Green Automotive Company Developing Carbon Credit Program
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NEWPORT BEACH, CA--June 9, 2011: Green Automotive Company Corporation (OTC:GACR) announced today that it is developing a carbon credit financing program which could result in an infusion of $60,000,000 or more into the Company this year.
“under newly enacted CO2 emissions regulations, companies whose products emit CO2 have a limit on the amount of greenhouse gas that their products can emit. The company, or “emitter”
“As I outlined in our announcement last month”, said Mr. Fred Luke, “under newly enacted CO2 emissions regulations, companies whose products emit CO2 have a limit on the amount of greenhouse gas that their products can emit. The company, or “emitter”, must have an “emissions permit” for a certain amount of CO2 it releases into the atmosphere. These permits set an enforceable limit, or “cap”, on the amount of greenhouse gas pollution that the emitter is allowed to emit. To reward those emitters who are below the regional maximum emission standards, or in our case, a --non-emitter’ whose products do not produce any CO2 , receive --credits’. Known as --Carbon Credits’, these credits are designed to incentivize industry to migrate in the direction of less carbon intensive processes and lower or eliminate an emitters carbon footprint.”
“At this point our research and predicated upon third-party calculations”, said Mr. Luke, “the Company should qualify for a significant amount of Carbon Credits based upon its projected sales of electric vehicles, as each electric vehicle that Green Automotive puts on the road reduces the emission of CO2 by an amount equal to the CO2 emissions of a vehicle of similar size powered by a conventional internal combustion engine.”
Mr. Luke continued, “I should mention that a Carbon Credit has become a tradable commodity representing a credit against the emission of one ton of carbon, CO2 or CO2 equivalent, around which a market is developing. “As I pointed out last month”, said Mr. Luke, “ large-scale emitters of CO2 who are unable to meet their regional maximum emission standards in the time allotted, see purchasing Carbon Credit as cost-effective alternative to the penalties and fines potentially imposed for not being in CO2 emission compliance within the prescribed timeframe. An example of how the process is working is the recent sale by Tesla to Honda of over $13 Million of Carbon Credits Tesla received related to its electric vehicles. We are now planning on using the revenue generated by a successful carbon credit program, as in the example of Tesla, to lower the price of our vehicles to the consumer, and as a source of additional working capital for the Company. It’s a unique opportunity and one that Green Automotive will continue to aggressively pursue.”
As announced last month, Green Giant Venture Fund was retained by Green Automotive to assist in the development of the Company’s carbon credit initiative, and the Company says that Green Giant Venture Fund is already in discussions with potential buyers to pre-purchase the Carbon Credits for which the Company anticipates qualifying, and anticipates signing Letters of Intent within the next 60 days.
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas, and its shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR".
About Green Giant Venture Fund. Green Giant Venture Fund is an international carbon credit project developer with offices in Rio De Janeiro, Brazil and La Jolla, California. Green Giant Venture Fund structures finances, develops, and operates carbon credit projects throughout the world.