Cabify awarded €40 million loan to decarbonise vehicles in Spain

Credit: Cabify

Cabify has announced that it has been awarded a €40 million loan by the European Investment Bank to decarbonise its fleet of vehicles in Spain, by increasing the availability of new electric vehicles and charging infrastructure across the country. For this project, the company will carry out a total investment of around €82 million.

The new loan will mark the foundation of the deployment of 1,400 electric vehicles (EVs) for the company’s ride-hailing activity in Spain, and associated EV charging and digital infrastructure. The investment contributes to European Union (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, as well as the implementation of EU legislation on air quality.

Commissioner for Transport Adina Vălean said: “With this loan, we are supporting Cabify as it deploys 1,400 electric vehicles and the accompanying charging infrastructure. Every forward looking initiative like this counts as we work towards our Sustainable and Smart Mobility Strategy milestone of having at least 30 million zero-emission cars on our roads by 2030. With this date approaching rapidly, we remain very much committed to accelerating the transition towards sustainable mobility.”

Juan de Antonio, CEO of Cabify, said: “At Cabify, we are committed to accelerating the green transition in urban mobility in every market we operate. This is our core, making cities better places to live, and sustainable mobility is key for that to happen. The decarbonisation of our fleet in Spain plays a central role in this commitment.”

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Cabify operates its ride-hailing service using its digital platform and mobile application, which matches demand for trips with supply of 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 this project, which is already in motion, will be in in the first quarter of 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 400km and technical characteristics and sizes suitable for passenger transport. The company will look for fast chargers with its dedicated infrastructure for the re-charging process.

Through this project, Cabify aims to achieve the objectives set in its Sustainable Business Strategy in terms of decarbonisation, which targets that all trips made on the Spanish platform will be in zero-emission vehicles in Spain by 2025 and worldwide by 2030.