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BP PLC on Wednesday said it has invested $6 million in all-electric ride-hailing business Freebee, a Miami-based company that provides transportation to local communities.
The FTSE 100-listed oil major led a $8 million series A funding round, alongside Freebee's current infrastructure capital partner Tensile Mobility.
Freebee provides free, on-demand ride-hailing using electric vehicles via its mobile app. It currently owns more than 150 electric vehicles. The service is financed by local governments and entities, such as corporate business parks and universities, to cover defined areas or specific routes.
BP said Freebee seeks to address the many issues arising from increased use of personal vehicles in the US, such as traffic congestion and increased carbon emissions.
BP added that the investment will help Freebee boost its technology development capacity and expand its team, helping to scale the business across the US.
The service is currently available in more than 25 municipalities and campuses in Florida and Virginia, with Freebee targeting expansion into seven new cities in the two states before the end of 2022. By the end of the year, Freebee expects to have over 1 million passengers.
As well as leading the funding round, BP said it will work with Freebee on scaling the business across the US and will explore opportunities to collaborate on the roll-out of EV charging infrastructure, progressing BP‘
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