Conrac Solutions Announces Electrification Initiative for Airport Rent-a-Car Facilities
SEATTLE, WASH., November 8, 2021 ‐‐ Conrac Solutions, the nation’s only developer, operator and financier of consolidated rent‐a‐car (ConRAC) facilities, along with US InfraVest, a standalone investment manager led by Andrew Right, announced today 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 two million square feet of parking space and include car washes, fueling systems, public spaces and they often service fleets of greater than 30,000 vehicles. These fleets have historically focused on internal combustion engine vehicles. Installation of infrastructure required for electric vehicle 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.”
About Conrac Solutions
Headquartered in Renton, WA, Conrac Solutions is the only entity in the United States to have privately developed, on‐airport, consolidated rent‐a‐car (ConRAC) facilities. As developer, financial sponsor and operator of ConRAC facilities, the company has experience in pre‐development and feasibility, financing strategies, design and construction, activation, operations, asset management, and capital project management. Conrac Solutions currently operates at 12 airports across 9 states in Anchorage, AK; Austin, TX; Bismarck, ND; Chicago, IL; Lubbock, TX; Newark, NJ; Portland, OR; Salt Lake City, UT; San Diego, CA; San Francisco, CA; and SeaTac, WA. Completed development projects include Ted Stevens Anchorage International Airport, Austin‐Bergstrom International Airport, and Bismarck Airport. ConRACs currently under contract for delivery include Bradley International Airport and Newark Liberty International Airport, with Charles M. Schulz‐Sonoma County Airport and Reno Tahoe International Airport under contract for planning. For more information on Conrac Solutions, please visit www.conracsolutions.com.