Spring Free EV, a company focusing on accelerating the adoption of EVs (electric vehicles) through innovative financial technology products, has announced the launch of EVInstaFleet. The new and affordable product is aimed at streamlining the process of electrifying fleets and scaling EV fleet businesses.

The new fintech product serves a growing market of entrepreneurs running high-mileage vehicle fleet businesses, which make up nearly 60% of the gig economy, according to Mastercard. Entrepreneurs have access to EVs through Spring Free EV’s network of vehicles to rent them out for profit.

According to the company, demand for EVs is soaring but there is one standout barrier: they have sticker prices 25-30% higher than comparable gasoline vehicles. Despite the higher upfront costs, EV drivers save more on total cost over the car’s lifetime when considering maintenance and repairs, fueling costs, and depreciation, the company referring to a recent report by Consumer Reports.

At the same time, the company says that financing with traditional leases is nearly impossible for high-mileage drivers such as ride-sharing, last-mile delivery, and peer-to-peer rental businesses like Uber, Turo, HyreCar, Lyft, and Gopuff due to the mileage limitations. Without a suitable financing solution for EVs, drivers and fleet owners are forced to defer to traditional gas-fueled vehicles—ultimately delaying climate change efforts.

EVInstaFleet provides access to and financing for affordable EVs in one combined product. Unlike current financing options that can take upwards of six months and require personal guarantees, it requires no personal credit or guarantees and it uses a pay-per-mile subscription model, charging customers a base monthly fee plus a fee per mile driven.

The financing solution rids fleet owners of the hassle of acquiring vehicles through slow and costly traditional financing models. For a small business, that could mean mortgaging a home, taking on debt, or seeking help from family and friends.

With EVInstaFleet, drivers avoid the inflated upfront sticker price of EVs while saving on long-term operational costs, enabling them to build flourishing businesses without incurring personal risk.

Spring Free EV was co-founded in 2021 by Sunil Paul, an early rideshare pioneer, and Martin Lagod, an early investor in solar, battery materials, and food supply chain, teaming up on a vision to make the EV market more equitable. The company has the bold mission to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone.

It aims to support the entrepreneurial spirit of small-to-midsize fleet owners across the U.S. that are seeking to grow their fleets while wanting to transition from gas-powered to electric in an economical way. The company is backed by leading investors like Reid Hoffman, Mark Pincus, and Ev Williams.

“EVInstaFleet democratizes access to EVs and opens the door to ‘EV-preneurs’ growing small businesses using EVs as economic assets,” said Paul, CEO. “Most of our clients are immigrants and people of color who have been underserved by the traditional auto financing models. We’ve designed EVInstaFleet with those people in mind and are dedicated to helping those entrepreneurs grow.”

Brenda Jones is one of those EV-preneur customers, using EVInstaFleet for her business, Floss Angeles, in Los Angeles.

“Working with Spring Free EV, I was confident from the beginning that my business would thrive,” she said. “They made the process quick and painless. Every day since I’ve had the two Teslas Spring Free EV helped me get, they’ve been rented out, so I ordered two more. I’m grateful for the way my business has been able to grow.”

EVInstaFleet’s launch comes on the heels of Spring Free EV’s partnership with Cox Automotive, the world’s largest automotive service provider, and HyreCar, a carsharing platform for ridesharing and delivery services. Cox Automotive will help Spring Free EV accelerate EV deployment for fleets by supplying pre-owned EVs to EV-preneurs nationwide. HyreCar will help Spring Free EV connect with more EV drivers operating rideshares, carshares, rentals, taxicabs, on-demand deliveries, and public works.

“The Spring Free EV and HyreCar partnership addresses both companies’ collective goal to reduce greenhouse gas emissions by making EV access fast, easy, and affordable for fleet managers,” said Mike Furnari, Chief Business Development Officer at HyreCar. “Leveraging innovative financing from Spring Free EV for fleet operators will reduce the biggest barrier to EV adoption—high upfront costs. The partnership is expected to accelerate the growth of EVs in the HyreCar marketplace.”

“Increasing commercial adoption of EVs through transportation-as-a-service opportunities is a large part of our strategy for 2022 and beyond,” added Joe Furnari, HyreCar CEO. “This partnership will round out the EV value proposition for fleet owners with easy, low-cost financing and a fast path to acquiring high-demand EV inventory.”

The collaboration makes it easy for fleet owners to upgrade or expand their fleet to the future of electrification. The HyreCar EV platform involves no leases, no long-term loans, no personal credit or guarantees required, and monthly rates as low as $299/month plus $0.12/mile.