Clean-tech investor Element Partners of Radnor, Pa., has invested an undisclosed amount in the newly created, Tennessee-based alternative fuel systems company Agility Fuel Systems, created from the merger of FAB Industries and Environmech Industries.
Effective today, FAB Industries (FAB) and Enviromech Industries (Enviromech), two leading providers of alternative fuel systems for heavy duty trucks, buses and specialty vehicles, announced an agreement to merge to form Agility Fuel Systems. Element Partners, a clean technology-focused private equity fund, provided equity capital to complete the transaction. Sam Gabbita and Michael DeRosa from Element, and Michael Gallagher, Senior Advisor and Former President and Chief Operating Officer of Westport Innovations (Nasdaq: WPRT) will join Agility’s Board of Directors.
With over a decade of design experience in the use of compressed and liquid natural gas, hydrogen fuels, and other compressed industrial gases, Agility Fuel Systems becomes the leading provider of on-vehicle alternative fuel systems to heavy duty commercial vehicle manufacturers, dealers and end-users. The Company’s full spectrum of services includes engineering, design, prototyping, manufacturing, installation, and continuous aftermarket service and support.
“Without question, FAB, AFV (a Southern California company acquired by FAB in 2005), and Enviromech are the leaders in the industry. This merger provides a platform to combine the best of the best and expand our services and footprint to meet the growing needs of the industry” said Ron Eickelman, President of FAB.
According to Joe Pike, CEO of Enviromech, “The merger of our companies to create Agility Fuel Systems is exciting and beneficial at many levels. The prime benefit will be to our customer base in having an unrivaled level of engineering, service and product knowledge to serve their needs.”
The merger of FAB and Enviromech unites two innovators in the design and manufacture of alternative fuel systems. Key strengths of the combination include:
Deep engineering, design and fabrication experience, with over a decade of experience designing and building innovative fuel systems.
A long track record of safety and reliability, with over 10,000 systems currently deployed in fleets across North America and around the world.
Engineering, production, installation and service locations in California, Alabama, and British Columbia, Canada.
Capabilities, experience and an extensive design library across a wide range of fueling systems, including CNG, LNG, hydrogen and electric hybrids, for a wide variety of vehicle configurations, engine technologies and fleet applications.
A team of trained technicians who install systems at Agility’s facilities or right at customers’ sites. Agility also provides customer and service center training.
“Using natural gas rather than diesel oil as a transportation fuel represents a meaningful economic and environmental value proposition for heavy duty vehicle fleet operators, and Agility provides critical, highly-engineered fueling systems for these heavy duty vehicles,” said Sam Gabbita, Partner at Element Partners. “We are excited to be partnering with Agility’s management team to help continue their growth in the industry and expand their capabilities for customers.”
For more information, please visit www.agilityfs.com.
About FAB Industries
Since the opening of its first facility in 1996, FAB has been the leading supplier of natural gas fuel systems to leading transit bus OEMs and heavy duty truck fleets. FAB acquired AFV, a leading industry player in Southern California, in 2005, and expanded its aftermarket service capabilities through its acquisition of Diversified Services in 2009. For over 15 years, FAB has delivered safe, reliable, high performance natural gas fuel systems to fleet customers, dealers, and major OEMs.
Founded in 2001, Enviromech is an engineering-driven manufacturing company serving the alternative-fuel vehicle industry. Product designs include vehicle, stationary and mobile fuel storage solutions for natural gas and hydrogen gas applications. With operations in Long Beach, California and British Columbia, Canada, Enviromech has established itself as a prominent provider of natural gas and hydrogen gas systems in North America and abroad.
About Element Partners
Element Partners is a private equity firm investing exclusively in established, high-growth companies in the energy and clean technology markets. Since 1995, Element’s team has successfully managed over $1.2 billion in capital commitments spanning six investment partnerships focused on investing in and profitably growing energy, industrial, and environmental businesses. The principals of Element have collectively invested in over 100 clean technology companies, making Element one of the earliest and most experienced alternative energy and clean technology investors.