Hertz is taking another step to cement its commitment to electric vehicle hire service and streamline the rental process for customers. The Estero-based company co-led a $19 million investment in self-service all-electric vehicle rental company UFODRIVE, company officials announced.
Irish-co-founded UFODRIVE’s technology deployed through an app will partner with Hertz’s investment in a fleet of 100,000 Teslas which was announced in October. Hertz also announced an exclusive partnership with Uber to make Teslas available for drivers to rent on the Uber network.
UFODRIVE’s eMobility SaaS platform seeks to deliver lean operations, lower energy costs, better charging for vehicles and optimal fleet utilization using advanced artificial intelligence tools. Its technology provides an all-digital experience where customers arrive and drive in 2 minutes.
The Series A investment was co-led by Centares in partnership with Knighthead Capital Management and included participation from existing investors. Centares and Knighthead Capital invested during Hertz’s $4.2 billion bankruptcy restructure last year.
Hertz Senior Vice President of Strategy Jayesh Patel and Centares Venture Lead Chantal Noble Haldorsen will join the UFODRIVE board.
Following testing in 2021, Hertz plans to offer through UFODRIVE’s digital rental and fleet management technology a fully digital rental experience, charge point wayfinding, touchless smartphone access and online customer support. It will start with key partners in the United States and Europe, company officials said.
The news comes nearly two weeks after Hertz announced former Goldman Sachs executive Stephen Scherr as its new CEO. Scherr will assume the job on Feb. 28.
The additional capital will be used by UFODRIVE, which operates in 18 locations in nine countries, to accelerate product development and to expand to the U.S. market.