Clean Energy Fuels Corp. (NASDAQ: CLNE) announced it has been contracted by New York Metropolitan Transportation Authority (MTA) to provide its Redeemtm renewable natural gas (RNG), a fuel derived from organic waste, to power the MTA's 800 natural gas transit buses.
"The MTA is a prime example of a major transit agency recognizing the environmental benefits and financial value of RNG," said Andrew J. Littlefair, president and CEO, Clean Energy. "We're pleased to support their efforts by supplying low-carbon RNG, a cleaner fuel option that will help improve air quality and fight climate change in the region."
The multi-year agreement for an estimated 25 million gallons of Clean Energy's Redeemtm RNG is expected to reduce greenhouse gas emissions annually by 25,351 metric tons?the equivalent of removing 5,477 gasoline cars from the road, planting 419,184 trees, and recycling 8,623 tons of landfill waste?by switching to RNG from fossil CNG.
"We applaud the MTA for taking bold action to improve the environment by choosing to fuel their transit busses with RNG," Johannes Escudero, CEO and executive director, Coalition for Renewable Natural Gas. "The air quality and greenhouse gas benefits of MTA's purchase of RNG have the potential to be multiplied many times over with the passage of a New York Clean Fuels Program, a policy proposal that is designed to incentivize more fleets to choose cleaner fuels and is supported by a broad coalition of environmental and business groups in the state."
Redeem is the first commercially available RNG vehicle fuel, derived from capturing biogenic methane that is produced from the decomposition of organic waste from dairies, landfills, and wastewater treatment plants. Switching to Redeem will reduce the MTA's carbon footprint of its natural gas transit buses.
About Clean Energy
Clean Energy Fuels Corp. is North America's leading provider of the cleanest fuel for the transportation market. Through its sales of Redeemtm renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
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 without limitation statements about amounts of RNG expected to be consumed and 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 made herein speak only as of the date of this press release and, unless otherwise required by law, the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents the Company files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
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