Hudson Technologies and Bluesource Partner to Reduce Greenhouse Gas Emissions Associated With HFC Refrigerants
October 06 2020 - 8:30AM
Hudson Technologies, Inc. (NASDAQ: HDSN), the nation’s largest
refrigerant services provider and largest reclaimer of refrigerant,
and Bluesource, the nation’s leading carbon offset developer and
retailer, today announced they are teaming up to scale Greenhouse
Gas (“GHG”) emission reductions associated with HFC
refrigerants.
HFC refrigerants are found in many cooling
applications throughout the country, including residential HVAC
systems, automobiles, supermarkets, and large commercial
buildings. Due to the availability of inexpensive virgin HFCs
from overseas, and absent any other formal incentives, HFC
refrigerants have historically had a low level of reclamation when
compared to other refrigerant types. Hudson and Bluesource firmly
believe there is an opportunity to quickly and cost-effectively
reclaim HFC refrigerants far beyond current reclaim levels. Through
this partnership, Hudson and Bluesource will work together
initiating carbon projects to develop and market high quality,
voluntary carbon offsets resulting from the reclamation of HFC
refrigerants across the country using the American Carbon
Registry’s Certified Reclaimed HFC Refrigerants protocol. Executed
in advance of any regulatory requirements, these projects encourage
the acceleration of GHG emission reductions from the refrigerant
industry, which Project Drawdown (a leading Climate Change
Solutions Non-profit) identified as one of the top solutions to
address global climate change.
Brian F. Coleman, President and Chief Executive
Officer of Hudson Technologies commented, “Hudson was founded on a
commitment to sustainability, and we are excited to team with
Bluesource to lead the way in driving growth in the HFC
refrigerants reclamation market and advance our contributions to
the circular economy.”
Jonathan Stack, Hudson’s Director of
Sustainability added, “For every pound of HFC that is reclaimed, an
equal quantity of newly manufactured refrigerant no longer needs to
be produced. By displacing the production of new HFCs, these
projects are designed to reduce GHG emissions throughout the life
of the HFCs, by reusing what is already in existence in the
marketplace including in the manufacturing, transport, and service
industries.”
“Bluesource is very excited to partner with
Hudson Technologies to bring these impactful projects and credits
to our clients. Many companies rely on HFC gasses to cool their
offices and vehicles or to transport their products, meaning that
these carbon projects create reductions directly tied to company
operations,” said Benjamin Massie, Vice President of Environmental
Markets for Bluesource.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider
of innovative and sustainable solutions for optimizing performance
and enhancing reliability of commercial and industrial chiller
plants and refrigeration systems. Hudson's proprietary
RefrigerantSide® Services increase operating efficiency, provide
energy and cost savings, reduce greenhouse gas emissions and the
plant’s carbon footprint while enhancing system life and
reliability of operations at the same time. RefrigerantSide®
Services can be performed at a customer's site as an integral part
of an effective scheduled maintenance program or in response to
emergencies. Hudson also offers SMARTenergy OPS®, which is a
cloud-based Managed Software as a Service for continuous
monitoring, Fault Detection and Diagnostics and real-time
optimization of chilled water plants. In addition, the Company
sells refrigerants and provides traditional reclamation services
for commercial and industrial air conditioning and refrigeration
uses. For further information on Hudson, please visit the Company's
web site at www.hudsontech.com.
About
Bluesource: Bluesource is a climate action partner
for private and public companies, nonprofits and government, having
pioneered creative solutions to the climate crisis since 2001. With
deep expertise across environmental technologies and markets and
more than 200 projects in the United States and Canada, Bluesource
is a leader in voluntary, compliance and pre-compliance carbon,
renewable energy attribute, renewable natural gas, and energy
efficiency markets. Bluesource empowers organizations to take their
next step toward environmental action.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
Statements contained herein which are not
historical facts constitute forward-looking statements. Such
forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to,
changes in the laws and regulations affecting the industry, changes
in the demand and price for refrigerants (including unfavorable
market conditions adversely affecting the demand for, and the price
of, refrigerants), the Company's ability to source refrigerants,
regulatory and economic factors, seasonality, competition,
litigation, the nature of supplier or customer arrangements that
become available to the Company in the future, adverse weather
conditions, possible technological obsolescence of existing
products and services, possible reduction in the carrying value of
long-lived assets, estimates of the useful life of its assets,
potential environmental liability, customer concentration, the
ability to obtain financing, the ability to meet financial
covenants under existing credit facilities, any delays or
interruptions in bringing products and services to market, the
timely availability of any requisite permits and authorizations
from governmental entities and third parties as well as factors
relating to doing business outside the United States, including
changes in the laws, regulations, policies, and political,
financial and economic conditions, including inflation, interest
and currency exchange rates, of countries in which the Company may
seek to conduct business, the Company’s ability to successfully
integrate any assets it acquires from third parties into its
operations, the impact of the current COVID-19 pandemic, and other
risks detailed in the Company's 10-K for the year ended December
31, 2019 and other subsequent filings with the Securities and
Exchange Commission. The words "believe", "expect",
"anticipate", "may", "plan", "should" and similar expressions
identify forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date the statement was
made.
Investor Relations
Contact:John Nesbett/Jennifer BelodeauIMS Investor
Relations (203) 972-9200jnesbett@institutionalms.com |
Company
Contact:Brian F. Coleman, President & CEOHudson
Technologies, Inc.(845) 735-6000bcoleman@hudsontech.com |
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