Iron Mountain – Jared Alvord – 2020
Goals
The purpose of Iron Mountain’s partnership with the Climate Corp program in summer 2020 was in response to a massive disruption happening in the transportation industry by Electric Vehicles (“EV’s). EV’s have the potential to cut vehicle total cost of ownership by upwards of 50% by the end of the decade. This coupled with additional value creation opportunities from decreased GHG emissions, positive drive-ability, the potential to decrease regulatory/policy risk and positive brand recognition drove the implementation of this fleet electrification strategy project.
The project scope of work was multi-pronged. The first half of the fellowship focused on Iron Mountain global fleet data acquisition and analysis. The analysis included a heavy emphasis on total cost of ownership comparisons between EV’s and Diesel vehicles. The second half of the fellowship focused on collaborating with internal and external stakeholders to create a fleet electrification strategy and roadmap that provided clear direction for the company moving forward.
Solutions
The fellowship culminated in a clear fleet electrification roadmap for Iron Mountain. These recommendations are listed below:
- Create an EV Integration Working Group made up of key internal stakeholders to drive the fleet electrification strategy forward. Initial deliverables of the working group would include:
Join an EV public/private electric vehicle initiative,
- Choose electric vehicle charging infrastructure and electric vehicle manufacturer partners
- Make a key strategic investment in one of Iron Mountains major city hubs, with the electrification of a substantive number of Class 2 vans in 2021
- Commit to a 5-Year Fleet Electrification Plan, targeting 10% of the global fleet being electric by 2025.
Impact
This fleet electrification strategy would culminate in the electrification of approximately 450 Iron Mountain vehicles by 2025. This would result in a substantive decrease in greenhouse gas emissions while also offering the opportunity to be economically accretive to Iron Mountain EBITDA.
