Pricelock

Pricelock, Inc.
Private
Industry Energy
Oil
Natural gas
Founded Redwood City, California, United States (December 2006 (2006-12))
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
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

  1. 1 2 "Builders, landscapers use Pricelock to hedge fuel like Southwest". 2011-04-21. Retrieved 23 Jun 2011.
  2. ↑ "Pricelock, Inc.: Private Company Information - BusinessWeek". 2011-10-03. Retrieved 3 Oct 2011.
  3. ↑ "Crunchbase: Pricelock". 2011-09-11. Retrieved 3 Oct 2011.
  4. ↑ "Pricelock Raises $12 Million To Protect Companies From Increasing Fuel Prices". 2011-03-15. Retrieved 3 Oct 2011.
  5. ↑ "Pricelock raises $12M to control fuel costs". 2011-03-15. Retrieved 3 Oct 2011.
  6. ↑ "Pricelock Gives Fuel Budget Security". 2010-01-01. Retrieved 3 Oct 2011.
  7. ↑ "Lock in Gas or Diesel Prices With Pricelock". 2011-01-05. Retrieved 3 Oct 2011.

External links

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