Hudson Technologies Applauds Adoption of Omnibus/Covid-19 Relief Which Includes the Phasedown of HFC Production
December 29 2020 - 8:15AM
Hudson Technologies, Inc. (NASDAQ: HDSN), a leading provider of
innovative and sustainable solutions for optimizing performance and
improving efficiency of commercial and industrial chiller plants
and refrigeration systems, commented today on the Omnibus/Covid-19
law passed by Congress, and signed by the President. The law
includes language in Section 103, Division S that would require the
phasedown of virgin production of hydrofluorocarbons (HFCs), while
increasing opportunities for reclamation of HFCs.
Brian F. Coleman, President and Chief Executive
Officer of Hudson Technologies commented, “We are very pleased with
the Omnibus/Covid-19 Relief package, which includes the phasedown
of virgin production of HFC refrigerants. We believe this law will
go a long way to help the country continue its efforts to reduce
greenhouse gas emissions and global warming potential, while
growing the reclamation opportunity for our industry.
“Hudson’s founder, Kevin J. Zugibe, PE, built
our Company around his vision to promote sustainability and a
circular economy in the refrigerant industry. As such, one of the
cornerstones of Hudson’s operations is the reclamation of
refrigerant and the complementary services we offer to support
reclamation and system optimization. Our industry, along with many
NGOs, has been working diligently to assist the Federal
government’s development of a program for the orderly phasedown of
virgin HFC production and use. Similar to the previous phaseout
directed at ozone depleting substances (“ODS”), such as R-22, this
legislation will commence the EPA’s path to begin rulemaking to
accomplish the goals of an HFC phasedown. An important difference
between this legislation versus the ODS phaseout is that when the
EPA and refrigerant industry embarked on that phasedown to the
eventual phaseout of virgin supply of ODS, the reclamation industry
was in its infancy. Today, the reclamation industry is established
and strong, with Hudson representing approximately 35% of all
refrigerant reclamation activity in the U.S. Reclamation is a key
component of the orderly phaseout of refrigerants and the new law
is designed to assist the EPA to promote the growth of reclamation
during the anticipated HFC phasedown. We view this legislation as a
victory at the close of a difficult year. We are excited about
Hudson’s future reclamation opportunities related to HFCs, and
remain focused on advancing Kevin’s goals and principles.”
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.
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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