The EIB has announced a 40-million-euro loan to the Spanish multi-mobility company Cabify. With the additional investment, Cabify will be able to deploy 1,400 electric vehicles and the necessary infrastructure for charging them across the nation.

The European Investment Bank (EIB) has granted Cabify, a Spanish ride-hailing and multi-mobility startup, a loan of €40 million for its fleet decarbonization initiative. The funding will be used to build the infrastructure necessary for the operation of 1,400 electric vehicles in Spain over the next four years.

The investment will help Cabify significantly in reaching its decarbonization goal in Spain, which is to have a zero-emission fleet by 2025 in Spain and globally by 2030.

By replacing traditional cars that run on fossil fuels with electric vehicles (EVs), the project is anticipated to save an average of 9 kt of CO2 emissions per year during the course of the project assessment period.

Alessandro Izzo, Director of Equity, Growth Capital, and Project Finance at the EIB, and Juan de Antonio, CEO of Cabify, signed the contract in Madrid.

The first quarter of 2023 will mark the next significant development for this project, which is already under way, with a request for proposals for the procurement of vehicles and the establishment of the infrastructure for charging them. Cabify will search for zero-emission vehicles with a driving range of more than 400 km and technical specs and dimensions appropriate for passenger transportation. With a specialised infrastructure for recharging, the company will search for fast chargers.

Cabify uses its mobile application and digital infrastructure to run its ride-hailing service, which connects demand for trips with supply of rental cars. Users can communicate with their driver and get information on the waiting line, the route’s length, and the precise cost of the journey using the mobile app. Currently, the corporation operates in Uruguay, Argentina, Chile, Colombia, Ecuador, Spain, Mexico, and Peru.

 

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