Cabify Receives a €40 Million Loan To Decarbonize Spanish Vehicles

(CTN News) – The European Investment Bank has awarded Cabify a loan of €40 million to decarbonize its fleet of vehicles in Spain.

This is done by increasing the availability of electric vehicles and charging infrastructure across the country.

This project will involve a total investment of approximately €82 million by the company.

Through the new loan, the company will be able to deploy 1,400 electric vehicles (EVs) for its ride-hailing operations in Spain, as well as the associated EV charging and digital infrastructure.

This investment contributes to the objectives of the European Union (EU), including phasing out CO2 emitting cars in urban transportation, promoting the transition to more sustainable modes of transportation to reduce congestion and pollution, and implementing European Union air quality legislation.

As Commissioner of Transport Adina Vălean stated: “With this loan, we are supporting Cabify in its deployment of 1,400 electric vehicles and their charging infrastructure.

The Sustainable and Smart Mobility Strategy milestone of having at least 30 million zero-emission cars on our roads by 2030 will be achieved with every forward-looking initiative like this.

Our commitment to accelerating the transition to sustainable mobility remains strong as this date draws closer.”

According to Juan de Antonio, Cabify’s CEO,

“We are committed to accelerating the green transition in urban mobility in every market in which we operate.”

We are dedicated to improving the quality of life in cities, and sustainable mobility plays a key role in achieving this goal. We are committed to decarbonizing our fleet in Spain.”

Cabify operates its ride-hailing service through its digital platform and mobile application, which matches the demand for trips with the supply of rental vehicles.

By using the mobile app, users are also able to contact their driver and receive information regarding the waiting queue. In addition, they can also receive details about the distance, duration, and exact costs of the trip.

A call for tenders will be issued in the first quarter of 2023 regarding the acquisition of vehicles and the deployment of charging infrastructure for this project.

This project is already in motion. It is Cabify’s intention to search for zero-emission cars with a range of over 400 kilometers and technical characteristics and dimensions suitable for the transport of passengers.

As part of the recharging process, the company plans to look for fast chargers with dedicated infrastructure.

It is through this project that Cabify intends to achieve the objectives set forth in its Sustainable Business Strategy regarding decarbonization, which targets the elimination of all emissions from vehicles on the Spanish platform by 2025 and on a global scale by 2030.

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