Car hire firm Hertz aims to expand its electric vehicle offering thanks to an investment in Ufodrive, an all-electric car rental service.
Ufodrive has raised $19 million in a round of funding, co-led by Hertz and private equity firm Certares, in partnership with US investment fund Knighthead Capital and existing shareholders.
The Ufodrive rental service is controlled from an app which delivers a two-minute ‘arrive and drive’ customer service.
Jayesh Patel, Hertz’s senior vice-president of strategy, will join the Ufodrive board, along with Chantal Noble Haldorsen, venture lead at Certares.
Mark Fields, Hertz interim chief executive, said: “Our partnership with Ufodrive is yet another major step in Hertz becoming an essential component of the modern mobility ecosystem.
“Together, we will pilot ways to make renting an EV even easier using Ufodrive’s digital platforms for both the rental experience and fleet management.
“For customers, this partnership will help us create the future rental car experience that is all-digital and EV-centric.”
Aidan McClean, Ufodrive chief executive, added: “We are proud that we are helping to accelerate the transition to zero-emissions mobility, and our investors see the opportunity ahead.”
Hertz aims to deploy Ufodrive’s digital rental and fleet management technology to enhance its global EV fleet operations.
Ufodrive will use the additional capital to accelerate product development and to expand globally, with a focus on the US market.
The partnership builds on Hertz’s announcement in October 2021 that the company is investing in electric vehicles.
Hertz emerged from US Chapter 11 bankruptcy protection triggered by Covid-19 at the end of June 2021, following a lengthy restructuring and a massive cash injection.
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