Hertz invests in electric vehicle platform

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Car rental firm Hertz is investing in European digital electric vehicle platform Ufodrive as it looks to build up its sustainable options for customers.

Hertz is leading a $19 million Series A investment in Ufodrive, which specializes in providing self-service access to a fleet of electric vehicles through its app, as well as offering a software-as-a-service platform for fleet management.

Ufodrive currently is operating across nine countries in Europe, including the U.K., Ireland, France, Germany and the Netherlands, and now plans to expand globally.

The latest move from Hertz comes after announcing in October 2021 that it was investing in a fleet of electric Tesla vehicles, as well as expanding its partnership with ride-hailing firm Uber.

Mark Fields, Hertz interim CEO, in a statement called the investment in Ufodrive "another major step in Hertz becoming an essential component of the modern mobility ecosystem."

Hertz plans to deploy Ufodrive's digital rental and fleet management technology to enhance its global electric vehicle fleet operations.

Fields added: "Together, we will pilot ways to make renting an EV (electric vehicle) even easier using Ufodrive's digital platforms for both the rental experience and fleet management. 

Ufodrive's Series A financing round was co-led by Hertz and New York-based investment firm Certares, alongside Knighthead Capital Management.

Ufodrive said it would use the new funding on product development and to support global expansion with a focus on the U.S. market.

Source: Business Travel News

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