Conrac Solutions, along with US InfraVest, a standalone investment manager, announced on Nov. 8 that it is establishing a dedicated effort and capital resource initiative to finance the installation of backbone infrastructure for electric vehicle charging within ConRAC facilities at airports.
“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 2 million square feet of parking space and include car washes, fueling systems, and public spaces, and often service fleets of greater than 30,000 vehicles, historically focused on internal combustion engine vehicles. The company's announcement explains that installation of infrastructure required for EV fleets will require capital and an understanding of the contractual relationships that exist in these unique spaces 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 modernize its infrastructure, provide a critical electrification solution to its rent-a-car concessionaires, and perhaps most importantly, drive real positive environmental impact.”