M-Fuel Could Save the City of Chicago $40M a Year Says EcoloCap CEO
Press Release Source: Capital Situation On Thursday May 26, 2011, 4:44 pm
CHICAGO--(BUSINESS WIRE)-- In an interview with Capital Situation, Michael Siegel, CEO of EcoloCap Solutions of Chicago, (www.ecolocap.com), stated that numerous independent tests have proven the company’s M-Fuel technology to reduce consumption of diesel fuel up to 30% while reducing emissions by over 70%, without any modifications to diesel engines of buses and trucks.
Invented using nanotechnology, M-Fuel is an emulsion of diesel fuel, water and a proprietary additive, developed by EcoloCap’s Korean team over the last few years. The Company is presently marketing the technology worldwide, having orders and memorandum of understanding with, governments, transportation and utility companies in over ten countries.
Siegel stated: “Taking an example in our own backyard, the skyrocketing price of diesel fuel will cost Chicago and Chicago's transit agencies tens of millions of dollars more than anticipated this year, jeopardizing some proposed new services. With fuel costs rising and state funds scarce, the region's mass transit agencies face a budget season full of tough decisions that could create a bumpy ride for passengers. The City of Chicago, along with Pace, the CTA, and Metra spend an estimated $200M in diesel fuel each year. The use of EcoloCap’s M-Fuel would save a minimum of 20% or some $40M annually, and that’s using the most conservative of our projections.”
Siegel added: “Another factor is that under the 2003 Clean Air Act, emulsified diesel fuels with a minimum 12.5% water make users eligible for an additional $0.197 IRS Tax Credit. As a result, end users could save up to $1.00 a gallon on the cost of diesel fuel at today’s prices.”
“School busses are one of the most notorious emitters of pollution with a negative impact on health, but federal budget deficits have forced the demise of the “Clean Diesel School Buses Program” that was supposed to combat this problem. M-Fuel will not only reduce emissions to within acceptable limits, but reduce the cost of fuel, all without any capital expenditure on the part the school districts.”
At the Chicago Transit Authority, officials said preliminary figures indicate they would have to grapple with another budget shortfall next year. Talk of fare increases and possible service cuts could be back on the table, just months after a state bailout enabled them to avert imposing those measures this year. |
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