On Wednesday, electric vehicle solutions startup Inspiration emerged from stealth announcing a $200 million funding commitment from ArcLight Energy Partners, a Boston-based VC firm investing in energy infrastructure.
D.C.-based Inspiration claims to be the first company that not only enables businesses to electrify existing fleets but also offers partnering companies financing solutions. The startup’s goal is to accelerate the implementation of electric vehicles.
“As the global shift toward electric vehicles gains momentum, Inspiration helps fleet operators configure and optimize all the elements of EV deployment, from concept to operations. We founded Inspiration to streamline the complex process of deploying a commercial EV fleet at scale by offering a one-stop, integrated solution for any and all vehicle, energy, project development and finance challenges that may arise in the process,” Josh Green, Inspiration founder and CEO, said in a statement.
With the technology needed to manufacture electric vehicles becoming more and more available the issue now lies in getting the vehicles to people and companies. That is where Inspiration steps in. The company is able to assume the risk of purchasing EVs and other assets and then gets them to fleet business.
“It’s now an execution issue, not a ‘is the technology ready for prime time’ question. Our investors are confident in Inspiration’s ability to help companies and fleet operators navigate this complicated transition and fully unlock the benefits of operating an EV fleet,” Green told Built In.
According to Inspiration, electric fleets are not only better for the environment but are also less expensive and require less maintenance than traditional fleets.
The new funds will be used to secure additional assets that will be used to electrify fleets for companies Inspiration partners with in the future, Green told Built In via email.
Inspiration also announced its first customer — Revel. Founded in 2018, Revel is a Brooklyn-based green ride-hail startup. At its launch, Revel allowed users to rent eclectic mopeds on a subscription basis but has since built out its fleet of electric vehicles for ride-sharing services. Inspiration will help Revel finance a fleet of blue Teslas that would be used for on-demand transportation in New York.
“The transition to electric can’t wait another decade — it has to happen now,” Paul Suhey, Revel co-founder, said in a statement. “Through our partnership with Inspiration, we’ve made it easier than ever for New Yorkers to choose emissions-free mobility options by introducing the city’s first all-electric rideshare fleet.”