Knoxville, Tennessee, August 23, 2012 – Convoy Solutions, LLC, d/b/a IdleAir is pleased to announce that it has closed a $7 million round of growth financing with Sea Port Group Securities, LLC, a wholly-owned subsidiary of The Seaport Group, LLC. Concurrent with this financing has been the closing of a Seaport arranged construction bridge facility. Since the re-launch of IdleAir in 2010, Seaport has helped raise over $15mm of capital for IdleAir in the Truck Stop Electrification (“TSE”) sector.
“The proceeds from this capital raise allow us to continue streamlining and expanding our growing national TSE network along America’s major highway corridors. Our expansion improves our ability to serve the nation’s long haul fleets, who in turn save on fuel and maintenance while improving driver retention and safety”, says Ethan Garber, Chief Executive Officer of IdleAir. The Company expects to open five new sites by the end of this year, and another fifteen in 2013.
IdleAir’s operational updates include:
• Re-launched service in August 2010. Now operating 30 locations in 12 states, representing 1,600 electrified parking spaces. IdleAir’s travel center partners include Pilot Flying J, Love’s, Sapp Brothers, TA Franchisees and other regional operators.
• IdleAir’s customer base of professional truck drivers has grown to include over 33,000 active users, two-thirds of whom are owner-operators. Recurring customer acquisitions increasing by 5% per month.
• IdleAir’s customer usage continues to soar, as customer hours are up 56% year-to-date (through July 2012) versus the same period in 2011, and fleet usage is up 120% for the same comparison period.
• IdleAir’s fleet sales team has signed up 450 corporate fleets representing approximately 80,000 potential driver customers while achieving 12% actual average driver penetration of theses same fleet partners. Overall fleet market penetration of 1% indicates significant remaining growth opportunities.
• June: Launched its first dedicated fleet terminal with discussions underway with several more fleets and fleet customers for other potential dedicated terminals and distribution centers.
• July: Launched Convoy PointsTM loyalty rewards program with co-marketing initiatives under way with several major travel center and big box retailer partners. The online IdleAir Store will be launched this Fall with a unique philanthropic capability of providing corporate matching of customer point donations toward select Trucking and Veteran related charity partners.
Convoy Solutions, LLC Proud Providers of IdleAir 2567 Prime Way, Suite 101 Knoxville, TN 37918
(865) 232-1700• IdleAir is exploring ways to leverage our existing technology and growing captive audience by exploring partnerships with major load board operators like Getloaded and DAT.
• IdleAir’s Pilot-White Pine, Tennessee location features an integrated 20 kilowatt 100% American manufactured solar photovoltaic array, which generates 50% of that IdleAir location’s daytime electricity needs and has produced 13 megawatt hours of power in 2012.
• Talks currently underway with international partners for expansion into new markets. • The Flying J in Carneys Point, New Jersey location plans to introduce one of the East Coast’s first
electric vehicle (“EV”) DC fast car charging stations later this year.
• Since Re-Launch, IdleAir has helped fleets and drivers save over 1.5mm gallons of diesel. Including predecessor operations, IdleAir has saved the US Economy over 50 million gallons of diesel waste and eliminated over one billion pounds of emissions.
“We are very pleased to be working with the IdleAir team to help it execute on its expansion opportunities. IdleAir is providing a unique service that creates a highly compelling customer value proposition, as evidenced by its impressive customer growth. We look forward to helping IdleAir continue to grow and enhance its nation-wide reach,” said Steve Smith, Head of Investment Banking at The Seaport Group.
IdleAir provides America’s professional truck drivers and fleets with an alternative to idling. IdleAir is the largest provider of Truck Stop Electrification services with a nation-wide network of locations at major travel centers. Customers can eliminate idling their engines or running their APU’s while enjoying powerful heating and air conditioning, 120V electricity, Internet services, and Satellite TV. At less than half the cost of idling and with reduced emissions, IdleAir helps drivers sleep better and save money.
IdleAir is headquartered in Knoxville, Tennessee. For more information, please visit www.idleair.com or contact the Company at 865-232-1700 or [email protected].
Since 2001, The Seaport Group has grown into one of the largest independent investment banks. Our unique model provides clients with access to an integrated firm of seasoned institutional credit specialists across numerous sectors and product areas, including bank debt, bonds, trade claims and equities. We have more than 150 professionals in 15 offices. To learn more about the firm please contact our corporate headquarters in New York or visit www.theseaportgroup.com.