Cabify gets EU bank loan for electric vehicle rollout

carpooling company Cabify received a €40 million loan from the European Investment Bank (EIB) for the purchase of 1,400 electric vehicles.

The EIB investment, which also includes associated electric vehicle charging equipment, will help Cabify achieve its goal of a zero-emissions fleet in Spain by 2025 and globally by 2030.

The EIB says the loan supports its sustainability goals around climate action as well as sustainable cities and communities.

It says: “The project contributes to EU goals of phasing out conventionally fueled cars in urban transport, modal shift to more sustainable modes to reduce congestion and pollution in cities and implementing EU air quality legislation by reducing air pollution from urban transport. .”

Cabify received approximately $500 million in funding, including $160 million in early 2018 and $120 million in April 2016.

Juan de Antonio, CEO of Cabify, joined the How I Got Here podcast last year to talk about the company’s strategy and growth.

Watch the full interview here:

How I Got Here Episode 61 – Juan de Antonio from Cabify