- Global alternative fuel and hybrid vehicle market is expected to grow to $614 billion by 2022, registering a compound annual growth rate (CAGR) of nearly 13 percent
- Greenkraft’s eco-friendly commercial trucks and alternative fuel systems offer environmentally friendly solutions with a price advantage and American performance
- California legislators are poised to increase funding for state’s purchase of alternative fuel-fed vehicles and trucks
Greenkraft, Inc. (OTCQB: GKIT), a nationally recognized company specializing in the production of alternative fuel automotive products, engines and commercial trucks, continues its revolutionary work on manufacturing cost-efficient commercial trucks powered by alternative fuels. Based in Santa Ana, California, Greenkraft’s expansion plans include construction of a larger manufacturing facility to accommodate this increasing demand for fuel-efficient trucks with varying carrying capacities.
Most vehicles, especially commercial trucks, are powered by either gasoline or diesel, but this trend is beginning to change. The U.S. government is funding several efforts to help consumers find the alternative fuel or fuel-efficient solutions that meet their needs. In California, legislators recently reached an agreement to direct up to $1.5 billion of revenue from the state’s greenhouse gas emissions allowance to expand its use of alternative transportation fuels, according to Natural Gas Intelligence, an industry publication (http://nnw.fm/t2DNu). In the legislative deal, nearly $900 million is earmarked for alternative fuel vehicles – including trucks and buses – purchased by the state.
California’s push to “move toward a future where trucks and buses produce either zero or virtually zero emissions” is at a pivotal point, according to an industry group in support of the increased funding. Several major U.S. cities are already using Greenkraft’s fuel-efficient trucks for their daily operations. These trucks not only produce fewer pollutants and less of an environmental impact; they also save these cities a healthy amount of money.
The world’s alternative fuel and hybrid vehicle market is expected to grow at a blistering pace over the next five years, reaching upward of $614 billion by 2022 and registering a nearly 13 percent compound annual growth rate, according to a report by Allied Market Research (http://nnw.fm/GkkW7). Technological advances in alternative fuel vehicles and proactive government initiatives, such as the one under consideration in California, are helping to propel the market’s stunning growth.
Greenkraft CEO George Gemayel recently noted that the company’s ability to offer its truck line in sizes ranging from 14,500 lbs. to 33,000 lbs. makes sense for a variety of industries, including those needing refrigeration options. Greenkraft’s CNG trucks are becoming the standard alternative to diesel trucks in the United States.
“This increased demand and national recognition of our CNG truck line is set to dramatically increase GKIT’s revenue in the 2017 fiscal year,” Gemayel stated in a news release.
For more information, visit the company’s website at www.GreenkraftInc.com
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