Fastenal Launches Operational Trial to Electrify Select Fleet Trucks

Rhea-AI Summary

Fastenal begins trial with ZEVX to convert select pickup trucks in its delivery fleet to electric vehicles. Trial reflects commitment to test and operationalize battery electric technology. Fastenal aims to electrify up to 16 trucks in 2023. Positive for Fastenal's carbon reduction journey and potential efficiency improvements.

Positive

• Fastenal begins trial to convert select pickup trucks to electric vehicles
• Commitment to test and operationalize battery electric technology
• Aims to electrify up to 16 trucks in 2023
• Positive for carbon reduction journey and potential efficiency improvements

Negative

• None.

WINONA, Minn.--(BUSINESS WIRE)-- Fastenal Company (Nasdaq: FAST) has begun an operational trial with e-mobility solutions provider ZEVX^™ to convert select pickup trucks in its final-mile delivery fleet to electric vehicles. Having completed a proof-of-concept trial with a single converted vehicle, Fastenal and ZEVX are now conducting a six-state trial using the ZEVX battery electric powertrain and power system products to electrify up to 16 trucks in 2023.

The trial reflects Fastenal's ongoing commitment to test and, when feasible, operationalize battery electric technology in its fleet of 700-plus commercial motor vehicles and 8,200-plus last-mile delivery vehicles. In recent years, the company also participated in a fleet-electrification collaboration program with Penske Truck Leasing and Daimler Trucks North America, which included running two electric straight trucks for 18 months and also completing a short-term pilot of a pre-series electric Class 8 semi-truck. Earlier this year, Fastenal purchased an Orange EV electric yard tractor for its Indianapolis distribution center, and the vehicle went into operation in July.

ZEVX is an innovator of battery electric power systems and data intelligence for e-mobility applications. The company has a series of battery electric powertrain and power system products that quickly migrate gas-powered Class 2 to 5 fleet assets to zero carbon.

"We are committed to helping Fastenal incorporate EV technology in its last-mile delivery fleet," said Sydney Dunn, SVP of Sales & Field Operations at ZEVX. "We share the bold goals of lowering carbon emissions while improving efficiencies, decreasing costs, and extending the life of existing commercial vehicles."

"With so many vehicles in operation around the world, we want to be a driver of innovation and efficiency in commercial transportation," said Kevin Larson, Fastenal's VP of Transportation. "We're constantly looking at new solutions like the ZEVX technology to help move the industry forward and potentially accelerate our own carbon reduction journey."

About ZEVX

ZEVX is a worldwide leader in intelligent EV systems powering commercial Class 2 to 5 vehicles, power takeoff, reefer refrigeration, and EV infrastructure such as charging stations. ZEVX has a series of battery electric powertrain and power system products that can quickly migrate commercial fleet assets to zero carbon. ZEVX has a service mission to support customers through a deep partner network using existing automotive service infrastructure. This provides for rapid adoption through our service network to install and deliver advanced data intelligence from fleet asset customers to optimize their carbon transition. For more information, please visit zevx.com.

About Fastenal

Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through more than 3,400 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI^® (Fastenal Managed Inventory) and digital solutions, Fastenal helps its business partners achieve product and process savings across the supply chain – a "high-touch, high-tech" approach encapsulated by its tagline, Where Industry Meets Innovation^™. Fastenal's local service teams are supported by 16 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling it to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.

Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.

Cautionary Note Regarding Forward-Looking Statements

This release includes forward-looking statements, which are subject to risks and uncertainties. The forward-looking statements contain words such as "goal," "potential," and similar expressions and any sustainability goals, targets, and expectations are long-term and inspirational and by their nature, include forward-looking statements. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in Fastenal's ESG Report and filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Fastenal undertakes no obligation to update or revise any forward-looking statements.

The information contained on the websites referenced in this press release or connected to such websites are not incorporated by reference into this press release and should not be considered a part of this press release.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230912661051/en/

Taylor Ranta Oborski

Financial Reporting & Regulatory Compliance Manager

507.313.7959

Source: Fastenal Company