Green driving system receives $10m support from Gore-backed investment fund
Thu 25 February 2010
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A green investment fund backed by Al Gore has ploughed $10m into GreenRoad, the manufacturer behind a green driving system designed to encourage motorists to drive in a safe and fuel-efficient manner.
GreenRoad, the US-based manufacturer of a driving system designed to encourage motorists to drive in a safe and fuel efficient manner has received $10m funding from an investment fund backed by the former US Vice President, Al Gore. The technology, which is available in the UK, has also received backing from Richard Branson's Virgin Green Fund.
The technology combines GPS, an accelerometer and map data to provide feedback to a driver on how efficiently and safely they are driving using a dashboard device that lights up red if they are braking or cornering too sharply. The device also records a log of driving manoeuvers throughout the day, allowing fleet managers to assess how individuals are driving.
The firm claims that a typical fleet operator sees up to a 50 per cent reduction in crash costs and up to a 10 per cent cut in fuel consumption within the first year.
The dashboard component is directly connected to a password-protected web interface, where drivers and their managers can access real-time reports on driving performance, recommendations for improving safety measures or fuel efficiency, and tools to calculate risk on a vehicle or fleet-wide level.
Business Green reports that GreenRoad currently has 80 fleet customers in the US, some with as many as 20,000 active vehicles. Each of these clients pays $1,000 per car equipped with the GreenRoad system.
GreenRoad says it will use the additional funding to accelerate the rollout of its driving behaviour systems to firms operating commercial fleets.
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