Hertz Expands Global Electric Vehicle Commitment with New UFODRIVE Partnership
UFODRIVE raises $19 million in Series A funding, co-led by Hertz and Certares, in partnership with Knighthead Capital, along with participation from existing shareholders
ESTERO, Fla. and LONDON, Feb. 15, 2022 /PRNewswire/ -- Hertz today is announcing an investment in UFODRIVE – the leading self-service electric vehicle rental company and eMobility service provider in Europe – as part of Hertz's commitment to lead the future of mobility.
UFODRIVE is the first all-digital, all-electric car rental service controlled from an app. Its advanced eMobility SaaS Platform makes transitioning to electric easy for both customers and fleet providers – delivering lean operations, lower energy costs, better charging and optimal fleet utilization using advanced AI tools. UFODRIVE's technology delivers a two-minute 'arrive and drive' entirely digital EV customer experience.
The partnership builds on Hertz's announcement in October 2021 that the company is investing in EVs – with a commitment to offer the largest electric vehicle rental fleet in North America and to grow its EV fleet globally. Hertz also committed to providing the best rental and recharging experience for leisure and business customers around the world. Also in October, the company announced an exclusive partnership with Uber to make Tesla electric vehicles available for drivers to rent when using the Uber network.
UFODRIVE's Series A financing round was co-led by Hertz and Certares, in partnership with Knighthead Capital Management, and included participation from existing investors. Hertz Senior Vice President of Strategy, Jayesh Patel, and Venture Lead at Certares, Chantal Noble Haldorsen, will join the UFODRIVE board.
"Our partnership with UFODRIVE is yet another major step in Hertz becoming an essential component of the modern mobility ecosystem," said Mark Fields, Hertz interim CEO. "Together, we will pilot ways to make renting an EV even easier using UFODRIVE's digital platforms for both the rental experience and fleet management. For customers, this partnership will help us create the future rental car experience that is all-digital and EV-centric."
"Born from a vision to deliver what we call 'Radically Better Car Rental,' this investment is a major validation of that dream," said Aidan McClean, UFODRIVE CEO. "We are proud that we are helping to accelerate the transition to zero-emissions mobility, and our investors see the opportunity ahead."
McClean added: "We pioneered and are now the premier operating system for electric fleets and already service a growing list of high-profile mobility companies."
Following successful live testing in 2021, Hertz aims to deploy UFODRIVE'S market-leading digital rental and fleet management technology to enhance its global EV fleet operations. Starting with Hertz's key partners in the U.S. and Europe, this will offer a fully digital rental experience, charge point wayfinding, touchless smartphone access and online customer support with live telematics using UFODRIVE's SaaS platform.
UFODRIVE will use the additional capital to accelerate product development and to expand globally, with a focus on the U.S. market. Founded in 2018, UFODRIVE's success is based on environmentalism, superb customer experiences and an eye to what modern consumers need. The business has experienced sustained growth throughout the pandemic, opening new locations as well as adding home delivery and subscription to its existing rental operation.
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin American, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognised globally. Additionally, The Hertz Corporation operates the Firefly Car Rental, Ace Rental Cars and Hertz 24/7 in select markets as well as the Flexicar car sharing business in Australia and New Zealand. For more information about The Hertz Corporation, visit www.hertz.com.
UFODRIVE is pioneering the electric car revolution with its own all-electric car rental service powered by its unique end-to-end eMobility platform. It offers a 100% electric, 100% digital experience in nine countries and 18 locations globally - delivering a radically better car rental experience which combines state-of-the-art technology with superior electric cars. With zero-emissions, every journey with UFODRIVE helps avoid further pollution on roads and in the atmosphere. Customers can access and drive their car on their schedule, open 24/7, 365, and with optimised charging and routing using the advanced AI eMobility platform. UFODRIVE's contactless electric platform has also been developed to manage rental, shared, commercial, and private fleets - maximising cost efficiency while providing an exceptional customer experience. For More information about UFODRIVE, visit www.ufodrive.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release include "forward-looking statements" within the meaning of applicable securities laws and regulations. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on the Hertz's current views with respect to future events and the timing of the tender offer. These forward-looking statements are subject to a number of risks and uncertainties including prevailing market conditions, as well as other factors. Forward-looking statements represent Hertz's estimates and assumptions only as of the date that they were made, and, except as required by law, Hertz undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Hertz Global Holdings, Inc.