EV leasing specialist DriveElectric is expanding its electric vehicle leasing offer on the back of a partnership with Sumitomo Corporation.

Sumitomo Corporation becomes a strategic investor in DriveElectric under the new deal

The deal sees Sumitomo Corporation become a strategic investor in DriveElectric. The Japanese trading and business investment company spans a range of industries and also jointly owns Japan’s largest automotive leasing company.

The partnership will support DriveElectric’s business expansion and development of digital and energy products and services, in particular in the countdown to the 2030 ICE ban.

DriveElectric has been working with electric vehicles since 2008 and runs almost 5,000 pure EVs in the UK, with a particular expertise in electric vans. Its services include contract hire, fleet consultancy and monthly subscription rental, the latter primarily for vans. It has existing marketing partnerships with Lloyds Banking Group and EDF.

Mike Potter, managing director, DriveElectric, said: “With the UK due to phase out the sale of new petrol and diesel cars and vans by 2030, there is an urgent need to ensure that businesses and motorists can make the switch to electric vehicles as quickly and as easily as possible. DriveElectric is now able to scale up its level of expert service to meet rapidly increasing customer demand, as well as to expand the technology offering of the business.”

Takashi Yamana, CEO, Sumitomo Corporation Europe, added: “Sumitomo Corporation is delighted to be part of the DriveElectric business and contribute to the UK’s journey towards Net Zero by promoting transition to zero emission mobility. Also, we look forward to creating additional value to customers and society by developing new offerings integrated with digital and energy services.”