The European Investment Bank (EIB) has granted a €40m (£35.2m) loan to Cabify, a Spanish multi-mobility platform, to support the decarbonisation of its fleet and improve the availability of new electric vehicles (EVs) and charging infrastructure across the nation.
The organisations predict that the total cost of the project will be €82m (£72m) and is being funded under the Future Mobility initiative, supported by the Connecting Europe Facility (CEF).
The EIB loan is intended to support the deployment of 1,400 EVs for Cabify’s carpooling and ride-hailing activities in Spain, in addition to the associated charging and digital infrastructure needed to support the fleet.
The funding body has said that this investment contributes to achieving EU objectives, including phasing out CO2-emitting cars from urban transport, encouraging a shift to more sustainable transport modes to reduce congestion and pollution in cities and implementing EU air quality legislation.
Adina Vălean, transport commissioner for EIB, said: “With this loan, we are supporting Cabify in the deployment of 1,400 electric vehicles and the accompanying charging infrastructure.
“Every forward-looking initiative like this matters, as we strive to achieve our Sustainable and Smart Mobility Strategy milestone of having at least 30 million zero-emission cars on our roads by 2030.
“With this date rapidly approaching, we remain very committed to accelerating the transition to sustainable mobility.”
The EIB expects the project to lead to the reduction of CO2 emissions by an average of 9 kilotons per year, over the project evaluation period, through the replacement of fossil fuel-powered cars with zero-emission EVs.