REDWOOD CITY, California, (PRESS RELEASE – June 3, 2009) – Pricelock, Inc., the company that combines patented technology and commodities expertise to bring price predictability
to the volatile $700 billion retail fuel market, is bringing innovative fuel-price management services to fleet owners and other businesses.
“Fleet owners today need peace of mind and insurance against rising fuel prices,” said Pricelock CEO and Founder Robert Fell. “Pricelock’s patented service offerings allow fleet owners to manage fuel costs closely in a time of extreme price volatility.”
With gas prices rapidly rising, companies with fleets have been working with Pricelock to protect their fuel exposures. For example, Pricelock is currently providing a budget-protection program for a wholesale building-materials supply company that will help insulate the company
against a spike in the price of fuel used by its fleet of 4,000 vehicles.
Pricelock, founded in 2006, was the company behind Chrysler’s “Let’s Refuel America” campaign last year that generated more than 17,000 new customers for Chrysler. It is currently partnering with Hyundai to provide gasoline for a year at $1.49 per gallon to buyers of selected new car models.
Pricelock combines technology, strong expertise in commodities and an online management platform to serve companies in many industries. These businesses want budget predictability for fleet operations, a sales incentive or an employee recruiting and retention program that they can offer workers to
lower commuting costs.
Pricelock has been responsible for more than 100 million gallons of fuel-price protection since 2008. Pricelock’s consultative sales and service offerings also include a carbon-neutrality program through its
Carbonlock(tm) product for fleet owners, automotive companies, and employers. A full description of Pricelock’s suite of service offerings can be found at www.pricelock.com.
Pricelock’s investors include Goldman Sachs and Artiman Ventures, a venture-capital firm that specializes in helping technology-driven entrepreneurs create world-class companies. Artiman has provided technology counsel, as well as growth capital. Michael Bonsignore, former CEO of
Honeywell, is the Founding Chairman of the Company.
For more information about Pricelock’s fuel-price management consulting and services, visit www.pricelock.com.
Pricelock, based in Redwood City, California, is the world’s first company
to combine patented technology and commodities expertise to bring businesses
price predictability to increasingly volatile fuel prices. The company also
offers Carbonlock(tm), a unique, patented “green fleet” program that allows
fleets and businesses to efficiently acquire certified carbon offsets and
become carbon neutral. Pricelock can be found on the Web at