“This is a very big stepping stone for us.” These were the words of Detroit entrepreneur Moses Shepard. His fuel company, Ace Petroleum, recently inked a $27 million contract to distribute fuel to municipal vehicles in Detroit. With this move, the company becomes the first minority-owned fuel corporation to deliver gasoline to a U.S. city. Every police air, fire truck, city bus, and more will be fueled by Ace Petroleum. As necessity increases, the contract could potentially increase in funding.
The goal for Ace Petroleum was to garner a dynamic contract for maximum profitability and expansion. “I wanted to go straight to the top and land the big fish,” Shepherd said. “Once you land the big fish, you continue to land big fish.” The preparation for this current move started during its launch in 2017. “We’ve been preparing ourselves for a couple of years to be able to facilitate this type of volume for a contract. It will put us in a better position for growth because it shows we know what we’re doing.”
Ace Petroleum clients include Ideal Contracting (Detroit), Barton Marlow Co. (Southfield), and Caseens Transport Co. (Illinois). Their fuel supply comes from Atlas Oil Co., headquartered in Troy, MI. The company made a $6 million profit in 2019 and plans to double that with $15 million this year. Shepard wants to Ace Petroleum to gross $50 million in the coming years.
Ace Petroleum headquarters is in Rosedale Park. They plan to shell out over $2 million gallons of gas with the introduction of this new contract. They also plan to expand to other cities like Chicago and Atlanta and hire more employees over the next two years.