A New Financial Technology Company Aims to Accelerate Electric Vehicle Adoption
Alexandra Maloney
· 3 min read
A new technology startup has big goals as it enters the automotive world.
The company, Spring Free EV, has plans to speed up the adoption of
electric vehicles
throughout the world to fulfill their ambitious goal of reducing CO2 emissions by one entire gigaton by 2030. With generous financial backing from investors and a plan that makes electric vehicles more affordable
for everyone, the brand-new company just might be able to accomplish their mission. But it’s not going to be easy.
What is Spring Free EV?
Although the company has been in the works for a while, Spring Free EV officially debuted on Sept. 20, 2021.
Business Wire
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
Tesla
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.Let Jerry find your price in only 45 seconds
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What is the company’s new plan for electric vehicles?
Spring Free EV has a plan to take away one of the biggest burdens of purchasing an electric vehicle—the upfront costs.
When the low fuel and
maintenance
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.
Electric vehicles:
- Have less frequent and less expensive maintenance costs.
- Have lower fuel costs.
- Are quieter than gas vehicles.
- Drive smoother.
- Have a longer lifespan than most electric cars.
With Spring Free EV’s new plan to make electric vehicles affordable and accessible, it might be the perfect time to invest in your own electric vehicle.
