19th Oct 2022 13:03
(Alliance News) - BP PLC on Wednesday said it has invested USD6 million in all-electric ride-hailing business Freebee, a Miami-based company that provides transportation to local communities.
The FTSE 100-listed oil major led a USD8 million series A funding round, alongside Freebee's current infrastructure capital partner Tensile Mobility.
Freebee provides free, on-demand ride-hailing using electric vehicles via its mobile app. It currently owns more than 150 electric vehicles. The service is financed by local governments and entities, such as corporate business parks and universities, to cover defined areas or specific routes.
BP said Freebee seeks to address the many issues arising from increased use of personal vehicles in the US, such as traffic congestion and increased carbon emissions.
BP added that the investment will help Freebee boost its technology development capacity and expand its team, helping to scale the business across the US.
The service is currently available in more than 25 municipalities and campuses in Florida and Virginia, with Freebee targeting expansion into seven new cities in the two states before the end of 2022. By the end of the year, Freebee expects to have over 1 million passengers.
As well as leading the funding round, BP said it will work with Freebee on scaling the business across the US and will explore opportunities to collaborate on the roll-out of EV charging infrastructure, progressing BP’s mobility growth engine.
Shaun Healey, principal at BP ventures, will join the Freebee board, along with Tensile Mobility's Chief Executive Dabo Horsfall.
Freebee Co-Founder & Managing Partner Kris Kimball said: "This investment from BP ventures is an endorsement of our idea and together we will roll Freebee out across the US."
Shares in BP were up 1.3% to 450.80 pence each in London on Wednesday around midday.
By Sophie Rose; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
BP