Fleet Advantage launches EV Path program

Fleet Advantage, A Fort Lauderdale, Florida-based fleet management services provider, has launched its new EV Path program designed to support heavy duty fleet organizations in their transition to electric vehicle (EV) and alternative fuel trucks. The company says this initiative aims to facilitate the shift toward alternative fuel vehicles in a practical way, aiding fleets in meeting their sustainability goals while reducing emissions.

Under the new program, Fleet Advantage will match the monthly lease payment on the lease of an electric truck to that of a diesel truck, which it says represents a more digestible investment level for the fleet. According to Fleet Advantage, this could represent savings to the fleet of up to $3,000 per truck per month, in addition to off-loading the bulk of the equipment’s residual risk.

Fleet Advantage reports many fleets are still taking a measured approach to EV truck acquisition strategies as they continue to look at the buildout of their alternative fuel infrastructure, such as charging stations and maintenance operations.

With rollout planned for later this year, the EV Path program will be offered alongside Fleet Advantage’s portfolio of services where it will introduce additional consulting services covering acquisitions, utilization, maintenance and surrender of EV and alternative fuel truck leases.

“Adopting electric trucks is not just an environmental mandate but also a significant financial commitment,” Fleet Advantage President and CEO Brian Holland says. “Our innovative EV Path program is yet another pioneering initiative developed by our team, designed to bridge the gap between traditional diesel fuel vehicles and the future of alternative fuel-powered transportation. By offering flexible financing solutions with practicality in mind and fleet services support, we aim to empower fleets to make the transition smoothly and effectively.”

In an industry benchmark survey conducted by Fleet Advantage in February 2023, 65 percent of respondents said they were most interested in electric trucks, while 15 percent cited hydrogen and 25 percent cited compressed natural gas (CNG). Forty-five percent of the respondents also noted that the time frame to deploy alternative fuel trucks would be 5-10 years.

In Fleet Advantage’s follow up survey, it was noted that those numbers were shifting, with 33.3 percent indicating a 5-7-year timeframe to deploy EVs. The recent survey also determined that roughly 25 percent of fleets do not see the value in adopting electric or hydrogen trucks.