Retail energy provider IDT Energy Inc. has created a new subsidiary, Evergreen Fleet Services, that will focus on providing compressed natural gas (CNG) vehicle solutions for Class 2-Class 8 applications.
A partnership with Clean Vehicle Solutions LLC (CVS), a firm that specializes in natural gas vehicles (NGV) conversions and CNG refueling infrastructure, is a key to Evergreen Fleet Services' entry into the market, the company says.
‘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,’ says 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,’ he explains.
Evergreen Fleet Services' joint sales and marketing agreement with CVS will enable the new organization to offer full-service, end-to-end CNG solutions – not only NGV conversions and fueling needs, but also financial support, maintenance services and personnel training.
IDT Energy is a subsidiary of Genie Energy Ltd., a holding company with a market cap of approximately $185 million.