Pricelock
| Company type | Private |
|---|---|
| Industry | Energy Oil Natural gas |
| Founded | Redwood City, California, United States (December 2006) |
| Headquarters | Redwood City, California and Washington (state), United States |
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 |
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
- ^ a b "Builders, landscapers use Pricelock to hedge fuel like Southwest". 2011-04-21. Retrieved 23 Jun 2011.
- ^ "Pricelock, Inc.: Private Company Information - BusinessWeek". 2011-10-03. Retrieved 3 Oct 2011.
- ^ "Crunchbase: Pricelock". 2011-09-11. Retrieved 3 Oct 2011.
- ^ "Pricelock Raises $12 Million To Protect Companies From Increasing Fuel Prices". 2011-03-15. Retrieved 3 Oct 2011.
- ^ "Pricelock raises $12M to control fuel costs". 2011-03-15. Retrieved 3 Oct 2011.
- ^ "Pricelock Gives Fuel Budget Security". 2010-01-01. Retrieved 3 Oct 2011.
- ^ "Lock in Gas or Diesel Prices With Pricelock". 2011-01-05. Retrieved 3 Oct 2011.
