STAMFORD, CT -- BEV Capital (BEV) recently completed an investment in Additech, the developer of a patented “at the pump” fuel additive dispensing technology. The Additech system, attached to an existing gas pump, allows customers to purchase an additive and have it automatically dispensed into their gas while they are going about their normal gas-pumping process. BEV invested along with Adams Capital Management in a $10 million financing round and joined the Board of Directors.
Through its patented dispenser, Additech sells Gumout brand fuel additives (in partnership with Shell), including gas treatments and fuel injector cleaners. Since consumers no longer have to go to a store to buy a bottle of fuel additive, a new market for fuel additives is opened. Additionally, the digital display on the Additech dispenser enables cross-selling, couponing and other marketing initiatives for the gas station.
The company plans to roll-out its system at gas stations in the parking lots of High Volume Retailers (HVRs) including mass merchants, supermarkets and discount clubs. Additech’s anchor HVR partner is Murphy’s Oil who owns and operates gas stations for Wal-Mart. Under contract with Murphy’s, Additech’s system will be available at 175 locations by early 2005. Currently, Additech has 46 locations equipped.
Additech is headquartered in Houston, Texas and its website address is www.additech.com
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