Kite Mobility secures $3.5M in capital, to accelerate growth in the EV rideshare market
by CM staff
Kite's electric mobility-sharing solution can displace up to 10 parking spots per one shared electric vehicle.
TORONTO — Kite Mobility’s 3rd seed round will help accelerate growth across Canada. In addition to a follow-on investment from Good & Well, strategic investment from Enlightened Building Technologies Inc., and a Canada wide co-investment by TAF (The Atmospheric Fund), Alberta Eco Trust (AEF), The Greater Montreal Climate Fund (FCGM), and members of Low Carbon Cities Canada (LC3), a collaborative network accelerating equitable climate solutions across Canada.
Underground parking in multi-family residential buildings is one of the most carbon-intensive components of new multi-family construction and also adds an average of $100,000 in capital costs per parking stall constructed.
Kite’s electric mobility-sharing solution can displace up to 10 parking spots per one shared electric vehicle, allowing building developers to save several millions in capital costs per project. The inclusion of Kite as an amenity in buildings has shown to lessen time to market, reduce city traffic congestion, and materially reduce scope 1 and 3 GHG emissions, while improving housing affordability for residents by either lessening or eliminating the need for personal car ownership.
“TAF is supporting this innovative and proven business model for its significant potential to scale and tackle transportation emissions in cities across Canada. We’re pleased to collaborate with other LC3 Centres for the first time to leverage our collective expertise and ultimately mobilize more capital into low-carbon solutions,” said Kristian Knibutat, VP Impact Investing, The Atmospheric Fund
This new capital and strategic partnerships will help accelerate Kite’s growth impacts, including access to affordable and sustainable transportation, carbon reduction, affordable housing, and traffic decongestion within our cities.
“Our strategic investment in Kite is a commitment to Kite’s leadership and progress in this space. Kite compliments Enlightened ‘s focus on the reduction of carbon and embodied carbon in the new construction industry, while at the same time supporting intelligent EV charging solutions in the buildings we serve. We look forward to accelerating Kite’s growth by leveraging our long standing and trusted relationships in the development community,” said Steven Muzzo, Executive Chairman, Enlightened Building Technologies Inc., and CEO, OZZ Electric Inc.
