Mobility company Cabify is to receive a €40 million loan from the European Investment Bank to help purchase 1,400 electric vehicles in its home market of Spain.
The ground transport platform will also use the money to build the necessary charging and digital infrastructure to operate these vehicles.
The deployment of these electric vehicles will help Cabify to achieve its emissions reduction target, with the company aiming to create a zero-emissions fleet by 2025 in Spain and then worldwide by 2030.
The European Investment Bank said the investment would have “a significant and positive social and environmental impact” by reducing emissions.
Cabify, which was founded in Madrid in 2011, now has more than 42 million registered users and works with 1.2 million drivers. The platform has also expanded beyond Spain to several markets in Latin America.