Spanish ride-hailing and multi-mobility company Cabify has received €40 million loan from the European Investment Bank (EIB) for its fleet decarbonisation project. The financing is aimed at the deployment of 1,400 electric vehicles over the next few years in Spain, as well as the infrastructure needed for their operation.
The investment is an essential boost for Cabify to achieve its decarbonisation target in Spain, which aims for a zero-emission fleet by 2025 in Spain and worldwide by 2030.
The funding is in line with EIB’s support of Sustainable Development Goals (SDGs). The bank is also making investments 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.
With more than 42 million users and 1.2 million collaborating drivers and taxi drivers, the Uber rival in Latin America aims to change the way people move around the city. The company is currently operational in Argentina, Chile, Colombia, Ecuador, Spain, Mexico, Peru, and Uruguay.