Led by Former Sidecar Founder and CEO and backed by high profile entrepreneurs and investors, the Company Aims to Reduce CO2 Emissions by One Gigaton by 2030
Spring Free EV, a financial technology company built to accelerate the adoption of electric vehicles (EVs) through innovative fintech products, debuts today. The company, which is led by serial entrepreneur and former Sidecar founder and CEO Sunil Paul, 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. Spring Free EV is backed by Reid Hoffman, Marianne Wu, Mark Pincus, Ev Williams, and others. The company currently has fleet relationships with several auto manufacturers, including Tesla and Nissan, and works with fleet managers in six states with plans to expand to 20 states by the end of 2021.
“To solve the climate crisis we need to blitzscale companies with audacious goals like the ones Sunil and his team of mission-driven entrepreneurs have set out to reduce CO2 emissions.”
Introducing the Mileage Purchase Agreement (MPA) — a financial agreement that makes EVs more affordable
The biggest barrier to EV adoption is their high upfront costs. However, if low fuel and maintenance cost are taken into account, EVs are very affordable, especially for high-mileage drivers. Moreover, the total cost of owning an EV over its lifetime is lower than fossil-fuel vehicles. The Mileage Purchase Agreement (MPA) is a financial product that makes EVs more affordable by reducing the upfront costs and charging a fee per mile of use. Through this unique approach to financing, Spring Free EV removes the single biggest barrier to EV adoption, by making the costs equal to or lower than fossil-fuel vehicles. Today, fleet managers across the country have embraced the MPA because of the high demand for EVs on consumer carsharing and ridesharing platforms and for their lower fuel and maintenance costs.
Spring Free EV was co-founded by Sunil Paul, Martin Lagod, and Cassandra John. Sunil Paul is a veteran entrepreneur and champion of climate reform. His passion to reinvent transportation dates back two decades, most recently as founder and CEO of pioneering rideshare company Sidecar. Cassandra John is a New York-based business executive working at the center of clean energy and financial services, who saw an opportunity to create positive generational climate impact and climate justice by making EVs more accessible to everyday people. Through their combination of environmental vision and operational expertise, they will create a new mobility paradigm in which EVs are accessible to everybody, not just a few.
“To have the impact on climate that we want and need, EVs need to be accessible to the everyday person,” said Cassandra John, co-founder and CFO of Spring Free EV. “The climate crisis can’t wait. The MPA is the best way to open the door to EV access, accelerate adoption, and bend the curve of climate change.”
Commenting on the announcement, Reid Hoffman said, “To solve the climate crisis we need to blitzscale companies with audacious goals like the ones Sunil and his team of mission-driven entrepreneurs have set out to reduce CO2 emissions.”
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