The Canadian branches of GE Capital and Shell have inked a commercial agreement aimed at facilitating the trucking industry's adoption in Canada of liquefied natural gas (LNG) as a transportation fuel.
Under this agreement, GE Capital, Canada and Shell Canada Products will work together to reduce monthly payments for truck fleets that lease LNG vehicles. Specifically, fleet owners can sign LNG fueling contracts with Shell and, separately, secure leases for LNG vehicles with GE Capital. The agreement covers equipment that will purchase fuel from Shell's facilities.
GE Capital says it has been providing wholesale and retail financing to Canada's commercial trucking sector for 35 years, and this announcement continues the company's efforts to promote the use of natural gas vehicles in the commercial trucking space.
“Through this agreement, we're giving over-the-road trucking companies the financial incentive to make the shift from diesel to natural gas,” says Francois Nantel, leader of GE Capital, Canada's transportation business. “Working with Shell will help address truck operators' concerns regarding the trucks' value and incremental capital investments and allow them to access the benefits of LNG vehicles from day one.”