describes the company as "a financial technology company built to accelerate the adoption of electric vehicles (EVs) through innovative fintech products."
The company is led by entrepreneur and former Sidecar CEO and founder, Sunil Paul. Paul co-founded the company along with Martin Lagod and Cassandra John. They are financially backed by Reid Hoffman, Marianne Wu, Mark Pincus, Ev Williams, and other investors to accomplish their goal of reducing CO2 emissions by one gigaton by 2030.
The company is currently working with car manufacturers like
and Nissan to kick off their plan. Currently, Spring Free EV is operating in six states, with the plan to expand to at least 20 more by the end of 2021. Their mission is to work with these manufacturers to combat climate change by making electric vehicles more accessible and affordable to the public.
costs associated with electric vehicles are taken into account, the long-term investment into one of these cars is extremely affordable. But, many potential buyers get scared off by the hefty price tag on the initial purchase.
Spring Free EV has come up with the Mileage Purchase Agreement (MPA) to combat this problem and make the initial price of an electric vehicle more affordable. The MPA is a financial product that reduces upfront costs of EVs by charging a fee per mile of use.
Think of this plan as a form of financing an electric vehicle, which will make the cost lower or equal to that of buying a fossil fuel car.
What are the overall benefits of electric vehicles?
As we can see from Spring Free EV’s plan to reduce carbon emissions with electric vehicles, EVs provide a huge benefit to the environment.
But you might be wondering, beyond helping the environment and reducing your own carbon footprint, why should you invest in an electric vehicle?
The truth is, EVs come with many benefits that make them a more worthwhile purchase than fossil-fueled vehicles for many drivers.
Have less frequent and less expensive maintenance costs.
Alexandra Maloney is an insurance writer who specializes in vehicle rankings and basic insurance topics. Alexandra’s mission is to create articles that help car owners select the best vehicle and insurance coverage for their lifestyle, budget, and drive. Alexandra has written more than 300 articles for Jerry, ranging from vehicle safety topics to vehicle maintenance costs. Before joining Jerry, Alexandra studied journalism and business administration at the University of Richmond.