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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV