PEARL RIVER, N.Y., Oct. 06, 2020 (GLOBE NEWSWIRE) -- 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.
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