Recon declares FGS Co-operation agreement with Beijing’s G7 IoT for empowering Logistics Industry

Recon Technology Limited announced on July 28 that one of its subsidiaries, FGS, had signed a co-operation agreement of three years with a Chinese Petrochemical Corporation named Huitong Dalian. Both companies have made this agreement to emphasize the fuel management of fleets. Beijing’s G7 IoT has the subsidiary Huitong Dalian. As per the agreement, the FGS will deliver customized maintenance and development services to the company Huitong Dalian. It will provide the services to the company for the fuel management of fleet-based platforms as per the G7 IoT’s requirement. These services are given for payment management, timely fueling, and automatic reconciliation of accounts between every gas station of the company PetroChina and logistics industries as the platform’s end users.

As per the business development schedule agreed by the two parties, the beginning co-operation is to be executed in Inner Mongolia, Heilongjiang, Hebei, Sichuan, Gansu, Hubei, Zhejiang Hunan provinces. In addition, it is anticipated that the fuel consumption on a monthly basis by the end-users like logistics enterprises in these provinces by using the platform will reach around 66 million RMB. FGS also has the charge rights to take fuel flow’s certain percentages as the service fee.

The FGS CEO and founder Song Yong said that they are delighted to collaborate with Beijing’s G7 IoT in order to provide the logistics industries a great solution. This will help them to meet their operations based on data like management of fleet fuel, data management in real-time and automatic reconciliation of accounts. They are expecting to strengthen the management based on data about big customers’ fuel consumption in the logistics industry. By improving the logistics enterprises, operations that are data-based, offline traditional fuel management methods will no longer fulfill the need for transaction data or timeliness service.

In the older way, the logistic enterprises are required to visit the gas stations for making any deposit on the offline fuel cards first. Also, the fuel consumption of fleet data cannot get delivered to these enterprises in real-time. The reconciliation in-between gas stations and logistics enterprises are, most of the time, unbalanced. It also takes many days to finish the reconciliation easily. With this integrated platform, the logistics enterprises can know the data of fuel consumption in real-time of every single vehicle and will automatically reconcile with each gas station. This will decrease the settlement complexity as well as personnel input. Moreover, it will improve the efficiency of operational management and save their costs of management.

The CEO said that they could deliver customized management and marketing tools for all gas stations on their platform and will help them to launch effective discount plans and effective pricing. Their solution will provide convenience for fuel users while increasing their satisfaction to the next level. The CEO also added that the collaboration with China’s G7 IoT resembles the FGS expansion of services from the car ownership consumption market up to the logistics companies. G7 IoT connects over 1.8 million trucks, that are heavy-duty across China. So, their company aims to work with them to maximize the platform’s solution to more areas in China.

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