SEPTEMBER 9, 2010 - COVANTA ENERGY AND CRANE & CO. ANNOUNCE PLANS TO CONVERT WASTE FIBER INTO CLEAN ENERGY

Pittsfield, MA - September 9, 2010—Covanta Pittsfield LLC, a subsidiary of Covanta Holding Corporation (NYSE:CVA), an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects, today formally announced its plans to work with Crane & Co. to convert the currency company’s stored paper-making waste fibers into clean, renewable energy.

Covanta Pittsfield operates the Pittsfield Resource Recovery Facility, an Energy-from-Waste facility located adjacent to Crane & Co., which uses steam provided by Covanta to power Crane’s manufacturing processes and to heat the paper company’s facilities. Covanta Pittsfield has been given approval by the Massachusetts Department of Environmental Protection (MassDEP) to move forward on a demonstration project to begin processing the fibers, a non-hazardous byproduct of the paper-making process, from three beds on the Crane & Co. property. Use of the beds was discontinued in the 1980s.

“Crane & Co. has enjoyed a long partnership with Covanta's Pittsfield facility where steam has been supplied to four of our paper mills and corporate offices since 1981. Because of this partnership with Covanta, we worked together to develop an innovative solution for the disposition of accumulated paper fibers in beds no longer used by Crane & Co.,” said Arthur Sanders, U.S. Government Products Production Manager, Crane Currency. “We take pride in our environmental stewardship and we look forward to working with Covanta on this project as well as others where mutual opportunities exist.”

If the pilot project is successful, Covanta would process approximately 10 gallons of diluted waste fibers into energy every minute, representing about five million gallons annually. It is expected to take between 10 and 13 years to finish the remediation effort.

“We are excited that MassDEP has approved the project and we can begin work with Crane & Co. on this important environmental initiative,” said Stephen Diaz, Covanta Energy Vice President and Regional Business Manager. “Working together, in partnership with Crane, we will be utilizing a wasted resource and converting it into much needed renewable energy.”

The project is expected to begin operations during the fourth quarter of this year.

The Pittsfield Resource Recovery Facility is an integral part of the Pittsfield community, processing 240 tons per day of solid waste generated from residential and commercial operations throughout Berkshire County. Annually, the plant produces over 400 million pounds of steam as well as 3.5 million kW hours of electricity used in-house for facility operations. On a daily basis, the steam generated by the Energy-from-Waste facility and delivered to Crane & Co. enables Crane to avoid utilizing 16,000 gallons of oil per day.

About Covanta

Covanta Holding Corporation (NYSE:CVA) is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 45 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into more than 9 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visitwww.covantaholding.com.

About Crane & Co.

Crane & Co. has been the country's leading maker of fine 100 percent cotton stationery for social and business correspondence for over two centuries. Founded in 1801, the company's roots extend to the birth of the nation. It was at Crane's Liberty Mill that paper was made for Paul Revere to engrave colonial currency in 1776. Crane has made the distinctive paper for United States currency since 1879. The company continues to be owned and managed by members of the sixth and seventh generations of the Crane family. For more information on Crane's fine business papers and brands, visitwww.cranepaper.com.

Contact

James Regan
Media Relations and Corporate Communications
Covanta Energy
973-882-7152