TORONTO, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX: EFN) (“Element”), the largest pure-play automotive fleet manager in the world, today announced the launch of Arc by Element — an end-to-end electric vehicle (EV) fleet offering designed to help clients navigate and simplify the complex transition from internal combustion engine (ICE) vehicles to EVs.
As a trusted leader in global fleet management, Element is well-positioned to assist its clients in evaluating and adopting this new technology to advance their sustainability, strategic and economic objectives.
“With the prerequisites for wide-scale EV adoption by commercial vehicle fleets looming on the horizon — the right vehicle types at the right price points, improved access to charging infrastructure — and with organizational ESG mandates increasingly targeting sustainability, we have seen a significant increase in client interest in moving their fleets “from grey to green” through EV adoption,” said Jay Forbes, President and CEO of Element. “Arc by Element has been designed to simplify our clients’ transition through fleet electrification and, in doing so, de-risk the advancement of a critical component of their ESG principles and business strategy.”
Arc by Element
Arc by Element adds a new EV solution to Element’s existing, market-leading fleet management services.
- End-to-end EV fleet management: Element’s full-service ICE fleet offering has been expanded to support the unique needs of EVs — from upfront planning, acquisition and financing to the ongoing maintenance, power and accident management through to end-of-life remarketing.
- EV fleet transition strategy, planning and implementation: Arc by Element provides holistic support designed to give clients complete confidence in every single aspect of deploying their EV fleet. Element will work with clients to:
- Design and support data-driven EV pilot programs and build roadmaps to full EV deployment that are tightly integrated with their organizational ESG mandates,
- Maximize public and private incentives to lower costs,
- Connect clients to Element’s extensive network of EV-specialized providers,
- Plan EV infrastructure and charging solutions across mixed charging scenarios (home, public, depot/workplace),
- Support driver reimbursement for home charging, and
- Work with fleets on driver training, change management and stakeholder engagement.
Element has forged prominent alliances with EV providers and built an integrated ecosystem to help deliver its industry-leading EV services. Notable ecosystem collaborators to enable a seamless EV charging experience for Element clients include Qmerit, ChargePoint and WEX, and Enel X.
To learn more about Element’s new electrification solution and services, visit https://www.elementfleet.com/arc
What Clients Are Saying
“We recognize that the electrification of transportation is critical in the journey to a net-zero future and are proud to partner with Element as we begin transitioning our North American fleet to electric vehicles,” said Ashley Horvat, Vice President eMobility North America, Schneider Electric. “By embracing electric vehicles for our Sales and Service Teams, we can maintain our commitments to our customers, while furthering our sustainability goals.”
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 and solutions address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents, and remarketing to integrating EVs and managing the complexity of gradual fleet electrification. 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.
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 EV strategy and capabilities; global EV adoption rates; 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; 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.
