Inspiration Mobility Group
$25 million facility to electrify transportation in New York State. First draw to recapitalize nearly 400 electric vehicles operating with Revel.
$8.5M
NYGB capital committed ($million)
24,547
Estimated lifetime CO2e avoided (metric tons)
400
EVs in NYC supported approximately
The Project
$8.5 million initial draw from $25 millon facility with Inspiration Mobility Group (Inspiration) supports nearly 400 electric vehicles (EVs) in New York City, providing Inspiration with capital to continue expanding its fleet of clean rideshare vehicles in New York. These EVs are in operation with Revel, the New York City-based EV ridesharing and public fast-charging provider.
Founded in 2021, Inspiration, an Electrification accelerator, simplifies fleet electrification by combining its EV-only Fleet Management Company (e-FMCTM) with its charging and energy solutions to provide fleets with whatever they need to adopt and maximize the benefits from electric vehicles. NY Green Bank’s facility will allow Inspiration to expand ownership of EVs that can be used for a variety of purposes and will help replace emissionsintensive ridesharing operators’ internal combustion engine fleets with EVs.
Market Barriers and Solutions
The transaction has the potential to unlock private sector opportunities and engagement for increased EV penetration among ridesharing operators under leasing agreements by setting a precedent for lending against Master Lease Agreements between rideshare operators and EV fleet owners.
While the market for EVs is expanding, many EV providers face constraints accessing debt financing due to traditional lenders’ lack of familiarity with the underlying EV class, relatively short track record of many EV companies, and newer business models. NY Green Bank debt financing will help create precedent and encourage other lenders to become more active in this market segment.
“NY Green Bank has worked collaboratively and creatively with Inspiration Mobility to deploy capital in the service of a shared mission: accelerating the decarbonization of transportation. Inspiration’s partnership with NY Green Bank will contribute to the electrification of commercial fleets in New York, including in the nation’s largest for-hire vehicle market”
-Josh Green, CEO, Inspiration Mobility
Transaction Details
- (Project Sponsor) Inspiration Mobility Group, LLC
- (Project Borrower) Inspiration EV, LLC
- Product: Term Loan
- Date closed: December 2023
- Technologies: Clean Transportation
- Location: New York City
- End-use segment: Transportation