WOODCLIFF LAKE, N.J., Sept. 24, 2024 (GLOBE NEWSWIRE) — Hudson Technologies, Inc. (NASDAQ: HDSN), a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation’s largest refrigerant reclaimers, commented today on the Final Rule under Section (H) of the American Innovation and Manufacturing Act, which establishes the Emissions Reduction and Reclamation Program.
A link to the press release from the EPA can be found here and the complete pre-publication of the rule can be found here. The final rule will become effective on the date of publication in the Federal Register.
The final rule, under subsection (h), “Management of Regulated Substances” establishes an Emissions Reduction and Reclamation Program to reduce emissions of climate-damaging HFCs from air conditioner and refrigeration systems and maximizes the amount of HFCs that can be reclaimed. The EPA has been authorized by the AIM Act (enacted on December 27, 2020) to address hydrofluorocarbons (HFCs) in three main ways: 1) phasing down their production and consumption; 2) promulgating certain regulations for purposes of maximizing reclamation and minimizing releases of HFCs from equipment and ensuring the safety of technicians and consumers; and 3) facilitating the transition to next-generation technologies through sector-based restrictions.
Among its provisions, the final rule requires:
Leak repair for certain appliances,
Use of automatic leak detection systems for certain new and existing appliances;
A standard for reclaimed HFC refrigerants;
Servicing and/or repair of certain refrigerant-containing equipment with reclaimed HFCs;
Initial installation and servicing and/or repair of fire suppression equipment with recycled HFCs;
Recovery of HFCs from disposable cylinders prior to disposal; and
Recordkeeping, reporting, and labeling.
Brian F. Coleman, President and Chief Executive Officer of Hudson commented, “With this final rule, the EPA has finalized the third important pillar from the AIM Act, the primary focus of which was to reduce leak rates and promote the growth in reclamation. We are pleased that the EPA now provides a standardized definition of what constitutes the designation of reclaimed refrigerants and has provided sector mandates for the use of reclaimed refrigerants. The EPA initiatives outlined in this rule making, combined with the findings from the RMI report we sponsored which provided scientific support for the environmental benefits of using reclaimed refrigerants versus continuing the production and use virgin refrigerant, will set the stage for both mandatory and voluntary uses of reclaimed refrigerants particularly in the servicing sectors. We appreciate the EPA’s dedicated efforts in finalizing the Refrigerant Management and Reclaim rule and look forward to working with our industry partners to promote practices to adopt refrigerant emission controls that are both environmentally and economically beneficial.”
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the first in the United States and largest refrigerant reclaimers through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute standard for reuse as certified EMERALD Refrigerants. The Company’s products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer’s site, consisting of system decontamination to remove moisture, oils and other contaminants. The Company’s SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility’s refrigeration systems and other energy systems. The Company’s Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company’s products and services, the Company also generates carbon offset projects.
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 its existing credit facility, 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, and other risks detailed in the Company’s 10-K for the year ended December 31, 2023 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 Belodeau
IMS Investor Relations
(203) 972-9200
hudson@imsinvestorrelations.com
Company Contact:
Brian F. Coleman, President & CEO
Hudson Technologies, Inc.
(845) 735-6000
bcoleman@hudsontech.com
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