Pricelock
| Private | |
| Industry | Energy Oil Natural gas |
| Founded | Redwood City, California, USA (December 2006) |
| Headquarters | Redwood City, California and Washington (state), USA |
|
Key people
|
Robert M. Fell, Founder & Executive Co-Chairman Naveen Agarwal, Chief Executive Officer |
| Products | Fuel hedging Fuel price risk management Employee Incentive programs Carbon footprint |
| Slogan | The best way to buy & sell fuel and energy online |
| Website | www.pricelock.com |
Pricelock provides fuel hedging for small and medium-sized enterprises,[1] by bundling the smaller orders and purchasing gasoline and diesel futures contracts, contracts that trade in volumes of 21,000 gallons per month or more.[1]
Company history
Founded in 2006, Pricelock is headquartered in Redwood City, California.[2][3] A deal with Chrysler in May 2008 guaranteed new-car buyers a gasoline price of $2.99 for three years. While the deal didn't stop Chrysler from going into bankruptcy, it brought Pricelock 24,500 new customers, and led to a similar deal with Hyundai. In March 2011, Pricelock raised over $12 million in second-round financing, and expects to be profitable by the end of 2012.[4][5]
How Pricelock works
Companies select the number of gallons of gas or diesel they want to protect over a certain period and pick a protection price per gallon. If the national monthly average price of gas or diesel – as determined by the US Department of Energy – exceeds the customer’s protection price, Pricelock pays the difference.[6] If the national monthly average price lands at or below the company’s protection price, the company does not receive a payout. Customers are not purchasing fuel from Pricelock and are not required to show receipts.[7]
See also
References
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