UPDATE
Christopher Susott comes to IAE after spending 20 years in corporate and investment banking . He began exploring possibilities to acquire companies that could become platforms for building a diversified middle-market enterprise in the equipment distribution industry . “ I have always dreamed of acquiring and growing a business , and while I looked at many possibilities over the years , none felt like Indiana Automotive Equipment ,” said Christopher Susott , president , Indiana Automotive Equipment . “ I knew from my first meetings with Shane and Amber that they had established a foundation that was unique . I ’ m resolved to honor that legacy while bringing my own passion , expertise and growth strategies to bear .” Already , Susott has implemented strategies designed to maximize IAE ’ s niche within the heavy-duty market while also maintaining and growing the core light-duty dealership business in which IAE excels . These strategies include aggressively procuring and stocking inventory as part of an effort to meet customer demand in the current climate of supply chain delays . Susott sees this commitment to customers as an extension of the Tatoms ’ unrelenting focus on customer service and satisfaction . “ We are absolutely focused on the core values that have been developed over the past nine years – quality , integrity , customer service and partnerships ,” Susott continued . “ I ’ m looking forward to building on this solid foundation , serving our customers , and growing a team of exceptional professionals .”
NFI named as ZEB partner of choice in FTA ’ s 2021 Low-No program grants
NFI Group announced that NFI subsidiaries New Flyer of America Inc . and Motor Coach Industries ( MCI ) have collectively been named zero-emission bus ( ZEB ) partners of choice by a total of nine major transit agencies across the United States for their successful project awards from the Federal Transit Administration ’ s ( FTA ) 2021 Low or No Emission ( Low-No ) Grant Program . Following the FTA Notice of Funding Opportunity published February 11 , 2021 , with grant awards announced June 25 , 2021 , NFI supported the successful applications for over $ 40 million in grants awarded to nine U . S . public transit agencies and was specifically the named partner for the agency receiving the largest award in 2021 of $ 7.4 million for 10 ZEBs . Grant funds will support the procurement of ZEB ’ s and the associated charging infrastructure from NFI . In addition , at least $ 60 million of Low-No awards were made to additional U . S . public transit agencies that have not yet named a specific ZEB partner and where NFI will now compete for the contracts . Introduced in 2015 , with the first disbursements in 2016 , the FTA Low-No Grant Program is a competitive application process , and exists to support the nation ’ s transition to low- and zero-emission fleets . Funding can be used to purchase or lease low- and zero-emission buses , including acquisition , construction , and leasing of the necessary charging infrastructure and facilities . The FTA has now awarded U . S . public transit agencies Low-No grants to procure NFI buses and charging infrastructure for six consecutive years .
EQT Infrastructure acquires First Student and First Transit
FirstGroup plc announced that it completed the sale of First Student and First Transit to EQT Infrastructure , which was approved by FirstGroup shareholders on 27 May 2021 . Completion follows the satisfaction of the conditions precedent to the sale , as outlined in the circular to First Group shareholders published on 10 May 2021 . The net disposal proceeds of more than $ 3.1 million received by FirstGroup at completion is an increase of $ 58 million over the base amount previously announced , due to the final adjustments for working capital and debt and debt-like items as described in the circular .
XL Fleet partners with ARBOC to offer hybrid electric bus option
XL Fleet Corp ., a leader in vehicle electrification solutions for commercial and municipal fleets , and ARBOC Specialty Vehicles announced a partnership to electrify ARBOC Freedom low floor buses with the XL Hybrid ( XLH ™ ) electric propulsion system . The wheelchair-accessible buses are built on the GM 4500 chassis and are now available for purchase with an installed XL Hybrid system through the ARBOC North American dealer network . ARBOC has sold 39 vehicles with the XL Hybrid system installed thus far in 2021 . Through the partnership , 24 foot and 29 foot ARBOC low floor bus models are available for the first time as hybrid electric units , providing a cost-effective option for customers looking to improve fuel economy , lower emissions and advance their sustainability goals without adding charging infrastructure or disrupting their existing operations . The XL Hybrid electric system runs in parallel to the OEM vehicle drivetrain , helping to slow the vehicle down during deceleration and providing an electric assist during acceleration throughout normal drive cycles , reducing fuel consumption and lowering emissions in standard gas-powered vehicles . Individual partners within the ARBOC North American dealer network are now authorized to sell the XL Fleet electrification system as an available option on their buses , providing a new commercial channel for the Company as it expands into a broader range of medium duty applications . “ The bus industry represents a substantial electrification opportunity for XL Fleet , and we are excited to gain access to a great new customer base by partnering with an accessible bus market leader like ARBOC ,” said Dimitri Kazarinoff , chief executive officer of XL Fleet . “ This partnership allows us to expand our growing suite of products , broaden our customer reach and bring new and unique solutions to market for bus fleets needing an immediate path forward for their sustainability goals .”
12 | BUSRIDE . COM | AUG / SEPT 2021