Conrac Solutions and US InfraVest aim to install backbone infrastructure for electric vehicle charging within airport consolidated rent-a-car (ConRAC), they have announced.
The United States’ only developer, operator and financier of ConRAC facilities, Conrac will work with US InfraVest, a standalone investment manager led by Andrew Right, in establishing a dedicated effort and capital resource initiative to finance the installations.
“The upgrade and installation of core electrification infrastructure at airport ConRACs is critical to the adoption of electric vehicles by the rent-a-car industry,” said incoming CEO of Conrac Solutions, Mike Minerva. “The installation of such electrification infrastructure will help drive lower carbon emissions and achieve the important environmental, social, and governance initiatives of both airports and rent-a-car companies.”
The funding initiative is specifically targeted at investments in the core electrification infrastructure required in airport ConRAC facilities.
ConRAC facilities can house two million square feet of parking space and include car washes, fueling systems, public spaces and service fleets of greater than 30,000 vehicles. These fleets have historically focused on internal combustion engine vehicles. Installation of infrastructure required for electric vehicle fleets will require capital and an understanding of contractual relationships to ensure efficient operations and fair and equal access to electrical capacity resources.
“Conrac Solutions is uniquely positioned to steward and manage this transition for airports and rent-a-car companies as the operator of 12 ConRACs and the developer of an additional five facilities,” said Conrac Solutions Chairman and current CEO, Mark Pfeffer. “This effort will allow any qualifying airport to modernise its infrastructure, provide a critical electrification solution to its rent-a-car concessionaires, and perhaps most importantly, drive real positive environmental impact.”