PRESS RELEASE
PEARL RIVER, NY, Dec. 29, 2020 (GLOBE NEWSWIRE) -- 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 CEO 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."
He added:
“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.
Investor Relations Contact: John Nesbett, IMS Investor Relations, [email protected]
Company Contact: Brian F. Coleman, President & CEO, Hudson Technologies, Inc., [email protected]