We believe natural gas vehicles (NGVs) are the best solution available today for this effort. We like plug-in hybrids, but are concerned about the cost. We believe the plug-in will be viable once more advancements are made in battery technology. Obama’s goal to “Get 1 Million Plug-In Hybrid Cars on the Road by 2015” is a good start, but he needs to get 15 million more on the road by 2018 if he hits that first target. We believe E85 too can be made viable in the future but cellulosic ethanol will likely be needed to make the economics work. These two advanced alternative transportation technologies could easily be 5+ years away from where NGV is today on cost.
Janney Montgomery Scott LLC Research Report, February 2, 2009