Element Fleet Management Teams up with Enel X to Provide Smart Electric Vehicle Charging for Fleet Customers to Save Costs
02 November 2021 - 1:30PM
Element Fleet Management Corp. (TSX: EFN) (“Element”), the largest
pure-play automotive fleet manager in the world, today announced a
new electric vehicle charging agreement with Enel X, the advanced
energy services arm of the Enel Group. This collaboration will
provide Element clients access to Enel X’s residential and
commercial smart charging solutions to support electrified fleets
across North America.
“We are pleased to welcome Enel X to Element’s fast-growing
network of electrification and energy services suppliers,” said
Chris Gittens, Executive Vice President of Strategic Relationships
for Element. “Our collaboration with Enel X is the latest example
of our continued prudent investment to support our clients and lead
the fleet management industry through the gradual electrification
of automotive fleets over the next decade.”
Through the agreement, Element clients will have access to Enel
X’s portfolio of turnkey fleet electrification solutions to serve
corporate light-duty and medium-duty fleets. One of the biggest
contributors to rising fleets costs in North America has been fuel.
By electrifying fleets, corporations are looking to reduce their
total cost of ownership while reducing emissions. Enel X’s smart
charging portfolio and JuiceNet IoT software helps Element and its
clients optimize charging schedules and save on their operating
expenses.
“As companies contend with the complexities of electrifying
their fleets and the new operating cost structures, Enel X is
pleased to partner with Element to provide access to
grid-responsive charging stations to help maximize their EV
infrastructure investments,” said Carlos Gonzalez, Vice President
of Global Business Development Enel X North America. “We value our
relationship with Element, a company that is taking bold steps to
meet the evolving fleet manager needs in their transition from
internal combustion vehicles to battery electric vehicles.”
Today’s announcement supports each company’s commitment to
providing fleets with a seamless EV charging experience across the
United States, Canada and Mexico. Last month Element Fleet
Management in Mexico announced a multilateral agreement with Enel
Green Power Mexico, BYD and Electric Mobility Trucks (EMT) to
guarantee a robust and reliable integrated solution that will take
electromobility to the next level and accelerate the adoption of
electric fleets in Mexico.
To learn more about Element's Environmental, Social and
Governance (ESG) strategy reflecting its commitment to
sustainability, download the 2021 Driving Toward a Better Future
report. For a snapshot of the strategy, download this
infographic.
About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest pure-play
automotive fleet manager in the world, providing the full range of
fleet services and solutions to a growing base of loyal,
world-class clients – corporates, governments and not-for-profits –
across North America, Australia and New Zealand. Element enjoys
proven resilient cash flow, a significant proportion of which is
returned to shareholders in the form of dividends and share
buybacks; a scalable operating platform that magnifies revenue
growth into earnings growth; and an evolving capital-lighter
business model that enhances return on equity. Element’s services
address every aspect of clients’ fleet requirements, from vehicle
acquisition and maintenance to accident recovery and remarketing.
Clients benefit from Element’s expertise as the largest fleet
solutions provider in its markets, offering unmatched economies of
scale and insight used to reduce fleet operating costs and improve
productivity and performance. For more information, visit
www.elementfleet.com.
About Enel X
Enel X is Enel Group's global business line offering services
that accelerate innovation and drive the energy transition. In
North America, Enel X has around 4,500 business customers, spanning
more than 35,000 sites and representing approximately $10.5B in
energy spend under management. Enel X North America has
approximately 4.7 GW of demand response capacity, over 70 battery
storage projects that are operational and under contract, and
nearly 100,000 smart EV charging stations. Enel X advises large
energy users on energy procurement, sustainability, and risk
management, and has completed 65,000 energy procurement events
including 3,000 MW of long-term renewable energy contracts. The
company's intelligent DER Optimization Software is designed to
analyze real-time energy and utility bill data, improve
performance, and manage distributed energy assets across a number
of different value streams and applications. JuiceNet, Enel X's
smart EV charging platform, delivers energy services to utilities,
businesses, drivers and automotive manufacturers. You can learn
more about Enel X e-Mobility by visiting:
https://evcharging.enelx.com.
Forward-Looking Statements
This press release includes forward-looking statements regarding
Element and its business. Such statements are based on the current
expectations and views of future events of Element’s management. In
some cases the forward-looking statements can be identified by
words or phrases such as “may”, “will”, “expect”, “plan”,
“anticipate”, “intend”, “potential”, “estimate”, “believe” or the
negative of these terms, or other similar expressions intended to
identify forward-looking statements, including, among others,
statements regarding Element’s improvements to run-rate
profitability; enhancements to clients’ service experience and
service levels; enhancement of financial performance; improvements
to client retention trends; reduction of operating expenses;
increases in efficiency; Element's dividend policy and the payment
of future dividends; transformation of its core business; creation
of value for all stakeholders; expectations regarding syndication;
growth prospects and expected revenue growth; level of workforce
engagement; improvements to magnitude and quality of earnings;
executive hiring and retention; focus and discipline in investing;
balance sheet management and plans to reduce leverage ratios;
anticipated benefits of the balanced scorecard initiative;
Element’s proposed share purchases, including the number of common
shares to be repurchased, the timing thereof and TSX acceptance of
the NCIB and any renewal thereof; and expectations regarding
financial performance. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause Element's
actual results, performance or achievements, or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. Such
risks and uncertainties include those regarding the ongoing
COVID-19 pandemic, risks regarding the fleet management and finance
industries, economic factors and many other factors beyond the
control of Element. A discussion of the material risks and
assumptions associated with this outlook can be found in Element's
annual MD&A, and Annual Information Form for the year ended
December 31, 2020, each of which has been filed on SEDAR and can be
accessed at www.sedar.com. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Element undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Contact:
Element Fleet Management
Natasha Boeck
Senior Manager, Media Relations
437-775-9153
nboeck@elementcorp.com
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