WATERTOWN, Mass., Feb. 22, 2024 (GLOBE NEWSWIRE) -- In a significant move to address the financial and environmental challenges posed by rising carbon taxes, Spectaire Holdings Inc. (NASDAQ: SPEC), a global leader in the field of air quality monitoring and emissions reduction technologies, has proudly announced the successful installation of its revolutionary AireCore technology within several leading Canadian trucking fleets. This initiative is poised to provide a sustainable solution that aligns with the national agenda for reduced carbon emissions, while also developing a path to mitigating the economic impact of tax legislation on the trucking industry.
In April of this year, Canadian truckers saw a significant increase in carbon pricing – a 30% increase to $65 a tonne – translating to an increase of about 17 cents of carbon tax payment per litre of diesel fuel.
Susan Ewart, executive director of the Saskatchewan Trucking Association, said a driver operating a truck with a 300-gallon tank would be paying about $193 more per fill. At an average of about 106 fills each year, Ewart put the cost of carbon tax payments at more than $20,000 annually for each truck on the road.
The adoption of AireCore by multiple Canadian trucking fleets represents a proactive approach to facilitate industry-wide emissions reductions, in alignment with increased federal and provincial carbon taxes across Canada. This deployment underscores Spectaire's commitment to delivering innovative solutions that address both environmental and economic challenges facing the trucking sector.
Brian Semkiw, CEO of Spectaire, stated,” I recognize the financial pressures faced by the trucking industry. AireCore measures tailpipe emissions while trucks are in transit, allowing for those companies who take steps to mitigate their emissions, a pathway to financial relief through carbon offset programs and enhanced tax reporting mechanisms."
Danny Bucciarelli, General Director of G&S Direct, highlighted the operational and financial advantages conferred by AireCore, "Our collaboration with Spectaire through AireCore not only signifies our dedication to environmental stewardship but also enhances our competitive positioning, facilitates potential tax benefits, and enables the generation of carbon credits. We have served our 240,000 customers over 30 years with over 60 trucks and over 100,000 sqft of warehouse space and have invested in carbon reduction technology. We want to be able to publish and benefit from these investments."
Dr. Brian Hemond, CTO at Spectaire, emphasized the strategic importance of this collaboration, "Our work with industry leaders such as G&S Direct and International Landscaping illustrates a shared commitment to leveraging cutting-edge technology for meaningful emissions reduction. The AireCore system's ability to provide precise, actionable emissions data represents a cornerstone of our strategy to promote sustainability within the trucking industry."
Baldo Gucciardi, CEO of International Landscaping, commended the ease of integrating AireCore into their operations, "The efficiency of AireCore's installation and its operational transparency have been remarkable. This technology is indispensable for our data-driven approach to emissions reduction, allowing us to credibly demonstrate our environmental progress to our clients."
The rollout of AireCore by Spectaire marks a pivotal development in the intersection of technology, environmental responsibility, and economic strategy within the Canadian trucking industry. This initiative not only showcases Spectaire's innovative capabilities but also sets a new standard for how the sector can navigate the challenges of carbon taxation and environmental compliance.
For additional information, contact:
IR@spectaire.com
About Spectaire Holdings Inc.:
Spectaire Holdings Inc. stands at the forefront of air quality and emissions reduction technology. With a relentless focus on innovation and environmental sustainability, Spectaire is committed to helping industries monetize their investments in emissions mitigation to the benefit of their businesses, the economy and the environment.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “would,” “will continue,” “will likely result” and similar expressions.
The forward-looking statements are based on the current expectations of the management of Spectaire and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations, and assumptions. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by Spectaire with the U.S. Securities and Exchange Commission (the “SEC”) and the following: Spectaire’s ability to operate as a going concern; Spectaire’s requirement of significant additional capital; Spectaire’s limited operating history; Spectaire’s history of losses; Spectaire’s ability to attract qualified management; Spectaire’s ability to adapt to rapid and significant technological change and respond to introductions of new products in order to remain competitive; the loss of, or nonperformance by, one or more significant customers; disruptions of Spectaire’s manufacturing operation; changes in governmental regulations reducing demand for Spectaire’s products or increasing Spectaire’s expenses; the effects of global health crises on Spectaire’s business plans, financial condition and liquidity; changes or disruptions in the securities markets; legislative, political or economic developments; Spectaire’s failure to obtain any necessary permits or comply with laws and regulations and other regulatory requirements; accidents, equipment breakdowns, labor disputes or other unanticipated difficulties or interruptions; potential cost overruns or unanticipated expenses in development programs; potential legal proceedings; and Spectaire’s failure to obtain or maintain insurance covering all of Spectaire’s operations.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Spectaire prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning matters addressed herein and attributable to Spectaire or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, Spectaire undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
