GE and Chesapeake Energy Launch CNG In A Box? System at NACS 2012
- Infrastructure Solution to Accelerate Natural Gas as a
Transportation Fuel - Enables Easy Adoption of Natural Gas Refueling Options for Large-
and Small-Scale Retailers - Provides a Simple, Lower-Cost Fueling Experience for Consumers and
a Higher-Margin Solution for Facility Operators Compared to Gasoline
or Diesel - Financing Offered by GE Capital Provides Competitive Rates and
Flexible Payment Options
GE (NYSE: GE) and Peake Fuel Solutions, an affiliate of Chesapeake
Energy Corporation (NYSE: CHK), today launched the CNG
In A Box? system, which allows easier adoption of compressed natural
gas (CNG) refueling options for large- and small-scale retailers. The
solution was unveiled at the National
Association of Convenience Stores (NACS) 2012 Annual Show.
GE and Peake Fuel Solutions, an affiliate of Chesapeake Energy Corporation, today launched the CNG In A Box? system, which allows easier adoption of compressed natural gas refueling options for large- and small-scale retailers. (Photo: Business Wire)
Natural gas is an abundant, reliable and cleaner-burning source of
energy for consumers and commercial users. A vehicle fleet operator that
uses the CNG In A Boxsystem for natural gas fueling instead
of traditional gasoline fueling can save about 40 percent in fuel costs1.
The CNG In A Box system is a plug-and-play on-site fueling solution that
comes with everything retailers need to add low-cost natural gas fuel to
their operations quickly and simply. This GE
ecomagination? qualified refueling option provides an easy,
lower-cost fueling experience for consumers and a higher-margin solution
for facility operators compared to gasoline or diesel.
'In collaboration with Peake Fuel Solutions, GE is developing
infrastructure solutions to accelerate the adoption of natural gas as a
transportation fuel,? said Mike Hosford, general manager?Unconventional
Resources, GE Oil & Gas. '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.?
'After working extensively with GE to develop the CNG In A Box system,
we are excited to unveil it at NACS and to the fueling industry overall.
Combining Peake
Fuel Solutions′ natural gas expertise and GE′s breadth of
cross-industry technology capabilities will advance the use of abundant
and affordable natural gas fueling solutions,? said Kent Wilkinson, vice
president?Natural Gas Ventures, Chesapeake.
The CNG In A Box system compresses natural gas from a pipeline into CNG
on-site at a traditional automotive fueling station or industrial
location. CNG-powered vehicles such as taxis, buses or small trucks, as
well as individual consumer vehicles, can then refill their tanks using
a dispenser with the same look and feel as a traditional diesel or
gasoline dispenser.
GE ecomagination Vice President Mark Vachon said, 'Natural gas is
produced at a relatively lower cost and is cleaner burning than gasoline
or diesel fuel?natural gas vehicles can show an emissions reduction of
up to 80 percent compared to gasoline vehicles2. 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.?
Financing for the CNG In A Box system is offered by GE Capital,
providing competitive rates and flexible payment options. By combining
an entire acquisition?including equipment, delivery and
installation?into a single monthly payment, Peake Fuel Solutions′
customers can structure payments according to their cash flow and
eliminate the costs and time associated with paying multiple vendors.
With this solution, business owners can work with a single provider to
acquire, finance and maintain their CNG In A Box system.
The CNG In A Box system′s 8 foot x 20 foot container is easy to ship and
maintain due to its compact design. Its modular and novel design makes
it plug-and-play on-site. Wayne,
A GE Energy Business, manufactures the dispensers that deliver the
CNG from the CNG In A Box system unit to vehicles. These alternative
fuel dispensers feature PCI-compliant pay-at-the-pump technology for a
familiar and secure fueling experience. Using the same dispenser and
payment terminal interfaces as Wayne petroleum dispensers simplifies
point of sale integration.
As part of this collaboration
between GE and Peake Fuel Solutions, beginning in the fall of 2012
GE will provide more than 250 CNG In A Box systems for natural gas
vehicle infrastructure.
To learn more about the CNG In A Box system, visit us online
or stop by the Peake Fuel Solutions booth at the NACS show (booth #6101).
Ecomagination is GE′s commitment to imagine and build innovative
solutions to today′s environmental challenges while driving economic
growth. For more on ecomagination, please visit: www.ecomagination.com.
About GE
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.
About Chesapeake Energy Corporation
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer
of natural gas, a Top 15 producer of oil and natural gas liquids and the
most active driller of new wells in the U.S. Headquartered in Oklahoma
City, the company's operations are focused on discovering and developing
unconventional natural gas and oil fields onshore in the U.S. Chesapeake
owns leading positions in the Eagle Ford, Utica, Granite Wash,
Cleveland, Tonkawa, Mississippi Lime and Niobrara unconventional liquids
plays and in the Marcellus, Haynesville/Bossier and Barnett
unconventional natural gas shale plays. The company also owns
substantial marketing and oilfield services businesses through its
subsidiaries Chesapeake Energy Marketing, Inc. and Chesapeake Oilfield
Services, L.L.C. Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.
About Peake Fuel Solutions
Peake Fuel Solutions advances innovative fuel solutions with products
and services that create demand for clean, affordable natural gas. A
significant focus of PFS is to increase compressed natural gas (CNG) and
liquefied natural gas (LNG) infrastructure across the U.S. Other PFS
projects include development of on-road and off-road technologies that
reduce emissions and dramatically cut fuel expenses for the trucking,
maritime, rail and oil and gas industries. An affiliate of Chesapeake
Energy Corporation, Peake leverages the expertise of other Chesapeake
affiliates to implement many of its fuel solutions. Further information
is available at www.peakefuelsolutions.com.
1 Assuming 25,700 miles per year driven, gasoline priced at
$3.50/gallon and CNG at $2.09/gasoline gallon equivalent.
2 Calfornia Energy Commission ? Consumer Education Center: http://www.consumerenergycenter.org/transportation/afvs/cng.html
ecomagination is a trademark of the General Electric Company
CNG In A Box is a trademark of the General Electric Company
? 2012 General Electric Company?All rights reserved
Photos/Multimedia ?Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50433209&lang=en
Media:
GE Oil & Gas
Donna Mirandola
+1-773-318-7483
(cell)
donna.mirandola@ge.com
or
Edelman
Abby
Van Uum
+1-512-634-3642 (office)
+1-513-382-2888 (cell)
abigail.vanuum@edelman.com
or
Chesapeake
Energy Corporation
Bob Jarvis
+1-405-627-2302 (cell)
bob.jarvis@chk.com
