Bipartisan legislation was offered in the Senate that seeks to extend and expand federal tax credits for natural gas vehicles (NGV) and refueling infrastructure. Sen. Robert Menendez (D-NJ) was joined by co-sponsors Senate Majority Leader Harry Reid (D-NV) and Sen. Orrin Hatch (R-UT) in submitting S. 1408 which would expand credits for NGVs that were originally part of the Energy Policy Act of 2005. The new bill would extend these credits by 10 years and increase the value to 80% of the additional cost of an NGV over a conventional gasoline-fueled vehicle up to a maximum of $12,500 for passenger cars and light trucks, or up to $64,000 for heavier-duty vehicles. It would also let state and local governments issue tax-exempt bonds to finance NGV projects and authorize grants for light-duty and heavy-duty NGV engine development.
"Each day our nation consumes about 21 million bbl of oil -- more than 25% of the world's oil supply. Nearly 70% is imported from outside our borders. With only 3% of the world's oil reserves, we cannot produce our way to a safe and secure energy future," Reid said. "I'm proud to join...in introducing legislation that will help encourage the development of natural gas vehicles."...Read More »
Perma-Fix Environmental Services suffered an embarrassing ordeal this week in announcing that its chief operating officer "incorrectly advised" or rather lied to the company about graduating from college. The company, which treats low-level radioactive and hazardous waste for companies and government agencies, said it was considering "appropriate action, if any," but it felt COO Larry McNamara's decade at Perma-Fix and previous experience in the nuclear waste industry demonstrated his qualifications for the job. Perma-Fix became aware McNamara was not a University of Iowa graduate on July 10, the company said in a filing with regulators at the Securities and Exchange Commission (SEC)...Read More »
EnergySolutions, Inc. said it was awarded the first of two contracts from Savannah River Remediation (SRR) which together will provide $56 million over the next 8 years for assisting in the clean up of the Department of Energy's (DOE) Savannah River site. EnergySolutions was named a subcontractor to the SRR team which is lead by URS Corp. with partners Bechtel National, CH2M Hill and Babcock & Wilcox. Critical subcontractors for the contract are AREVA, Energy Solutions and Washington Safety Management Solutions...Read More »
Netherland-based Rabobank is expanding its offerings in North America with the launch of a Renewable Energy and Infrastructure Finance team (REIF) which, like similar operations in Europe and Asia, aims to expand the bank's development of sustainable energy supplies and technologies including wind, solar, biofuels, and biomass projects. The bank plans to initially participate in and co-underwrite project financings, and eventually lead such transactions. Heading the team is Thomas Emmons, a managing director who joined Rabobank on July 1, from New York's HSH Nordbank, where he assisted in building a renewable energy finance business for the region...Read More »
Global engineering and consulting company Arcadis announced that it had completed its takeover of the century-old White Plains, N.Y-based environmental consulting firm Malcolm Pirnie Inc. for stock and cash. It is a move aimed at boosting its position in the worldwide water-services business and follows a continuing global consolidation of the environmental services industry. Arcadis is paying $135 million in cash, and issuing 5.74 million shares valued in June at $86.8 million worth of shares for a total of $222 million (6x EBITDA) to present Malcolm Pirnie shareholders and key employees. To finance the acquisition, Arcadis secured a new debt facility from Rabobank, ING and RBS. Malcolm Pirnie, with 1,700 employees and 2008 gross revenues of $392 million, will function as a subsidiary of Arcadis. The takeover of Malcolm Pirnie will give Arcadis access to a wider client base of municipal governments in the US at a time of increased government investments in infrastructure, as well as rising concerns about water quality and coastal management, especially as the federal stimulus package begins to take effect...Read More »