Car rental firm Hertz has co-led a $19 million investment in Ufodrive, an electric vehicle rental startup.
The Series A investment was also led by Certares, in partnership with Knighthead Capital Management, while existing investors were also involved.
Certares Opportunities and Knighthead were behind the $4.2 billion Hertz restructure announced just under a year ago.
Hertz investment in Ufodrive is part of its commitment to “lead the future of mobility” according to a statement.
Ufodrive is described as “the first all-digital, all-electric car rental service controlled from an app.”
It also offers a two-minute “arrive and drive” service, according to the statement.
The startup plans to use the funds for product development and further expansion.
Hertz also invested in a fleet of Teslas last year and has a partnership with Uber to make Tesla vehicles available for drivers to rent.
Mark Fields, interim CEO at Hertz, says: “Our partnership with Ufodrive is yet another major step in Hertz becoming an essential component of the modern mobility ecosystem.
"Together, we will pilot ways to make renting an EV even easier using Ufodrive’s digital platforms for both the rental experience and fleet management. For customers, this partnership will help us create the future rental car experience that is all-digital and EV-centric.”
Hertz plans to use the startup’s digital rental and fleet management technology to boost its global EV fleet operations with U.S. and Europe partners to benefit from a digital rental experience first.
Aidan McClean, CEO at Ufodrive, says: “Born from a vision to deliver what we call ‘Radically Better Car Rental,’ this investment is a major validation of that dream. We are proud that we are helping to accelerate the transition to zero-emissions mobility, and our investors see the opportunity ahead.”