Quantcast

Cemtrex to Benefit from Stimulus Bill Spending on Energy Efficiency

April 16, 2009

FARMINGDALE, N.Y., April 16 /PRNewswire/ — Cemtrex Inc. (OTC: CTEI) announced today that the Company expects to benefit from the stimulus bill, which is also known as the Economic Recovery and Reinvestment Act of 2009, as it contains a significant amount of money being allocated for increased energy efficiency programs and green technologies.

“We’ve worked hard during the past few years to develop Green DCV technology to reduce energy consumption in commercial buildings and now look forward to working with federal, state and local governments on energy efficiency projects that will be created as part of the stimulus bill spending,” said Mr. Arun Govil, CEO of Cemtrex. “We will work with local townships, school districts, municipalities, community colleges, government bases, and government hospitals to provide exactly the kind of energy efficiencies and green technologies that we are marketing to the private industry.”

The stimulus bill signed by President Obama includes $14.5 billion for energy efficiency programs, $3.5 billion for renovation and energy efficiency improvements for the Department of Defense, $10 billion for federal loan guarantees on renewable energy systems, $8 billion for environmental remediation, $20 billion to extend renewable energy tax credits, and $11 billion to promote energy efficiency in government buildings and fleets.

Other beneficial provisions of the stimulus bill include:

(i) $2.3 billion in tax credit for investment in advanced energy property for any project that re-equips, expands or establishes a facility for the production related to various identified renewable energy resources.

(ii) About $3.2 billion is available for energy efficiency and conservation block grants for states and eligible local governments involved in energy conservation products and services.

(iii) Removal of certain caps on credits for residential energy efficient property.

(iv) About $6 billion is available from the Department of Energy for the cost of guaranteeing loans for proven renewable technologies to help increase the sale of such products.

(v) $5 billion for carbon capture technology research.

About Cemtrex

Cemtrex Inc. is a worldwide market leader in manufacturing and selling the most advanced instruments for emission monitoring of particulate, opacity, mercury, sulfur dioxide, nitrogen oxides, etc. and filtration products for the industry. Cemtrex also markets Green DCV, an innovative energy efficiency solution for high-quality green building applications, through optimizing HVAC control systems. Cemtrex provides turnkey services for carbon creation projects from abatement of greenhouse gases pursuant to the Kyoto Protocol and assists project owners in the selling of carbon credits globally. The Company’s products are sold to power plants, refineries, chemical plants, cement plants and other industries, including federal and state governmental agencies.

Safe Harbor Statement

This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.

    Contact Information:

    Arun Govil
    Cemtrex
    T: 631-756-9116
    agovil@cemtrex.com

http://www.cemtrex.com

SOURCE Cemtrex Inc.


Source: newswire



comments powered by Disqus