WOODCLIFF LAKE, NJ – SEPTEMBER 22, 2022 – 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, today expressed its support of the recently announced ratification of the Kigali Amendment to the Montreal Protocol (“the Kigali Amendment”).
On October 15, 2016, nearly 200 countries agreed to an amendment to the Montreal Protocol to include the phase down of hydrofluorocarbon (HFC) compounds by 85% by 2047. The President of the United States transmitted the Kigali Amendment to the U.S. Senate for its advice and consent on November 16, 2021 and, as ratified yesterday, the Kigali Amendment is now the fifth ratified amendment to the Montreal Protocol.
Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented,
“We support the ratification of the Kigali Amendment, which, among other initiatives, sets a timeline for the phaseout of HFCs, currently the most commonly used refrigerants. As a result of the ratification of the Kigali Amendment, US businesses, including Hudson Technologies, have an opportunity to market their proprietary expertise to help solve the environmental impacts associated with HFC refrigerants.
“Since our inception, Hudson has advocated for the orderly phase out of high global warming refrigerants, and we believe a strong refrigerant reclamation program is essential to facilitate and accelerate the phase down of HFCs. With our proven reclamation capabilities, significant geographic reach and established infrastructure, we look forward to continuing our leadership role in the orderly phase out of these harmful gases and support the transition to next generation, climate and ozone friendly technologies and refrigerants.
“In the U.S., the AIM Act set forth the path for compliance with the Kigali Amendment. The Aim Act provides a significant opportunity for Hudson, since the installed base of HFC equipment continues to expand, and as virgin supply tightens, we expect the demand for HFCs will drive accelerated reclamation activity to fill the anticipated supply gap. We have long been committed to providing sustainable alternatives to virgin refrigerant production, and our technology is capable of reclaiming all types of refrigerants, including next generation HFO gases. We believe our solutions currently offered in the U.S. can be expanded globally and represent what we believe is an exciting market opportunity for Hudson,” Mr. Coleman concluded.