Fuelled Family of Companies Achieves Record Results in 2021 and Provides Q1 2022 Update



Fuelled Family of Companies (“Fuelled” or “the Company” or “we” or “our”), a technology-based company that uses platforms to manage, sell and disrupt, today reported its highlights from calendar year 2021 and an operating update on Q1 2022.

“We connected a record number of buyers and sellers in 2021, further proving out our vision of building an Amazon-like platform for heavy and industrial equipment,” said Ajay Singh, VP Business Development and International.

2021 Results at a Glance
  • Record revenue up 109% from 2020
  • Record number of transactions in 2021, both completed transactions and pieces of equipment sold
  • Record number of new platform participants
  • 0 TRIR since inception in 2013
  • Exited 2021 with a Net Promoter Score (NPS) of 79
  • The company continues to be proud that it has never raised outside equity

Raj Singh, CEO of Fuelled Family of Companies commented, “We are very pleased with our performance in 2021 which was a pivotal year for us.  I would like to thank all Fuelled employees for their efforts and our customers around the world who continue to choose Fuelled.”  Singh added “I am especially excited to leverage our focus on culture and customer experience to see Fuelled’s platforms cross verticals, providing a source of liquidity to equipment owners in industries that are digitally underserved.”

2021 Strategic Direction and Successes
  • Brand consolidation and alignment
  • CRM and process improvement
    • Full integration of CRM across all brands and full integration with cloud-based accounting system
  • Successful increase in market penetration and adoption in USA
    • Equipment moving within the US as well as overseas
  • Diversification into new verticals
    • Verticals served now include energy, agriculture, crypto, cannabis/industrials, high voltage electrical and mining
  • Community
    • Raised over $25,000 for charity through Fuelled Fit 13 and other charitable initiatives
    • Collaborated with “DKDC” a brand for mental health and wellness
  • Environment – Circular Economy
    • The company built out a proprietary calculator to quantify CO2 emissions saved when redeploying equipment via the Fuelled.com platform

“A company growing at our pace and with the future vision that we have, requires strategically investing in processes and people,” said Austin Fraser, Vice President Finance and Operations.  “Our strategic direction includes the adoption of technologies and other initiatives that will create efficiencies and allow us to easily scale to our future goals.”

Key Engagements
  • Fuelled was chosen to act for TC Energy as part of their disposal of equipment previously slated for the Keystone XL Pipeline (“KXL”)- follow this link to see the equipment available Fuelled Link to KXL Surplus Equipment
  • Fuelled was chosen to market a highly engineered containerized slop oil centrifuge capable of treating ~1000bbl/day – follow this link to see the equipment available Fuelled Link to Slop Oil Centrifuge
  • Fuelled was chosen to market a highly engineered suite of production testing equipment capable of tying in 8 wells at the same time – follow this link to see the equipment available Fuelled Link to Production Testing Equipment
  • Fuelled added industrial equipment suited for Cannabis, Plastics, Food Stuffs – follow this link to see the equipment available – Fuelled Link to Industrial Equipment
  • Fuelled was engaged by a leading audit and consulting firm in their capacity as receiver
    • This marks the 3rd time this firm has engaged Fuelled

“Our operations team has been very busy in Q1 of 2022 both in Canada and the USA“, commented Fraser “I would like to thank the team for their focus on safety while maintaining our goal of delivering the best possible customer experience. Making sure our people and stakeholders make it home safe is my number one priority and in line with our core value of Family.”

High energy prices have had a significant increase in demand for surplus energy equipment and the company has seen an increase in pricing in all energy equipment categories. “The other side of this coin is that some energy companies are less focused on generating cash from the sale of equipment due to supply chain constraints and new equipment deliveries.” said Fraser. As a result, Fuelled expects to see a potential slowdown in onboarding new sell side energy clients. “To address market concerns and cycles, Fuelled has and will continue to explore new verticals where we can add value,” continued Fraser.

Q1 2022 Highlights
  • Record quarterly revenue
  • Record quarterly number of transactions
  • Fuelled Auctions
    • Launched new digital auction platform and held first successful auction
  • Fuelled Logistics
    • Formalized and staffed our logistics division
  • Launched improved Fuelled Consignment website www.fuelled.com
  • Launched improved ARMOUREE app for cataloging equipment online and offline
  • Completed the company’s largest single ticket online sale of CAD$3,000,000

“Fuelled will always be a customer-centric organization that is looking for ways to better serve our buyers and sellers around the world,” said Raj Singh. “While we are extremely proud of our results and how far we have come, we will continue to improve the customer experience by focusing on culture and living our values of Family, Integrity, Transparency and Fun. I would again like to thank our people and our customers around the world for trusting and supporting Fuelled.”


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