Pearl River, NY – February 22, 2010 – Hudson Technologies, Inc. (NASDAQ: HDSN), a leading distributor and reclaimer of refrigerants as well as a provider of proprietary on-site decontamination services for large comfort and process cooling systems, announced today that it has formed an alliance with EOS Climate, Inc. (“EOS Climate”) to develop and deliver permanent greenhouse gas (“GHG”) emissions reductions to the evolving carbon market.
Kevin Zugibe, Chairman and CEO stated: “We believe this alliance with EOS Climate will help us utilize a new protocol recently approved by the Climate Action Reserve’s (“CAR”) Board, to generate high quality emissions reductions through the destruction of ozone depleting substances (“ODS”), such as Chlorofluorocarbons (“CFCs”), that have been phased out of production. Ozone depleting substances are also potent greenhouse gases and preventing their release provides significant environmental and climate benefits. Hudson’s deep experience and knowledge of the refrigerant market, coupled with EOS Climate’s expertise in greenhouse gas projects provides both companies a route to carbon market revenues while driving permanent, scalable emissions reductions.”
“We are excited by our new alliance with EOS Climate and look forward to working with them to promote responsible ‘end of life’ handling of ODS from older, inefficient equipment. Hudson is a leading refrigerant reclaimer and has always looked for solutions to grow our business while fostering best environmental practices. This opportunity for the destruction and monetization of CFCs is a natural extension of our effort to protect the environment and complements our existing business, and in the future will likely expand to include Hydrofluorocarbons, which are also high global warming gases, as their mandated phase outs are expected to occur over the next twenty years.”
EOS Climate CEO Joe Madden commented, “We have developed an integrated system of market leaders at each step of the supply chain to ensure a regular supply of high quality emissions reductions to meet the growing demand in North America. Hudson is an important partner for us, with their record of delivery, reliability and expertise.”
“EOS Climate’s ODS destruction methodology served as the springboard for CAR’s final protocol. The CAR protocol, coupled with the Hudson/EOS alliance, brings the U.S. one step closer to the development of a market-based mechanism to address the climate change impacts associated with ODS. Absent a quantifiable and verifiable market-based mechanism, these gases would otherwise be released to the atmosphere, the equivalent to millions of tons of CO2. The new CAR protocols, and alliances like ours with Hudson, we believe will mobilize projects and accelerate the move to more advanced technologies while leveraging financing from GHG markets domestically and worldwide,” added Madden.