- Alternative fuel market to reach $614 billion in five years
- Faced with rising demand, Greenkraft set to expand production capabilities
- Company’s eco-friendly engine gains California Air Resources Board recognition
With climate change becoming a growing threat and world leaders officially recognizing that carbon emissions are one of the main causes of this change, the global market for greener alternative fuels is expected to expand exponentially over the next few years. As part of worldwide efforts to generate clean energy, natural gas producers and natural gas associations are leveraging naturally occurring gases with a smaller carbon footprint than typical fossil fuels, while a growing number of companies in the field, including California-based Greenkraft, Inc. (OTCQB: GKIT), are focusing their efforts toward the development of alternative fuels and cleaner fuel systems.
Under the Paris Climate Accord, which was signed by 195 countries, signatories committed to taking action so as to slow down the global average temperature rise to below 2°C above pre-industrial levels – a goal that can be accomplished by eliminating or reducing the use of fossil fuels. It should be noted that some fossil fuels, such as naturally-occurring gases from compressed natural gas (CNG) and liquified petroleum gas (LPG), have a significantly lower carbon footprint than diesel or gasoline. CNG-fueled vehicles emit up to 29 percent fewer greenhouse gases, according to the California Air Resources Board. In addition to environmental benefits, CNG is also considerably less expensive than diesel or gasoline and delivers similar horsepower ratings, according to a Southern California Gas Company study (http://dtn.fm/q6gPN).
These CNG and LPG benefits are driving the growth of the global alternative fuel market, which is expected to reach $614 billion by 2022 with a 12.9 percent CAGR, according to an Allied Market Research report (http://dtn.fm/WMC2a). The movement is spearheaded by natural gas producers and companies committed to the development of clean and cost-effective fuel automotive products. Located in Santa Ana, California, Greenkraft is a leading manufacturer of alternative fuel engines and systems, as well as environmentally-friendly trucks, being a major player in the clean energy truck market (http://dtn.fm/mxl0V).
Greenkraft’s commitment to delivering green automotive products that meet the same performance standards as regular fuels is certainly paying off. The company is facing a rise in demand for its Greenkraft truck, which was launched in March this year, and it already has plans to expand its production facilities. The company also garnered accolades for its new truck over the inclusion of a septic tank – a first for Greenkraft and a move that’s likely to generate millions of dollars in new revenue in the coming years, according to CEO George Gemayel.
The company’s efforts to promote environmentally-friendly products were also recognized by California’s Air Resources Board as exceeding the state’s Clean Air Act standards. Greenkraft’s 8L V8 Gasoline, CNG and LPG fuel-injected engine was recently awarded new certification by the board’s On-Road New Vehicle and Engine Certification Program, according to a company press release (http://dtn.fm/y6teD). The engine, available as a standalone product or with one of Greenkraft’s heavy duty trucks, achieves nitrogen oxide emissions of under 0.02 g/bhp-hr, which is very close to the near-zero emission levels set by the board.
Other companies that share Greenkraft’s commitment to clean energy products for clean cities and a better environment include Cummins, Inc. (NYSE: CMI) and Ballard Power Systems Inc. (NASDAQ: BLDP).
As a global power leader that designs, manufactures and commercializes both diesel and alternative fuel engines and related products, Cummins operates a special branch that is focused on developing emission solutions to meet the highest standards for emissions control worldwide. These solutions include custom engineering systems, particulate filters, oxidation catalysts, fuel water separators, coolants, additives and other fuel systems for various types of engines.
With a declared goal of becoming a leading global provider of innovative clean energy solutions, Ballard Power Systems focuses on the manufacture of proton exchange membrane fuel cells to deliver valuable, reliable and high-quality green energy power products to several markets, including automotive, rail, public transit, defense and critical infrastructure.
For more information, visit the company’s website at www.GreenkraftInc.com
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