IDT Energy, Inc., one of the largest retail energy providers in the Northeast, announced plans to enter the Natural Gas Vehicle (NGV) industry with the launch of its newly created entity, Evergreen Fleet Services. Evergreen Fleet Services will offer a suite of services to help fleet owners reduce operating costs and emissions. The effort will leverage the abundant supply of natural gas and IDT Energy's tenured expertise in managing the commodity in the retail sector.
"I am excited to announce IDT Energy's entry into the Natural Gas Vehicle industry. Evergreen Fleet Services, through our partnership with CVS, will leverage IDT Energy's natural gas commodity expertise and in-market experience in the retail sector to help provide world class CNG-based solutions for fleet owners in the Northeast," said Geoff Rochwarger, IDT Energy's CEO. "We initially intend to take full advantage of IDT Energy's regional base of operations, network for supply of the commodity and other relationships and infrastructure, and then gradually expand our geographic footprint and scope of offerings."
Evergreen Fleet Services has signed a joint sales and marketing agreement with CVS. CVS is a full service, end-to-end CNG solutions provider supporting fleet operations with extensive CNG-based consultative, financial, production, maintenance and training services. CVS also operates one of the largest CNG vehicle conversion production facilities in the United States, and has converted both gasoline and diesel vehicles from class 2 to class 8.
"The Evergreen Fleet Services partnership brings significant value to our business," said Dean Sloane, CEO of CVS. "IDT Energy's natural gas commodity procurement and related industry expertise will help to further grow our business, bringing new customers and adding value to our offerings," added Sloane.
"Natural gas provides powerful benefits compared to traditional liquid transportation fuels," Rochwarger added. "Switching to natural gas can reduce fleet fuel costs by approximately 28 percent compared to diesel and 35 percent compared to unleaded gasoline at today's prices, while significantly reducing greenhouse emissions. Evergreen Fleet Services will help fleet owners, operators and managers to capitalize on the extraordinary advantages of CNG."