IdleAire Technologies Corp., which provides Advanced Truck Stop Electrification (ATE) services to the long-haul trucking industry, has filed for an initial public offering with the Securities and Exchange Commission.
The company did not disclose the estimated number or price range of the shares to be offered, but indicated the offering price could total up to $100 million, according to the Associated Press.
The Knoxville, Tenn.-based company offers heating, ventilation and air conditioning, as well as electric power, Internet access, satellite television and telephone services to the heavy-duty trucking industry.
The company said its hourly rate is less than the hourly cost of fuel consumed while idling a heavy-duty truck engine. IdleAire's ATE technology is a commercial idling- reduction alternative that reduces idling costs of heavy-duty diesel engines; provides a key driver retention and recruiting benefit; provides a healthier sleep environment for drivers; reduces air pollution from idling diesel engines; conserves fossil fuel energy; and improves highway safety by reducing sleep deprivation.
IdleAire currently has long-term lease and installation agreements with travel center owners and operators for the right to install its ATE systems in about 73,600 parking spaces at more than 600 locations. As of August 31, IdleAire's ATE systems were installed in 8,246 parking spaces at 127 locations across 33 states.
In the six months ended June 30, IdleAire widened its losses to $44.4 million, from $25.8 million in the prior year-period. During the same period, the company increased its total net revenue to $14.9 million from $4.2 million.
The company plans to use its net proceeds from the IPO to repay a portion of its senior discount notes, to fund expansion of its ATE network expansion, and for working capital and other general corporate purposes.
IdleAire plans to list its shares on the Nasdaq Stock Market. The company did not disclose a proposed stock symbol.
The company did not disclose the estimated number or price range of the shares to be offered, but indicated the offering price could total up to $100 million, according to the Associated Press.
The Knoxville, Tenn.-based company offers heating, ventilation and air conditioning, as well as electric power, Internet access, satellite television and telephone services to the heavy-duty trucking industry.
The company said its hourly rate is less than the hourly cost of fuel consumed while idling a heavy-duty truck engine. IdleAire's ATE technology is a commercial idling- reduction alternative that reduces idling costs of heavy-duty diesel engines; provides a key driver retention and recruiting benefit; provides a healthier sleep environment for drivers; reduces air pollution from idling diesel engines; conserves fossil fuel energy; and improves highway safety by reducing sleep deprivation.
IdleAire currently has long-term lease and installation agreements with travel center owners and operators for the right to install its ATE systems in about 73,600 parking spaces at more than 600 locations. As of August 31, IdleAire's ATE systems were installed in 8,246 parking spaces at 127 locations across 33 states.
In the six months ended June 30, IdleAire widened its losses to $44.4 million, from $25.8 million in the prior year-period. During the same period, the company increased its total net revenue to $14.9 million from $4.2 million.
The company plans to use its net proceeds from the IPO to repay a portion of its senior discount notes, to fund expansion of its ATE network expansion, and for working capital and other general corporate purposes.
IdleAire plans to list its shares on the Nasdaq Stock Market. The company did not disclose a proposed stock symbol.
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