19 Dec 22

Cabify to reach zero-emission in Spain with EU funding

Cabify to reach zero-emission in Spain with EU funding

European Investment Bank (IBE), the long-term lending institution of the European Union (EU), granted €40 million loan to Cabify to help the multi-mobility platform transit to a zero-emission fleet in Spain. 

The project, funded by the Future Mobility product and supported by the Connecting Europe Facility (CEF), includes a total investment of around €82 million. Cabify will use the EIB loan to deploy 1,400 electric vehicles (EVs), aiming to result in 9 kt CO2 average-emission savings per year. The Cabify projects’ budget covers the charging infrastructure needed to power up the zero-emission vehicles. 

CEF is an EU funding instrument designed to boost growth, jobs and competitiveness through targeted infrastructure investments at the European level. At the same time, The Future Mobility facility is a joint initiative of the European Commission and the EIB, supporting Europe’s decarbonisation agenda. 

Helping ride-hailing services in their electrification journey is a strategy the EU embraced in 2016; the EIB and the European Commission (EC) launched the Cleaner Transport Facility to provide new energy vehicles and charging infrastructure across Europe. So far, EIB has financed 15,000 EVs and infrastructure in several countries, from e-buses in the Netherlands to charging stations in Slovakia. 

30 million EVs by 2030

Cabify’s mission is to reduce urban congestion by using alternative mobility methods. The multi-mobility platform is one of the many actors of the EU’s Sustainable and Smart Mobility Strategy, which aims to have 30 million new energy vehicles (NEVs) on roads by 2030. “The decarbonisation of our fleet in Spain plays a central role in this commitment, and the European Investment Bank’s support proves this progress’s strategic impact”, says Juan de Antonio, CEO of Cabify.

Launched in Madrid in 2011, Cabify today has over 42 million registered users and 1.2 million drivers and taxi drivers on its mobility platform. 

The main photo shows Alessandro Izzo, Equity, Growth Capital and Project Finance Director at EIB, and Juan de Antonio, CEO of Cabify; courtesy of Cabify.

Authored by: Mufit Yilmaz Gokmen