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IdleAire Completes Financing for 35-State, 210-Location Network

IdleAire Technologies Corp. says it now has the funding to install its Advanced Truckstop Electrification (ATE) system at about 210 locations in up to 35 states, resulting in 13,200 new parking spaces

by Staff
January 4, 2006
IdleAire Completes Financing for 35-State, 210-Location Network

 

3 min to read


IdleAire Technologies Corp. says it now has the funding to install its Advanced Truckstop Electrification (ATE) system at about 210 locations in up to 35 states, resulting in 13,200 new parking spaces.


IdleAire CEO Mike Crabtree on Wednesday announced the sale of $320 million of discount notes and warrants that will fund the company’s next major growth phase over the next 15 months.
IdleAire’s ATE technology allows drivers of long-haul trucks to turn off their diesel engines instead of idling for extended periods to heat or cool the cab during daily required rest stops, or while waiting to load or unload. The only retrofit required for any long-haul truck to use the system is a $10 window adapter.
The system provides filtered in-cab heating and air conditioning, and a variety of communications and entertainment options to the truck driver. The service delivery module, which fits in the cab’s passenger window, includes a Pentium-class computer with color liquid crystal display (LCD).
This computer-based platform enables remote delivery of driver safety programs, professional development, education and other training materials to truck drivers on irregular and widely varying freight delivery routes.
Crabtree said IdleAire plans to add its idle reduction technology in a “network” of approximately 160 travel centers (truckstops) and 50 truck fleet terminals strategically selected for their size, convenience along key freight corridors, quality driver amenities and average daily/monthly number of idling trucks.
Construction will begin immediately at key sites with IdleAire’s nationwide travel center partners – TravelCenters of America, Petro Stopping Centers, Pilot Travel Centers – as well as sites owned by smaller chains and independently owned travel centers.
“We’re excited to start the New Year with the announcement of this next phase of growth that will make IdleAire’s ATE systems conveniently available to the nation’s 1.3 million long-haul truck drivers,” Crabtree said.
“With this network of locations, ATE-equipped travel centers will be easy to find and conveniently located. Thus fleets can reduce fuel, maintenance, driver turnover and accident costs, with better rested and more alert drivers behind the wheel,” Crabtree added. IdleAire already has agreements for drivers’ use of the ATE system with 1,372 fleets in the U.S. and Canada.
The impact on air quality and fuel conservation will be significant. Once installed, the additional locations could (one vehicle using each ATE-equipped space 10 hours/day) eliminate over a half million metric tons of diesel emissions and conserve 11.6 million gallons of diesel fuel every year. IdleAire believes it has already eliminated 58,000 metric tons of diesel emissions and conserved nearly 6 million gallons of diesel at its current 24 locations with 1,365 ATE-equipped parking spaces.
“The funds provide the match required for using $42 million in public grant awards that have already been earmarked for IdleAire's installations locally and in communities around the country,” said Crabtree.

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