New TravelCenters of America Survey Finds that Trucking Fleets Plan to Invest in EV and Hydrogen Vehicles to Meet Decarbonization Goals
Fleet Leaders Want to See Charging Infrastructure Development Before Making Major Commitments to Specific Alternative Fuels WESTLAKE, Ohio, August 11, 2022--(BUSINESS WIRE)--Leaders of the largest U.S. trucking fleets are moving forward with planning and investment in fleets powered by sustainable fuels, according to a new survey released today by TravelCenters of America Inc. (Nasdaq: TA). Fleet companies have begun making investments in electric and hydrogen powered vehicles and expect to continue to do so in the next few years.
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(Graphic: Business Wire) The survey was released as part of a new white paper from eTA, TA's sustainability business unit, called "Sustainable Fuels in Trucking: The Greening of America's Trucking Industry." View the white paper here: https://tatransformation.com/alternative-energy-sustainability/
"This white paper, the first in a series about the trucking industry's transition to sustainable fuels and TA's role in that process, identifies the key challenges the industry is facing and the support it will need from federal and state governments to be successful," said Jon Pertchik, Chief Executive Officer of TravelCenters of America. "One of the key findings is that many companies are hesitant to fully commit to alternative energy vehicles until the technology and infrastructure have matured enough for them to maintain efficient operations during the transition period and beyond. With the current range of EV and hydrogen-powered heavy-duty trucks, fleet leaders want to see a substantial number of available fast-charging and/or refueling stations before making larger investments in new vehicles. TA plans to be a leader in providing EV charging stations and hydrogen refueling for trucks at its over 275 travel centers as the industry adopts these sustainable fuels."
Other key survey findings include: Story continues
One in five companies responding to the survey already have some electric vehicles in their fleet.
About half expect to have electric vehicles in their fleet by 2030.
Most responding companies anticipate that EV trucks will make up 11%-25% of their fleet by 2030.
Only 5% of fleets responding have hydrogen vehicles in their fleets today, but this number will likely increase to nearly 25% of fleets by 2030.
9% of responding fleets currently have CNG (compressed natural gas) vehicles, with very few anticipating they will make up a larger percentage of their fleets by 2030.
Very few responding companies seem interested in vehicles powered by RNG (renewable natural gas) or LNG (liquified natural gas).
Trucking fleet leaders also look to TA to take a leading role in providing sustainable fuels so they can plan their own investments around TA locations that will provide alternative energy resources in the future. About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network.
Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in over 275 locations in 44 states, principally under the TA(R), Petro Stopping Centers(R) and TA Express(R) brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, and leverages alternative energy to support its own operations.
TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet(R) and Country Pride(R). For more information, visit www.ta-petro.com. Warning Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever TA uses words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA's present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and involve known and unknown risks, uncertainties and other factors, some of which are beyond TA's control.
Among others, the forward-looking statements which appear in this press release that may not occur include Mr. Pertchik's statement that TA plans to be a leader in providing EV charging stations and hydrogen refueling for trucks at its over 275 travel centers as the industry adopts sustainable fuels. TA may change its strategy with respect to sustainable fuels, the industry may not adopt sustainable fuels as TA anticipates and TA may not realize the benefits it expects from its provision of EV charging stations and hydrogen refueling.
Investors are cautioned not to place undue reliance upon any forward-looking statements. Except as required by law, TA does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005095/en/
TravelCenters of America