Inspiration Mobility Raises $215M to Transition Vehicle Fleets From Gas to Electric

This new capital brings the company’s total funding raised to $415 million to date.

Written by Charli Renken
Published on May. 19, 2022
Inspiration Mobility Raises $215M to Transition Vehicle Fleets From Gas to Electric
ev fleets being charged
Photo: Shutterstock

Inspiration Mobility, an electric vehicles infrastructure platform, announced Thursday it raised $215 million in a funding round co-led by Macquarie Asset Management and Ferrovial, S.A. This new capital brings the companys total funding raised to $415 million to date

Inspiration is different from other EV fleet companies. Instead of pushing an already developed model of EV fleets onto its clients, the company collaborates with them, developing custom solutions to help them transition their fleet of vehicles from gas to electric. Inspiration partners with fleet companies to finance, build, own and operate their own assets which enable quick and profitable transitions to electrical vehicles. 

“Now more than ever, fleets need a fully integrated partner to help ease their transition to electric. The combination of our team, our operating structure and available capital offers a single, integrated solution for fleets looking to overcome the costs and complexities of electrification,” Inspiration founder and CEO Josh Green said in a statement. 

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Converting gas-powered fleets to EVs has two major benefits. According to Inspiration, EVs have a lower cost of ownership for operators. EVs also produce less carbon dioxide than gas vehicles, which Inspiration says release about 142 billion pounds of carbon dioxide a year.

Inspiration plans to use its new funding to accelerate its clients transition to electric fleets. In addition to closing new capital, the company also announced it has recently made two new hires for its senior management team. Inspiration appointed Gary Gadsden as senior vice president and head of Fleet Sales and Chris Getner as CTO. 

This news comes at a time of rapid growth for the EV market as well as controversy over the USPS reluctance to pay for EVs. The Biden administration said it plans to transition to fully electric federal fleets by 2035, and the USPS recently ordered 50,000 “next generation” vehicles, of which 10,019 will be battery electric vehicles.

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