MONTREAL, May 28, 2015 /CNW/ – GE Capital, Canada announced today the signing of a commercial agreement with Shell Canada Products (Shell) with a view to facilitate the trucking industry’s adoption in Canada of liquefied natural gas (LNG), a cleaner-burning, less expensive fuel.
Under this agreement, GE Capital and Shell will work together to reduce monthly payments for truck fleets that lease natural gas vehicles (NGVs). Specifically, fleets owners can sign natural gas 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 has been providing wholesale and retail financing to the country’s commercial trucking sector for 35 years. Today’s announcement continues GE Capital’s efforts to promote the use of NGVs 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,” said François 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.”
In general, LNG is used for vehicles that undertake long hauls, while compressed natural gas (CNG) is used for those that undertake shorter hauls.
About GE Capital, Canada
With 17 offices throughout Canada, GE Capital (www.gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in many phases of a business’ lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our 30 years of experience in the Canadian market and wealth of industry expertise to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, and restaurant and hotel franchise financing. GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
SOURCE GE CAPITAL CANADA
For further information: GE Capital, Lisa Tibbitts, 203-956-4582, lisa.tibbitts@ge.com