UK’s bp invests $6m in US EV ride-hailing firm Freebee

Freebee provides free, on-demand transportation to local communities through an app, with the trips financed through local governments and by private organisations

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British energy giant bp has invested $6 million (£5.2m) in Miami-based Freebee, an all-electric ride-hailing company.

Freebee provides free, on-demand transportation to local communities through an app, with the trips financed through local governments as part of municipalities’ public transport networks and by private organisations such as corporate business parks, hotels, resorts and university campuses.

The company owns a fleet of more than 150 electric vehicles (EVs) and employs more than 230 full-time drivers.

The latest investment, which is part of Freebee’s $8 million (£6.95m) Series A funding round that was led by bp ventures, will help the company boost its technology development capacity and expand its team.

Its service is currently available in more than 25 municipalities and campuses in Florida and Virginia, with Freebee targeting expansion into seven new cities in the two states by the end of 2022.

bp will also work with Freebee on scaling the business across the US and explore opportunities on the rollout of EV charging infrastructure.

Shaun Healey, Principal at bp ventures said: “bp ventures invests in companies that align with bp’s ambition to be net zero by 2050 or sooner. The team at Freebee has come up with a brilliant business idea that incentivises travel by electric vehicles without any cost to the user.

“We are very proud to have made our first investment in Miami’s thriving tech sector and look forward to getting started with the team.”