Idle Free Offers No Idle Moments for Truck Drivers
May 1, 2008
Idle Free Systems, Inc., Kegonsa's newest portfolio company, builds systems that eliminate the need for trucks to idle when parked. Idle prevention reduces air emissions and truck engine wear, enables truckers to avoid regulatory penalties in states with anti-idling laws, and saves each trucker an estimated one gallon of diesel fuel per hour or up to 2,400 gallons each year.
Founded in 2003 by Robert Jordan, the inventor of the company's patented technology platform, the company produces Modular Hybrid Systems that can keep the truck engine and cab warm in winter and cool in the summer without an external power source when the truck's engine is off. In 2005 Robert Jordan was the Overdrive publication's Truck Driver of the year. He not only invented the product but was the initial user of the product and now is the company's sales leader.
The company's products are the Reefer Link System for trucks with refrigerated units and the Hybrid System for trucks without refrigerated units. The Reefer Link system also allows the refrigerated trailer to serve as a backup power source for the truck and vice versa.
Current customers include Chiquita and Mack Truck, which now offers the company's Hybrid Systems as optional equipment on its 2008 trucks. The pay-back period for an installed system is less than a year.
Idle Free initiated product sales over a year ago. Last year Idle Free had over two hundred and fifty thousand dollars of product sales. Mack continues to be a key Idle Free customer.
Kegonsa recently invested $600,000 in Idle Free's first round of financing at a premoney valuation of $3 million. In early April, the company hired a new CEO, Robert Hopton, an executive with 23 years of general management experience, who will spearhead company growth and expand its market presence.
Prior to closing with Kegonsa, Jordan had term sheets from several groups interested in investing in Idle Free's recent funding round but chose Kegonsa for three major reasons:
- Kegonsa offered the most accessible expertise and resources for growing Idle Free
- Kegonsa provided Idle Free with additional services to assist in the development of their team
- Kegonsa has a history of investing in portfolio companies in later rounds
Idle Free Systems is the first Kegonsa portfolio company in the clean tech investment segment.
Dedee Wojtal, Kegonsa Staff Writer