General Electric Company (NYSE:GE) and Chesapeake Energy Corporation (NYSE:CHK)'s subsidiary Peake Fuel Solutions launched the CNG In a Box system during the National Association of Convenience Stores (NACS) 2012 Annual Show on Wednesday.
The CNG In A Box system is an alternative fueling system, which enables fleets operators to fuel up their natural gas vehicles (NGVs) in a cheaper, faster and easier method. The General Electric Company (NYSE:GE)'s Wayne provides innovative dispenser technology, credit card reader, and remote utility box.
According to the companies, fleet operators would be able to save 40 percent in fuel costs using the CNG In a Box System compared with the traditional gasoline fueling system.
The CNG In A Box system has an 8 foot x 20 foot container, and it is a plug-and-play on-site fueling solution. It is equipped with all the tools required by retailers for operating their business. The system compresses natural gas from a pipeline into CNG on-site at a traditional automotive fueling station or industrial location.
Vehicles powered by CNG will be able to refill their tanks using a dispenser just like the traditional diesel or gasoline dispenser. Wayne GE Energy Business developed the comprehensive natural gas (CNG) dispenser with PCI-compliant pay-at-the-pump technology.
According to GE Oil & Gas Unconventional Resources general manager Mike Hosford, GE and Peake Fuel Solutions collaborated in developing infrastructure solutions to speed up the adoption of natural gas as fuel for transportation.
Hosford said, “The CNG In A Box system is a unique fueling solution that brings together some of the best innovation from across GE to help fleet owners and everyday drivers realize the benefits of cleaner burning, abundant, more affordable natural gas.”
On the other hand, Chesapeake Energy Corporation (NYSE:CHK) vice president for Natural Gas Ventures, Wilkinson said the combination of the expertise of Peake Fuel Solutions in natural gas and GE’s cross-industry technology capabilities will “advance the use of abundant and affordable natural gas fueling solutions.”
GE Capital offers financing to the customers of Peak Fuel Solutions to buy the CNG In A Box system at competitive rates and flexible payment options based on their cash flow.
GE and Peak Fuel Solutions will rollout 250 CNG In A Box systems for natural gas vehicle infrastructure this fall. GE Ecomagination vice president, Mark Vachon emphasized that natural gas is cleaner than gasoline or diesel reducing emissions by 80 percent, and it is produced at a relatively low cost.
In addition, Vachon said, “Through Ecomagination, we'll continue to deliver to the industry innovative solutions that deliver both great economics and environmental performance, and the CNG In A Box system exemplifies this commitment.”