IdleAire Technologies Corp. has announced the sale of $320 million of discount notes and warrants that will finance the installation of its Advanced Truckstop Electrification (ATE) system in about 13,200 parking spaces in 210 locations in up to 35 states.
IdleAire’s expansion of its anti-idling system represents a near-tenfold increase in the number of spaces and locations. IdleAire currently operates 1,365 spaces in 24 locations and 11 states.
Using adaptors that fit in truck windows, the ATE system provides filtered in-cab heating and air conditioning along with various communications and entertainment options for truck drivers, including a computer with liquid crystal display (LCD). In addition to communications and entertainment, the computer-based platform offers the ability to deliver driver safety programs, professional development, education and other training materials to drivers.
Upon completion of the expansion, IdleAire’s network will include 160 travel centers and 50 truck fleet terminals. The locations will be selected based on their size, convenience along key freight corridors, quality driver amenities and average daily/monthly number of idling trucks, says Mike Crabtree, chief executive officer of IdleAire Technologies Corp.
Construction is set to start immediately at key sites among IdleAire’s nationwide travel center partners — TravelCenters of America, Petro Stopping Centers, Pilot Travel Centers — as well as sites owned by smaller chains and independently owned travel centers.
In addition to providing funding for construction directly, the financing provides matching funds for using $42 million in public grant awards that already have been earmarked for IdleAire’s installations locally and in communities across the country, Crabtree says.
