Oct 26, 2022 - 03:35 pm

BP invests $6 million in Freebee EV ride-hailing

In the USA, BP has invested $6 million in Miami-based all-electric ride-hailing business Freebee. BP led the business’s $8 million Series A funding round, with support from Freebee’s current infrastructure capital partner, Tensile Mobility.

The investment round led by BP should help Freebee boost its technology development capabilities and expand its team, as well as helping to scale the business across the US.

In addition to leading the funding round, BP has its sights on EV charging infrastructure as Freebee scales its business across the US. The two companies aim to explore opportunities to collaborate on the roll-out of EV charging infrastructure, which in turn should progress BP’s mobility growth engine.

Shaun Healey, principal at bp ventures, said: “bp ventures invests in companies that align with bp’s ambition to be net zero by 2050 or sooner. The team at Freebee has come up with a brilliant business idea that incentivizes travel by electric vehicles without any cost to the user. We are very proud to have made our first investment in Miami’s thriving tech sector and look forward to getting started with the team.”

Freebee owns a fleet of more than 150 electric vehicles and employs more than 230 drivers on a full-time basis. The mobility provider is financed by local governments and entities, such as corporate business parks and universities, to cover specific areas or routes.

Kris Kimball, co-founder and managing partner at Freebee, said: “Living in Miami as a student, my co-founder Jason Spiegel and I felt there must be a more economical way of getting around the city. With Freebee we have turned ride-hailing on its head, providing a service that is accelerating the decarbonization of mobility and is free to users. This investment from bp ventures is an endorsement of our idea and together we will roll Freebee out across the US.”

The ride-hailing service is presently available in more than 25 municipalities and campuses in Florida and Virginia. The ride-hailing service provider targets expansion into seven new cities in these two states before the end of 2022. The company says the expansion is should help the business move over one million passengers by the end of the year.

bp.com

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Found on electrive.com
https://www.electrive.com/2022/10/26/bp-invests-6-million-in-freebee-ev-ride-hailing/
26.10.2022 15:03