Fueloyal is a start-up company which is based in Chicago. They developed a smart fuel cap that is purposed to prevent fuel theft. Fuel theft has become an issue worth $10 billion.
The biggest problem regarding this issue is the rivers of these rigs stealing the fuel instead of filling their tanks. The company card is used to put in the fuel into another truck at a discounted price and take the cash.
The purpose of the iCap 1000 is to protect fuel. The device can accurately measure the fuel going into the tank while processing the amount of fuel coming out of the tank. This is done through 3-G network connection. The iCap 1000 comes at an initial price of $299 but then requires a monthly payment of $39 for an internet data plan. The device can also map the vicinity and pull out the truck stops with the least expensive fuel while, automatically making a plan to stop to fuel based on price location and the amount of fuel available in the tank.
Many trucking companies have started to implement this device into their trucks and have seen a decrease in costs for fuel by 2-3% at the least. Imagine seeing a these savings for the 3.6 million trucks that roam the nation.
Fuel is a major expenditure for truckers. It is also a very, if not the most, toxic source for pollution. In the last year, truckers moved 70 percent of US freight. The numbers are expected to increase by 17% in the next ten years. With fuel being an expensive necessity and the median fuel economy being at 6.5 miles per gallon, the iCap may be more useful for truckers, the economy, and maybe even the environment than we think.