New company marries fintech and cleantech to offer consumers a low cost path to EV ownership
LOS ANGELES–(BUSINESS WIRE)–#EV—Hive Technologies Inc., the company unlocking the full carbon benefit of electric vehicles (EVs), today announced $30 million in new funding. The investment accelerates the company’s vision to ensure that future generations benefit from cleaner air quality by expanding affordable access to EVs and renewable energy-based charging infrastructure. This combination is critical to expedite EVs’ full carbon reduction potential. Hive’s unique model reduces the ROICO2 (Return on Invested Carbon Dioxide) of EVs to one year, down from approximately seven on average with today’s utilization. To achieve this vital carbon benefit, Hive taps a convergence of proven technologies including high range EVs, IOT, iSun, Inc.’s (NASDAQ: ISUN) modular solar charging capabilities, and energy storage. Coming out of stealth, today’s funding will be used to develop Hive’s proprietary fintech solution, put an initial 1,000 high mileage EV users on a path to EV ownership, and deploy 50 solar-powered, direct current fast charger (DCFC)-enabled Hive mobility hubs eliminating 12,000 tonnes of C02 and saving 1.2 million gallons of fuel every year.
“Adoption follows price. Hive opens up access to EVs as a more affordable option by lowering the average income required to get financing for an EV by nearly 40 percent. In Hive’s model, the vehicle is the ‘razor,’ and energy services are the ‘razor blades’ that Hive will supply over the long operational life of each EV,” said Mathias Thomsen, co-founder and CEO, Hive. “By lowering barriers to EV adoption for those who drive the most we unleash a flywheel effect that increases overall demand for EVs alongside both network density and utilization, solving the adoption challenges that have held back EVs and fully renewable EV charging to date.”
“Transitioning drivers to EVs is a critical part of any net zero plan. We are excited to work with Hive in rolling out an innovative, flexible, and convenient solution for high mileage drivers starting with those participating in the gig economy,” said Trent Yang, President and co-founder, Galway Sustainable Capital. “Galway’s capital will be used for both acquiring vehicles as well as corporate equity as Hive looks towards significant growth in 2022. Hive is taking a clean sheet approach to a massive market opportunity that is still in the early stages of a sea change; we have high conviction and look forward to being long-term partners.”
“The realization of the long-promised climate benefit of EVs is dependent on getting more drivers on a path to EV ownership. Most EVs today are driven by affluent consumers who charge at home. A multi-dimensional solution is needed to ensure ownership can be achieved more quickly and through a mileage-based model, which is what we’ve developed at Hive,” said Boyd Bishop, co-founder and COO, Hive. “Our clean sheet model ensures rapid EV adoption and the viability of renewable energy services as EVs go mainstream. We look forward to working with automobile manufacturers to deliver this higher ROICO2 for their EVs, auto finance and traditional car rental companies to open up utilization opportunities for new and off-lease EVs, and with forward thinking site hosts to pioneer the installation of our modular, scalable, and easy-to-deploy renewable energy hubs.”
“Hive’s vision for accessible EV ownership directly complements iSun’s mission to accelerate the adoption of innovative technologies that improve lives,” Jeff Peck, CEO of iSun, Inc. “We’re proud to partner with them and excited to help them accelerate the adoption of both EVs and solar energy.”
Today’s financing comes from an international group of investors including iSun, Inc. (NASDAQ: ISUN), Galway Sustainable Capital, and Los Angeles Cleantech Incubator’s Impact Fund, LACI as well as strategic individuals from the renewables and real estate sectors, aligned to Hive’s Environmental, Social, and Governance (ESG) objectives.
Hive wants mass market consumers to have, and use, their EVs – a lot. By sitting at the nexus of proven technologies such as high range EVs, IOT, modular solar charging, and energy storage, Hive has created innovative fintech solutions to bring EVs to this massive, yet underserved market segment. The company is uniquely positioned to put drivers on a path to EV ownership on timelines significantly shorter than traditional car leases and loans. Hive also plans to offer renewable energy services to consumers with more moderate mileage, tapping into the increasing renewable energy oversupply.
Founded in 2020 and formerly known as Gemini, Hive is backed by an international investor syndicate that includes iSun Energy and Los Angeles Cleantech Incubators Impact Fund, LACI. The Hive team is made up of alumni from Uber, Fair Financial, Airbus, U.S. Army, Boston Consulting Group, Harvard Business School and London Business School to deliver technology and infrastructure in support of the ultimate goal of clean air for future generations. For more information please visit: https://www.drivehive.com/