Splend announced an additional $20 million investment from the Clean Energy Finance Corporation (CEFC), bringing its total CEFC finance to $40 million following an earlier investment in 2023. This financing will further accelerate the electrification of Splend’s Australian EV fleet, continuing the significant steps towards sustainable transportation in Australia.
The additional investment will enable Splend to expand its overall Australian fleet to over 5,000 vehicles by the end of the year, with more than 2,000 being zero-emission EVs. This expanded EV fleet is projected to reduce emissions by over 15,000 tonnes per year compared to a conventional gasoline-powered fleet.
Chris King, CEO of Splend, said the additional finance supported the continued transformative move to electric and would turbocharge the rollout of a fleet of cleaner, greener vehicles.
“Electrifying transportation is crucial for achieving zero-emission mobility, and rideshare is a key battleground. We had under 500 EVs on the roads one year ago in NSW. With CEFC’s $40 million backing, we’ll finish 2024 with over 2,000 EVs nationwide, providing affordable, sustainable transport across Australia.”
“There are over 100,000 rideshare vehicles in Australia, and less than 3% are EVs with most being petrol ICE. Over the next five years, Splend aims to transition at least an additional 15,000 rideshare vehicles to EV as more models hit the market and charging infrastructure expands nationwide. This finance allows us to make a massive leap towards that target.”
The CEFC backing means more drivers can access Splend’s unique cost-saving benefits. Unlike fossil fuel-powered vehicles, Splend’s EV drivers save up to $6,000 annually on fuel and maintenance.
Since its EV rollout in late 2022, Splend has already eliminated over 3,000 tonnes of CO2 emissions.
Ian Learmonth, CEO of the CEFC, highlighted the strategic importance of this investment: “The outstanding deployment success under our initial Splend investment demonstrates the strong demand for EVs among rideshare drivers and their customers. It is also a great opportunity to drive further emissions reduction in the hard-to-abate transport sector. We’re pleased to continue to back Splend in their ambitious approach to reducing emissions – an urgent imperative to work towards our national net zero goals.”
Richard Lovell, CEFC Executive Director and Head of Debt Markets added: “The rideshare sector is a growing part of the transport sector, and given the frequency with which rideshare cars are used, it represents a significant source of potential emissions reduction. It’s estimated that EVs now account for around one percent of Australia’s total light vehicle fleet, so there is clearly scope further to electrify this critical segment of the transport sector.”
As the largest EV operator in Australia, Splend will share real-world data from its fleet on battery performance, residual values, and other key metrics to help inform broader transport electrification efforts. The company’s innovative platform provides flexible vehicle subscription options as an affordable alternative to traditional financing or ownership.
Since its inception, Splend has raised over $500 million in capital from investors to advance its mission of accelerating zero-emissions mobility. It has ambitious goals for further expansion in the coming years.
