Long-time oil giant BP continues to diversify by investing in the all-electric business.
The operator of the BP Whiting Refinery on the shores of Lake Michigan invested $ 6 million in Freebee, a Miami company that has a mobile application that calls for free trips.
BP has been investing heavily in wind, solar and renewables, but has said the BP Whiting Refinery will remain important as it changes its energy production mix.
“BP Ventures invests in companies that are aligned with BP’s ambition to be net zero by 2050 or beyond,” said BP Ventures Principal Shaun Healey. to the employee. We are proud to have made our first investment in Miami’s thriving tech scene and look forward to building on that team. “
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Freebee provides free travel to the user. They are paid by local authorities, business parks, universities, hotels or entertainment centers. The company has a fleet of more than 150 electric vehicles in Florida, where it aims to reduce traffic congestion, carbon emissions and other issues resulting from increased private car use.
“Living in Miami as a student, my partner Jason Spiegel and I felt there had to be an economical way to get around the city,” said Frebee Co-founder and Managing Partner Kris Kimball. . hailing on its head, providing a service that accelerates the decarbonization of mobility and is free to users. This investment from BP Ventures is an endorsement of our vision to roll out Freebee across the US.
The company employs 230 drivers in more than 25 markets in Florida and Virginia. It plans to expand to seven more cities and two states by the end of the year when it expects to transport more than 1 million people annually.
It hopes to expand across the United States and help build EV charging infrastructure, also one of BP’s goals for growth.
“We are truly excited about the opportunity to partner with bp ventures, which shares many of the values that Freebee seeks to spread to our community every day,” said Freebee Co-Founder and Managing Partner Jason Spiegel. “Our goal is to accelerate our growth and continue our mission of providing fair and accessible transportation, which in turn helps promote economic development and stimulates the country’s economy.”