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the leading provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; develop renewable natural gas (RNG) production facilities; and deliver more CNG, LNG and Redeem™ RNG fuel than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
