Fuel Bank Corporate History
Founder Fuel Bank founder, Rod Senior, is a London Business School MBA and a seasoned oil industry marketer with Esso Europe and Ultramar Canada. Rod is an entrepreneur engaged at the forefront of breakthrough technology. He has successfully built and sold four successful consumer-focused companies. The chronology below explains how the idea of Fuel Bank emerged and its path to reality.
1980s - U.K. Bunkering
Revolutionized UK fleet refueling in the 1980s. Fleet Managers deposited fuel into a national grid of remotely-monitored tanks and drivers self-served from any of these sites via a secure card terminal linked to a data center. Managers can buy in full tanker loads and avoid highway pump prices. Today, the above ‘bunkering’ system constitutes 25% of British fleet fuel volume.
1990s - Litre Bank Canada
Assisted Fifth Wheel Truck Stops in developing its highly successful ‘throughput’ diesel bunkering program. Partnered with Esso Canada to pioneer consumer bunkering whereby users buy bulk fuel online, lock-in their price and redeem later at any Esso station. Litre Bank is the smart new way to beat the daily pump price cycle and avoids being exposed to the traditional price hike on long weekends and holidays.
2000s - Fuel Bank U.S.
Fuel Bank makes bunkering a lot easier. An Internet fuel reserve replaces underground tanks. No need to pre-purchase and deposit physical fuel into tanks, monitor physical inventory or pay insurance. Instead of buying full tanker loads to lock in a price, we make use of futures and options financial instruments to protect price. The advantage is that fleets only pay a small price protection premium, rather than having to pre-buy a full load of physical fuel.
Fuel Bank Fleet
Now live on this site and provides Fuel Price Protection for any size of commercial and government fleets, corporate aviation and marine craft.
Fuel Bank Consumer
Providing Fuel Price Protection for the mass consumer market will mark the fulfillment of the corporate vision of Fuel Bank. This product is featured on the streaming video feeds on this site, and continues to be in development.
Fuel Bank has Patents Pending in the United States and Canada with a priority date of March 15, 2000.