GlobalData’s deals database revealsAutonomy (NXCR Services LLC), a US-based electric vehicle subscription company, is to acquire EV Mobility LLC, a US-based all-electric vehicle car-sharing platform.
The two have entered an agreement whereby once certain conditions are met Autonomy will acquire the technology, assets and customer accounts of EV Mobility. The companies say the acquisition will accelerate flexible (hourly, daily, weekly, monthly, and yearly) access to an EV to a broader market by making an electric vehicle available to anyone with a valid driver’s licence, credit card, and smartphone.
Autonomy has been providing a growing fleet of vehicles to EV Mobility over the last 12 months.
The financial details of the cash and stock agreement were not disclosed. The transaction is expected to close in Q4, 2023, and will be subject to all regulatory and compliance conditions being met.
Why it matters
EV Mobility operates a B2B car-share business that partners with high-end property owners and luxury hotels to provide flexible (hourly/daily) access to an EV as an amenity to their customers. The hotel/property owner covers the monthly cost of the vehicle, insurance, and charging infrastructure. Hourly usage fees are all processed by the customer directly in the EV Mobility app, with a revenue split between the property owner and EV Mobility. The result is a potential 2-5x revenue increase per vehicle with little to no downside risk.
EV Mobility’s core technological innovations include keyless remote activation of accounts and hourly billing.
EV Mobility is currently under contract with some of the leading hotel operators and high-end property owners in the US, such as Marriott International, Evolution Hospitality, Kor Group, Westgate, Brookfield, Olympus Property, Align Residential, Presidio, Zlife, AMC, Evans Hotels and The Proper Hotels. These partnerships represent thousands of physical locations that can manage multiple (2-5) vehicles each. The pipeline represents a strong ‘order book’ that provides predictable demand for thousands of cars over the coming quarters.
To summarise, the acquisition will allow Autonomy to accelerate flexible (hourly, daily, weekly, monthly, and yearly) access to an EV – with an associated and established revenue stream – to a broader market via EV Mobility’s customer base.
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