VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2013) -
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Progressive Waste Solutions Ltd. (BIN.TO)(BIN) (the "Company"), which already has Canada's largest waste and recycling collection fleet of natural gas powered vehicles, plans to significantly increase the number of natural gas powered trucks it purchases. The Company made the announcement on the first day of the Federation of Canadian Municipalities annual conference, held in Vancouver, British Columbia.
"This is a business decision that supports our Company's commitment to sustainability," said Joseph Quarin, Vice Chairman and Chief Executive Officer, Progressive Waste Solutions. "Compressed natural gas ("CNG") is a cleaner source of fuel from well to wheel and, by converting to it, we offer our customers a more environmentally friendly approach to collecting residential and commercial waste and recyclable materials."
Currently, Progressive Waste Solutions has more than 110 natural gas powered vehicles on the road in Canada, including fleets in Surrey, British Columbia, and Simcoe County, Ontario. This represents approximately 10 per cent of its Canadian fleet. The company expects to have nearly 150 natural gas powered vehicles in Canada by the end of 2013, with the addition of trucks in markets such as Montreal, Quebec. In 2014, Progressive Waste Solutions expects 50 to 55 per cent of the total number of vehicles it purchases in Canada and the U.S., through the normal course replacement of its fleet, will be fuelled by compressed natural gas.
A new waste or recycling collection truck powered by natural gas typically costs about 15 per cent more than a conventional diesel powered truck. As natural gas costs less than diesel, Progressive Waste Solutions expects a return on this investment within an attractive timeframe. In addition, government programs in areas such as British Columbia offer incentives for companies investing in the greening of their fleets.
In British Columbia, FortisBC offers incentives for operators to convert diesel trucks to compressed natural gas to promote the use of domestic B.C. natural gas as a transportation fuel, and generate both environmental and economic benefits. The incentives encourage the conversion of heavy duty fleet vehicles and the implementation of related natural gas fuel infrastructure. The program was made possible following the creation of the Government of B.C.'s Greenhouse Gas Reduction regulation.
"Converting our fleet to natural gas helps municipalities meet targets for reducing greenhouse gas emissions and reduces pollution in the neighbourhoods we serve," said Dan Pio, Vice President and Canadian Chief Operating Officer, Progressive Waste Solutions. "We're on the brink of a monumental industry shift. Progressive Waste Solutions is leading the conversion to natural gas fleets in Canada."
For short haul fleets - trucks that operate in a limited, local geographical area - the switch to natural gas is simpler, as companies can build their own refueling stations, as Progressive Waste Solutions did in Surrey, B.C., in partnership with FortisBC. Progressive Waste Solutions plans to build natural gas fueling stations in Canadian markets such Montreal, Quebec, as it converts its fleet.
Natural gas is an economical and environmentally friendly fuel choice for transportation. Ideal for return-to-base fleets like waste haulers, courier trucks, buses, tractor trailers and marine vessels, its benefits include:
- Carbon emissions, the principal greenhouse gas that contributes to global warming, are reduced by more than 20% compared to older diesel trucks.
- Natural gas fuel costs have historically been 25 to 50% less than diesel.
- Reduced dependency on foreign oil.
The vehicles used by Progressive Waste Solutions are Mack trucks with natural gas engines powered by Cummins Westport of Vancouver, B.C., and use fueling technology from IMW Industries of Chilliwack, B.C., a leading supplier of technology for CNG equipment for vehicle fuelling and industry.
Caution regarding forward looking statements
Comments in this press release are subject to the same risks and uncertainties outlined in the Risk and Uncertainties section of the Company's Management Discussion and Analysis, as applicable and investors are urged to fully review these sections before making an investment decision. This press release contains forward-looking statements and forward-looking information. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events. These statements can generally be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "goals," "intend," "intent," "belief," "may," "plan," "foresee," "likely," "potential," "project," "seek," "strategy," "synergies," "targets," "will," "should," "would," or variations of such words and other similar words. Forward-looking statements include, but are not limited to, statements relating to future financial and operating results and our plans, objectives, prospects, expectations and intentions. These statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Numerous important factors could cause our actual results, performance or achievements to differ materially from those expressed in or implied by these forward-looking statements, including, without limitation, those factors outlined in the Risks and Uncertainties section of the Company's Management Discussion and Analysis. We caution that the list of factors is illustrative and by no means exhaustive. In addition, we cannot assure you that any of our expectations, estimates or projections will be achieved. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements in this press release are qualified by these cautionary statements. The forward-looking statements in this press release are made as of the date of this press release and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
About Progressive Waste Solutions Ltd.
As one of North America's largest full-service waste management companies, we provide non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 13 U.S. states and the District of Columbia and six Canadian provinces. We serve our customers with vertically integrated collection and disposal assets. Progressive Waste Solutions Ltd.'s shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.
Commitment to Sustainability
Progressive Waste Solutions is committed to creating a more sustainable future. Our environmental practices and technologies provide benefits including: diversion of waste from our landfills through our recycling facilities; organized, timely, safe waste removal from residential and business communities; energy capture of greenhouse gases for productive use; and recycling and composting to conserve precious resources. Beyond meeting and exceeding regulatory expectations, we work constantly to identify best management practices that promote environmental sustainability.
To find out more about Progressive Waste Solutions, visit our website at www.progressivewaste.com.
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- Commodity Markets
- natural gas
- Compressed natural gas
VP, Investor Relations and Corporate Communications