Co Cars Launches Investment Raise To Expand Shared Mobility Network
Residents and businesses in Exeter and across the South West are being urged to support local action on the climate crisis by tackling its biggest contributor: transport. Co Cars, the eco-friendly vehicle sharing co-operative, has launched a £600k community share offer to expand its fleet from just under 40 cars to over 55 plus at least 50 more electric bikes. Together, these will help accelerate the company’s goal of reducing congestion and pollution by removing 150 cars from the road and an estimated 230 tonnes of CO2 from the atmosphere.
Launched in 2005, Co Cars is one of the South West’s leading low-carbon, on-demand shared mobility schemes. As well as increasing Co Cars’ electric car and bike fleets in Exeter, funds raised will also allow them to invest in improved systems, infrastructure and staffing which will support growth at both existing and new locations across the South West.
Mark Hodgson, Founder and Managing Director of Co Cars, commented:
“By the year 2030, around 90% of the British population will live in an urban area, and currently, transport represents the largest financial burden on most British households, in some cases outweighing housing, fuel and power combined. The extensive use of private vehicles is not only forcing individuals and households into transport poverty, it is also having a destructive effect on the planet, with vehicular emissions contributing the largest proportion of overall greenhouse gases. Although we are witnessing explosive growth in the ownership of electric vehicles, we at Co Cars believe the key to solving these challenges is sharing our resources. By offering a safe, user-friendly alternative to private vehicle use, we have successfully encouraged over 1,200 users to help create healthier, cleaner urban environments for everybody. With this latest round of funding, we will be able to offer shared mobility services to more people across Exeter and the South West.”
The social enterprise has launched its community share offer through Ethex, the leading social and environmental impact investment platform.
Lisa Ashford, CEO of Ethex, said:
“Consumers are increasingly concerned with the environmental impact of using private transport. By providing a local, sustainable shared mobility offering, Co Cars is developing something truly innovative to combat climate change and create healthier, more liveable community spaces. We are proud to be partnering with Co Cars to offer consumers a healthy, eco-friendly transport alternative and to offer investors an attractive opportunity for investment.”
Minimum investment level is £250 with a forecasted annual return of 5% for shareholders. The offer is open until 30 April 2020 and applications can be made via www.ethex.org.uk/CoCars. Investors are reminded that capital is at risk when invested and returns are not guaranteed.