The European Investment Bank (EIB) is providing Cabify with a EUR 40 million loan to decarbonize its fleet of vehicles in Spain, by increasing the availability of new electric vehicles and charging infrastructure across the country.
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For this project, the Spanish multi-mobility company will carry out a total investment of around EUR 82 million.
The EIB loan will mark the cornerstone of the deployment of 1,400 electric vehicles (EVs) for the company's ride-hailing activity in Spain, and associated EV charging (EVC) and digital infrastructure.
The investment contributes to EU objectives including - phasing out CO2 emitting cars in urban transport, promoting a modal shift to more sustainable modes to reduce congestion and pollution in cities, and the implementation of EU legislation on air quality.
Moreover, the project is expected to result in 9 kt CO2 average emission-savings per year, over the project assessment period as a result of replacing conventional cars operating on fossil fuels with zero tailpipe emission EVs.
Cabify operates its ride-hailing service using its digital platform and mobile application, which matches demand for trips with supply of for-hire vehicles. Via the mobile app, users can also reach their driver and receive details about waiting queue and trip distance, duration and exact costs of the trip.
The next milestone for the project, which is already in motion, will be in Q1/2023 with a call for tenders for acquiring vehicles and deploying the charging infrastructure.
Cabify will look for zero-emission cars with an operating range of over 400 km and technical characteristics and sizes suitable for passenger transport. The company will look for fast chargers with its dedicated infrastructure for the recharging process.
The aim of the project is for Cabify to achieve the objectives set in its Sustainable Business Strategy in terms of decarbonization, which targets that all trips made on the Spanish platform will be in zero-emission vehicles in Spain by 2025 and worldwide by 2030.
The EIB is also investing in the automotive industries and in the necessary charging infrastructure to improve the supply of emission-free urban mobility in the cities where Cabify operates in Spain. ■