General Electric (NYSE:GE) and Chesapeake Energy (NYSE:CHK) have jointly introduced a natural gas technology that they say is ready for use and could be used to fill vehicle fuel tanks as an alternative to increasingly expensive gasoline.
The “CNG in a Box” system is a ready-to-go alternative fueling solution that taps into natural gas lines and produces compressed natural gas, or CNG, that can be used to power taxis, trucks, and personal vehicles cleanly and efficiently. Spokespersons for GE and Chesapeake claim the technology can be implemented at standard fueling stations alongside existing gasoline and diesel pumps, and would look and feel very similar to the pumps with which consumers are already familiar.
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CNG-powered vehicles offer numerous advantages to conventional gasoline-fueled ones, including being greener and more wallet-friendly. “Natural gas is produced at a relatively lower cost and is cleaner burning than gasoline or diesel fuel – natural gas vehicles can show an emissions reduction of up to 80 percent compared to gasoline vehicles,” said GE ecomagination Vice President Mark Vachon. Additionally, officials at GE and Chesapeake say using CNG can reduce annual fuel costs by up to 40 percent.
The companies have plans to install two of the new $750,000 “CNG in a Box” systems in Texas and aim to eventually add stations in West Virginia, Ohio, and Pennsylvania, as well.
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