GE Capital Finances Ozinga’s Switch to Compressed Natural Gas
Includes CNG trucks and refueling stations; goal is to achieve energy
NORWALK, Conn. -- June 26, 2013
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.
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