PARIS, FRANCE: Total Energy Ventures (TEV), the venture capital arm of Total SA, has acquired an interest in OnTruck, a platform that optimises road freight shipping.
Medium-haul road freight shipping (less than 150 kilometres) is a significant and growing market. However, it is extremely fragmented, with a low level of digitalization and 30 percent of trucks travelling half-empty. Pooling shipments mean more competitive freight rates can be offered to the market, improving energy efficiency along the transportation chain optimising fuel consumption and reducing emissions.
Founded in Madrid in 2016, OnTruck is developing a marketplace that puts businesses in touch with freight carriers and also optimises trucks’ fill rates by pooling shipments. Its founder and CEO, Inigo Juantegui, started out with a regional operation around Madrid, then Barcelona, before linking the two.
“OnTruck has developed a product that enables road freight bookings to be made virtually in real time, compared to several hours for similar companies. It's highly promising approach to pooling means empty truck space can be filled, thereby optimising costs, fuel consumption and emissions,” said Philippe Sauquet, executive vice president, strategy & innovation, Total.
“We are extremely happy to support the development of OnTruck. Another way for Total to go further in terms of energy efficiency and explore the potential of new forms of connected mobility,” added Sauquet.
© Chemical Today News
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