Car rental company Hertz invested in an Irish-led EV rental app, UFODRIVE. The firm is continuing its investments in electric vehicles transition. The rental app offers a completely digital, EV-only rental service enabling customers to simply “arrive and drive” without dealing with waiting lines or rental staff.
UFODrive raised $19m in Series A funding along with the new partnership with car rental giant Hertz. The funding round was co-led by Hertz and Certares, in partnership with investment adviser Knighthead Capital. Existing backers also participated in the funding round. UFODrive allows customers to use their smartphones to book and drive premium EVs from a variety of pick-up locations. It is founded in Luxembourg by Irishman Aidan McClean along with Renaud Marquet in 2018, the company currently operates in 18 locations globally including Luxembourg, London, Brussels, and Dublin.
Hertz became popular as it ordered 100,000 Model 3s while looking to transition its fleet to a more sustainable future. It’s building on that by investing in UFODRIVE. The EV rental app’s service generates drastically fewer emissions than the traditional car rental model and is available 24/7. The news about this partnership comes not long after Hertz announced a partnership with Uber, enabling customers to rent Teslas whilst using the Uber network.
Zero-emissions mobility
UFODRIVE CEO Aidan McClean stated, “Born from a vision to deliver what we call ‘Radically Better Car Rental,’ this investment is a major validation of that dream. We are proud that we are helping to accelerate the transition to zero-emissions mobility, and our investors see the opportunity ahead. We pioneered and are now the premier operating system for electric fleets and already service a growing list of high-profile mobility companies.”
UFODrive plans to use the investment to accelerate product development and expand globally, with a focus on the US market. The company said it has experienced sustained growth during the pandemic while adding home delivery and subscription options to its list of services.
Hertz already started live testing off the UFODRIVE app with their vehicles as they look to streamline their service and improve EV operations. Tesla CEO Elon Musk has confirmed Hertz paid full price for their 100,000 Model 3s, making the deal worth over $4 billion. Deliveries are already underway at Hertz locations throughout the US. Not only automakers, but car rental services are also advancing towards technology, providing better services. This is only the start of such partnerships, more collaborations are expected in coming years.
