Electric car sharing club secures £500,000 funding
The UK’s first all-electric car sharing club was founded in 2011 based on investment from the Sustainable Venture Devleopment Partners and support from the Technology Strategy Board, with an aim to provide affordable and eco-friendly transport for businesses and members of the community.
Having since secured crowdfinding from Crowdcube and Angel Investors, E-Car Club has grown from its original community-led scheme in Milton Keynes and a partnership with Luton Borough Council to roll out hubs in Tower Hamlets in East London, Oxford, the University of Hertfordshire and Maylands Business Park.
This latest round of funding is provided by Ignite Social Enterprise, backed by Centrica, which is targeting energy-related ventures across the UK. It will allow E-Car Club to set up additional hubs, beginning with London and the South East during 2014.
Julia Rebholz of Ignite Social Enterprise said: ‘Access to low cost transport is a huge problem for many UK households, we were impressed by E-Car’s commitment to address this issue and creating cross sector partnerships with local authorities and local communities to help these households in transport poverty.
‘This investment will help accelerate the creation of new E-car schemes that will reduce transport costs and improve quality of life for many people across the UK.’
For more of the latest industry news, click here.