Electric vehicle leasing startup Hive Technologies has closed a $30 million funding round to expand its fleet for ride-hail drivers.
The company leases EVs to Uber Technologies Inc and Lyft Inc drivers on a per-mile cost basis offering a potentially cheaper option than taking out a loan to buy a new EV.
The company currently only operates with General Motors’ Chevrolet Bolts in California, but is talking to other automakers to broaden its vehicle line up and plans to expand to several other states in the coming years, Reuters reports.
Hive’s cars would be significantly cheaper, and drivers would be able to use solar-powered charging stations operated by iSun Inc, which is also an investor in Hive, Reuters added.
