In mid-2016, Orange County Transportation Authority (OCTA) entered into a contract with Element Markets Renewable Energy, LLC (Element Markets) to supply renewable natural gas (RNG) to OCTA’s fleet and management of the generation, marketing and sale of the associated environmental credits.
With more than $10 million of revenue generated to date through the sale of environmental credits resulting from OCTA’s use of RNG as a vehicle fuel under California’s Low Carbon Fuel Standard (LCFS) and the United States Environmental Protection Agency’s Renewable Fuel Standard, Element Markets has exceeded—well ahead of schedule—the $8.9 million revenue benchmark established for the initial three years of the contract.
“OCTA has been a great partner and we are very pleased to have exceeded their expectations in delivering both economic value and emissions reduction through Biomethane CNG. We look forward to an even stronger relationship in the future as OCTA introduces Renewable Hydrogen into their fleet,” said Angela Schwarz, President and CEO of Element Markets.
OCTA continues to be a leader in reducing transportation emissions, having recently rolled out hydrogen buses and its own hydrogen fueling station. The new hydrogen buses, which are replacing LNG buses, are scheduled to begin service in late 2018. Element Markets will facilitate the generation and sale of environmental credits associated with OCTA’s hydrogen fuel initiative as well.
About Element Markets
Element Markets is a leading renewable natural gas marketing and environmental commodities company that applies its diverse environmental expertise to provide structured environmental compliance and optimization services to prominent corporate and institutional clients. The company has a long history within the emissions, carbon, renewable energy credit, biogas, renewable natural gas, and renewable fuel credit markets. Element Markets is a wholly-owned subsidiary of Element Markets, LLC, and is headquartered in Houston, Texas. More information about the company is available at www.elementmarkets.com