Press release from Business Wire
GE Capital Finances Ozinga's Switch to Compressed Natural Gas
<p> Includes CNG trucks and refueling stations; goal is to achieve energy independence </p>
Wednesday, June 26, 2013
GE Capital Finances Ozinga's Switch to Compressed Natural Gas08:00 EDT Wednesday, June 26, 2013
NORWALK, Conn. (Business Wire) -- GE Capital announced today that it is financing ready-mix concrete firm Ozinga Bros.' purchase of concrete trucks, loaders and other equipment powered by compressed natural gas (CNG). The financing will also be used to purchase GE's CNG fueling stations, the CNG In A Box™ system.
Mokena, IL-based Ozinga began testing CNG-powered concrete mixer trucks in 2011 with a goal of reducing its reliance on foreign petroleum and diminishing its carbon footprint. After learning that the new CNG engines reduced carbon emissions by 80-90 percent while offering the same horsepower and torque performance as traditional diesel engines, Ozinga pledged to switch its fleet of approximately 500 concrete mixer trucks to CNG by 2020.
“Once we began operating CNG trucks, we quickly realized the value of adding natural gas fuel to our operations because it's abundant and affordable,” said Marty Ozinga IV, president of the fourth-generation family-owned company. “This is one more step on the path to achieving energy independence and expanding the use of alternative energy in the Chicago area.”
A GE Capital customer since 1990, Ozinga will use the majority of the funds to purchase CNG-powered ready mix trucks along with other necessary equipment. To ease the refueling process for its fleet, Ozinga plans to install four CNG In A Box systems, which are plug-and-play on-site CNG fueling stations developed by GE Oil & Gas in collaboration with Chesapeake Energy Corporation.
“We're very pleased to help Ozinga accelerate the adoption of natural gas-powered commercial vehicles,” said Eric Dusch, equipment finance chief commercial officer at GE Capital, Corporate Finance. “This transaction brings together innovative solutions from GE Oil & Gas and GE Capital to help an American business grow and expand.”
In addition to GE Capital, Corporate Finance serving as a major underwriter on Ozinga's equipment loan, GE Capital's Equipment Finance business will provide the funds needed to acquire and install the CNG In A Box systems.
This GE ecomagination™ qualified refueling option provides an easy, lower-cost fueling experience and a higher-margin solution for facility operators compared to gasoline or diesel.
For more information about CNG In A Box or the benefits of natural gas vehicles (NGVs), click here: http://www.ge-energy.com/solutions/CNG_in_a_Box.jsp. Interested parties may also contact Sean Gannon by calling (212) 587-5059.
About Ozinga Bros., Inc.
Ozinga is the Midwest's premier supplier of concrete and building materials. It provides ready-mix concrete, decorative concrete supplies and bulk materials. It also offers transportation services through an extensive network of truck, rail, barge and ship terminals. Its red-and-white striped concrete mixer trucks are easily recognizable in the Chicagoland area and beyond. For more information, go to http://www.ozinga.com/.
About GE Capital, Americas
GE Capital, Americas is a leading provider of equipment and inventory financing, capital for corporate acquisitions, refinancings and restructurings, and services to manage vehicle fleets and other equipment. With deep expertise spanning 40+ industries, we deliver financing and services to nearly 300,000 customers in the U.S., Canada and Latin America. With Access GE, clients also benefit from access to GE's best practices to help build their business. Visit our Web site (http://www.americas.gecapital.com/home) or follow us on Twitter (https://twitter.com/GELendLease).
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
GE Capital, Americas
Allison Perkins, 203-229-1447
Ozinga Ready Mix Concrete, Inc.