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Spain ride-hailing company to receive 40 million euro loan

The European Investment Bank (EIB) is providing Cabify with a EUR 40 million loan to decarbonize its fleet of vehicles in Spain, by increasing the availability of new electric vehicles and charging infrastructure across the country. For this project, the Spanish multi-mobility company will carry out a total investment of around EUR 82 million.

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The EIB loan will mark the cornerstone of the deployment of 1,400 electric vehicles (EVs) for the company’s ride-hailing activity in Spain, and associated EV charging (EVC) and digital infrastructure. The investment contributes to EU objectives including – phasing out CO2 emitting cars in urban transport, promoting a modal shift to more sustainable modes to reduce congestion and pollution in cities, and the implementation of EU legislation on air quality.

Moreover, the project is expected to result in 9 kt CO2 average emission-savings per year, over the project assessment period as a result of replacing conventional cars operating on fossil fuels with zero tailpipe emission EVs.

The agreement was signed in Madrid by Alessandro Izzo, Equity, Growth Capital and Project Finance Director at EIB, and Juan de Antonio, CEO of Cabify.

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Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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