One company that provides an alternative to idling big rigs at truckstops and truck terminals has plans for growth, including investing more money to fund a planned expansion.
Evan Lockridge・Former Business Contributing Editor
February 17, 2015
Photo: IdleAir
2 min to read
Photo: IdleAir
One company that provides an alternative to idling big rigs at truckstops and truck terminals has plans for growth, including investing more money to fund a planned expansion.
An extensive story by Venture Tennessee Connections reports IdleAir is looking to raise $5 million to help what CEO and minority shareholder Ethan Garber called “sustainable profitability." The company plans to move beyond the 45 sites in 17 states it's scheduled to have by the end of April, which provide heating, cooling, electrical and other services for truckers while they are resting without having to idle the truck.
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Although previous owners of IdleAir filed for bankruptcy, under its current leadership the company has been growing to where it expects to have $3 million in revenue this year and is moving closer to breaking even. Five years ago IdleAir was purchased by Convoy Solutions following its two previous owners going belly-up.
Another change is that there are now more competitors to IdleAir and consequently more similar service offerings in the country, while the federal government is encouraging efforts to reduce pollution from idling trucks.
Today's IdleAir has far fewer employees, about 60, according to Garber, compared to some 1,500 before the company was sold. The number of employees per IdleAir site has been cut to about 1.5 from 8 to 10.
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