Simsbury, CT, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Veeder-Root, a worldwide leader in fuel management and environmental systems technology, in collaboration with NOV (NYSE: NOV), a global manufacturer for the energy industry, announced today their partnership to make forecourt equipment more accessible. Site owners and operators can purchase their complete forecourt site equipment leveraging Patriot Capital rates with the Veeder-Root and NOV financing bundle program. This bundle is designed to support customers with single wall tanks, or site owners and operators who need to upgrade their existing equipment.
To make the rapidly evolving fueling landscape more accessible and affordable, this bundle provides 100% financing opportunities up to $350,000, offers fixed payments, and can save end-customers upwards of $59,402 in interest costs. To combat interest rates that are at a 20 year high, this financing bundle program offers two financing options, 4.9% for 60 months and 5.49% for 72 months[1].
The tank replacement financing bundle program includes purchasing the following, among other eligible products:
- Fiber Glass Systems’ Containment Solutions Tank (NOV)
- Fiber Glass Systems’ Piping (NOV)
- TLS-450PLUS and TLS4 Series Automatic Tank Gauges (Veeder-Root)
- Red Jacket® Submersible Turbine Pumps (Veeder-Root)
“We're excited to bring together two industry leading providers of forecourt equipment to provide more accessible rates to site owners and operators who need to undergo tank replacement projects,” said Lindsay Neubecker, Director of ATG & Vapor Product Platforms for Veeder-Root. “Together, we're revolutionizing accessibility in the fuel handling industry and continuing our commitments to excellence by helping our customers thrive in today's dynamic fueling environment.”
"We are thrilled to partner with Veeder-Root and provide this innovative financing solution to our customers," said Juan Carlos Marroquin, Senior Vice President of Sales and Marketing at NOV's Fiber Glass Systems business unit. "By merging the product portfolios of two industry leaders and offering unparalleled financing options, we can now offer operators an unbeatable value proposition. This collaboration truly removes barriers for those looking to upgrade their infrastructure."
Veeder-Root and NOV are exhibiting at the 2023 NACS Show in Atlanta, GA from October 4-6, where they are excited to begin discussing this program with all in attendance. The Veeder-Root team can be found in booth B4031, and the NOV team can be found in booth B5049 at the show.
Proven solutions. Powerful partnership. Bundling the products you need at the industry’s best rate. Veeder-Root and NOV are happy to offer the strongest financial options in the industry to complete your project. For more information about this financing program and to explore the options available, please contact Patriot Capital at patriotcapitalcorp.com/contact-us/application or +1.877.527.0383.
About Veeder-Root:
Veeder-Root is a leading global supplier of fuel management and environmental solutions with a tradition of excellence in the petroleum industry. Our portfolio of market-leading products includes: Veeder-Root Automatic Tank Gauges, probes and sensors, Red Jacket® submersible pumps and pressurized line leak detectors, HydrX™ Fuel Conditioning System, EMR meter registers, and stage II vapor recovery solutions. Our products improve profitability and abate risk for customers by delivering solutions to manage onsite operations, compliance reporting, fuel procurement, inventory reconciliation, and accounting processes. Veeder-Root products and services are installed in over 500,000 tanks globally and are responsible for 22 billion gallons of gasoline and diesel fuel annually. To find out more about Veeder-Root, visit veeder.com.
About NOV:
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world. Visit nov.com for more information.
[1] The term of financing will be based on current market rates and borrower credit quality. Shipping, installation, taxes, and soft costs are not eligible for the promotional incentive but may be financed at a higher rate at Patriot’s discretion.
